The loan origination system is actually made to specially support such loan application processing needs of the banks as well as financial institutions. This uses the workflow technology to control and in order to monitor the many steps in loan processing and such would also use the digital imaging technology to be able to minimize the delays and also problems in taking care of paper documents.
What is the most important feature of the LOS is actually the loan application processing workflow. Every loan application is being monitored from the time this is being entered into the system and then tracked through the different work steps of the credit review and also approval process. The LOS allows the work steps to be done in many locations and maintain such control of the flow and make sure that there are no necessary steps being missed.
You have to understand that such loan origination system like the Sync1 Systems would accept various applications coming from different channels like the internet application, the mail-in or fax-in application, walk-in application, internet application as well as off-site application with the use of the notebook PC. Know that such LOS actually provides flexibility through many user-definable tables and also parameters. The frequently changed variables are actually kept in those common tables and may just be modified by the authorized users which would offer control and also security protection.
The LOS can also be used to get information of those existing customers such as the credit card, loan systems, the customer information file and many more. If the sales staff calls up the registration module and fill in the HKID number of the applicant, the LOS would retrieve the customer information from such back-end system if the application is from an existing bank customer. Such information update can be uploaded to the back-end system.
You should also be aware that there is that set of comprehensive reports that the LOS gives. This is going to include the MIS reports, the drawdown reports, the loan progress reports, the workflow statistics reports and others. Also, the LOS can provide a data export function wherein the users may create reports in order to meet their individual unique requirements. Also, the LOS can work with those third-party report writer tools to provide end-user definable reporting.
So that you will get to know more about the loan origination system, then it is quite important that you read more about the reliable LOS system. There can be a lot of articles that you can read online which will give you more information on this matter.