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Does Your Loan Origination System Adhere to These Digital Lending Best Practices?

Digital lending best practices continue to be a major focal point for many financial institutions as they strive to optimize the mobile user experience for their customers and members. As we’ve previously discussed, this often goes beyond the functionality of the loan origination system, itself, but that doesn’t diminish the fact that there are several key factors every institution must consider when evaluating whether its loan software can help it meet its goals.  This week’s blog post features three more of the most important best practices every financial institution needs to consider when evaluating digital lending technology and processes:
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Crucial Compliance Best Practices to Consider When Evaluating Loan Origination Systems

While digital lending, robust decisioning and cross-sell functionality are all atop most financial institutions’ list of priorities when evaluating loan origination systems that could properly fit with their goals, processes and strategies, regulatory compliance still finds its way into the mix – and rightfully so.  As regulatory pressures continue to mount, financial institutions need technology they can count on to help them meet compliance requirements and efficiently handle regulatory audits. Regardless of the system you choose in the end, here are three best practices your solution should satisfy that will ease the burden of regulatory compliance:
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Top 5 Indirect Lending Mistakes to Avoid

Spring cleaning, most people don't enjoy it (unless you’re obsessive compulsive – not that there’s anything wrong with that), but it’s hard to not enjoy the benefits. Reduced clutter, more opportunity to utilize that free space and a tidier living area – these are the end goals.  Now is also the time to do some spring cleaning or evaluations regarding the efficiency and performance of your indirect lending program. Below, we have provided the five most common mistakes lenders make when operating their indirect lending programs:
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How to Find the Right Loan Origination System to Meet Your Indirect Lending Goals

Any financial institution that invests in its indirect lending program understands how difficult it can be to separate itself from the competition. Besides offering the best rates or dealer incentives, the most successful lenders are often the ones that provide the best service. This often means delivering fast and accurate decisions while dealers are trying to close a sale. That’s why it’s important for financial institutions to rely on loan software technology that pushes them forward rather than holding them back.  Here are a few best practices to consider when evaluating if a loan origination system is the right fit for your financial institution's goals and strategies:
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3 Best Practices to Optimize Your Mobile and Digital Lending Strategy

As financial institutions continue to adapt their operations to evolving consumer demand stemming from the digital marketplace, it can be difficult to determine the functionality and features of a digital application tool, loan origination system and deposit account opening platform that can provide the most efficiencies and growth opportunities.  With that in mind, here are three of the most important best practices every financial institution needs to consider when evaluating its technology:
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Top 4 Pitfalls of Loan Software Configuration

Ever feel like your institution isn’t fully utilizing its loan software solution?  Don’t worry, you’re certainly not alone. Regardless of the scope of your direct or indirect lending footprint, institutions routinely turn to teams of business consulting experts to maximize efficiency and uncover new growth opportunities. Loan software configuration is never as simple as a plug-and-play situation you see with setting up a new television or stereo. Your system’s configuration is as much an evolving process as the landscape of the lending industry or the economy in general. To help you properly monitor your current solution or proceed with the configuration of a new platform, here are four very common mistakes to avoid when configuring your loan software solution for peak efficiency and optimal performance:
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3 Ways to Sharpen Your Digital Lending and Account Opening

When it comes to digital lending, it’s not enough to just have a presence. As technology evolves, consumer demand shifts, and lending strategies expand competition within the industry grows seemingly exponentially with every new day. Technology plays a key role in staying competitive. Institutions not only need to have reliable loan origination systems in place, but also tools that provide necessary levels of automation and configurability to maximize efficiency and profits. Traditional loan origination platforms can’t do all this alone.  To help illustrate this point, here are a few best practices to help ensure your online web application is providing the most ROI for your portfolio:
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How to Properly Game Plan for Your Loan Software Implementation

In every project, successful implementation depends on three essential stages – planning, organization, and execution. When you think about it, your implementation needs to be just as calculated and coordinated as your overall lending programs and strategies. You can’t just wing it if you want things to go smoothly. Much like assessing how loan software will be able to fit and enhance your current operations, the same type of effort must be invested when the decision has been made and it’s time to integrate that platform with your programs. To help you figure out whether your loan software provider can deliver a successful implementation, it’s important to focus on these key factors:
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Demolish Barriers With Full Loan Software-Core System Integration

on Wed, Jan 16,2019 @ 06:13 AM | By Chris Carlson | Loan Software loan origination system core system fraud
If you have been working in the financial services sector for a long time, you can probably remember the days where every area of your institution was a separate entity. For example, you may have had separate divisions for retail banking, private banking, trusts, investments, consumer lending, and indirect lending, and each of those really didn’t have much knowledge of the other business units. It was very common to have completely separate IT systems for managing the accounts generated and maintained within each area. Most likely, it could’ve been argued that this compartmentalization may have even fueled the fire of competitiveness within your organization in a way that limited organic growth.  While some of these dynamics have simply been a statement of corporate culture, it would also be reasonable to assume that limitations in technology have also fostered these characteristics within organizations. We have now reached an age when that is no longer true. Today, it would be fair to say that if your organization maintains this inter-departmental segmentation, it does so despite the industry-recognized benefits of tearing down those proverbial walls. Lending is a great example of where we can still see this handicap.
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Making the Case for Loan Software Cross-Selling Functionality

Cross-selling is essential. It can often be an institution's easiest way to build stronger relationships with their customers or members while padding their portfolios. That's why financial institutions need loan software that takes all of the work out of cross selling. The best platforms available today will not only meet institutional demand for powerful and effortless functionality, but also satisfy evolving consumer demand for mobile and online interaction as well as instantaneous turnaround times. But just how much of a difference can one month of cross selling really make?
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