Perhaps you already knew this information because everything you do is via the Internet now and you may already have filled out an online loan or several. And everything certainly appears to be going digital from most banking transactions to even buying movie tickets. Similar to the drive-up convenience of fast food, espresso and car washes, if something could be done faster, then America is ready to get on to do it!
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Since drive-up loan origination isn’t possible, we have turned to the Internet to aid us in the digital loan origination system. Several different companies offer a loan origination system to assist mortgage lenders, banks and other financial institutions speed up the loan origination process while keeping important documents secure.
Since a prescreening process needs to first happen before just anyone can be given a loan, companies turn to loan origination software that offers more than digital legal documents, but fast answers to customers looking to see if they qualify.
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Loan Origination Software Systems Grant Several Types of Loans
- Mortgage Instalment Loan
- Tax Instalment Loan
- Personal Instalment Loan
- Hire Purchase
- And more!
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Loan Origination Software Systems Include ?
- Document imaging and archiving
- Ability to support different origination channels and loan products and loan types
- Provide internal credit checking, credit scoring and compliance checks
- Interface to external systems
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Electronic loan origination systems speed up the process from initiation to the closing steps while including all the necessary complex details from customer application, pre-qualification, processing ordering third party documents to credit history checks and closing. Through digital documents, loans are quickly advanced, increasing workflow and helping people start businesses, buy homes and create better businesses for themselves.
