Cloud-based Loan Origination System – LOS

A Cloud-based Loan Origination System (LOS) is a solution that enhances the workflow of a financial institution’s commercial mortgage origination framework. Many individuals also think it’s a great tool for developing and improving the borrower experience. It’s important to know what a loan origination system is truly all about, as the lending market grows more dynamic and the mortgage procedures become more frustrating and time-consuming. Understanding how a LOS functions will be of crucial help to any financial institution.

The whole loan process, from application evaluation through insurance, authorization, supporting documentation, pricing, financing, and management, can be streamlined and handled by a Cloud-based Loan Origination System (LOS). Every bank and credit union uses a similar process to approve mortgages and maintain a lending relationship, although these steps may vary from one institution to the next.

As a Mortgage lender, there are systems you’ll need to ensure consistent growth year over year, and LOS is one such platform that supports financial services operations.

• It helps you manage the essential steps of the lending process from application to post-closing.
• Although every lender has their own loan fulfillment process, a cloud-based loan origination system can help any lender streamline the many nuances involved in loan origination.

But with so many options for Loan origination systems available in the market, Which one do you choose?

• You deserve a LOS that will follow the local financial governing body’s laws & regulations, which don’t just limit to data security regulations.
• The LOS you choose will also need to integrate with your marketing automation software to automate personalized communication that enhances the loan applicant experience.
• This is why you need a CRM, with which you have the option to amplify your LOS with automated workflows backed by industry-leading compliance.
• All things put together it helps you reduce processing complexity and costs, speed time to revenue, and most importantly improve customer satisfaction.

ABOUT THE AUTHOR

Somnath Prasad

Somnath Prasad is the Techno Functional Consultant for CRMIT Solutions with more than 14 years of experience having architected multiple enterprise applications. He has played an extensive role in implementing enterprise-wide CRM solutions in the financial services domain.