I like to assume that I’m a decent cook, maybe not THE FOOD NETWORK worthy, but good enough to where I present something that looks and tastes good most of the time. I do need to work on my epicurean consistency. My usual downfall is not having one or two of the recipe’s necessary ingredients. I then assume that I can make a pantry item substitute (like baking soda for baking powder) or, feeling lucky, omitting the item all together (like Parmesan cheese in lasagna). Unfortunately, more times than not, the experiment doesn’t end well, and I’m left with a C+ dish. It’s edible, but it could be so much better. With every cooking experience I am learning what ingredients are mandatory to include and what should never be substituted.
Although, a loan origination system (LOS) is no home-cooked lasagna, there are features and functionality that will make or break the product. Let’s review four important items that you should be in your LOS pantry.
Key Components of a Loan Origination System
Core System Connectivity: Bilateral connectivity into your core system from your loan origination system is vital, meaning that it will send and receive data from the core system to the LOS. This feature saves time throughout the application process by removing manual work, reduces errors, and helps improve consumer satisfaction by creating a better application process.
One System: Your LOS should be one system that captures every loan application no matter the source, whether it is mobile, branch, call center, indirect, retail, or kiosk into a processing system that applies the same rules and workflows ensuring continuously for staff and consumers.
Integrated Deposit System: The ability to integrate with a deposit system is an excellent way to help your members and customers know about other services that you offer at your financial institution. During the account origination process, a soft credit report can be pulled to identify pre-approved services for the member or customer ensuring that you can help with all their financial needs. The seamless integration of two significantly reduces the application time for the additional originations.
Third Party Integrations: Having a large pool of third-party integrations will give you the opportunity to customize your system to use the services that your team is familiar with and best aligned with your processes.
LoansPQ is the industry-leading loan origination system that ensures a friction-less experience by easily consolidating data from all existing channels—mobile, online, branch, call center, indirect, retail, and kiosk—into a single origination point. With over 1,000 configuration points, 200 third-party integrations, a robust underwriting and pricing engine, full loan product suite support and a configurable dynamic workflow engine, LoansPQ can be tailored to fit the needs of any financial institution. To learn about how Coastal Credit Union used LoansPQ to increase loan volume, improve pre-approval functionality and seamlessly integrate account opening, download our case study.