7 Criteria for Evaluating Loan Origination Software

Today's lending environment has an imperative to be innovative and automatic while maintaining and growing lending volumes. A tight credit environment demands efficiency at all levels. Did you know that without automation, it can take up to seven hours to process 30 loan applications? With automation, the same loans can be processed in less than an hour with existing staff.

 

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“Before automating our lending programs, it took 45 minutes to process one loan application. We are now doing it in under 10 minutes and we have minimal training requirements for our lenders and branch personnel. It is truly an imperative to meet the volume we need in today’s credit environment.” D’Anne Turner – VP Lending – Shell Federal Credit Union.As you look for automated, loan origination solutions – consider the following 7 criteria & questions:

1. Multichannel automation. As with any automation, work with a vendor that has experience in reviewing current branch and online processes and streamlining. Automation should help with consistency and increase the number of automatic decisions.

2. Real-time, bidirectional integration. Evaluate vendors on their experience and ability to tightly integrate with your core system.

3. Comprehensive solutions. Does the vendor have both direct and indirect lending offerings? Do they have solutions to address new
lending channels? You'll need breadth, depth, and consistent, scalable solutions.

4. Strong Partnerships. Industry partnerships are a must and provide extended value and domain experience. Look for proven partnerships that automate and add value to the lending process.

5. ASP vs. In-house. There are several questions to ask about flexibility and reliability of the ASP service and the options of hosting the lending origination solutions in house. Be sure your provider is experienced with both options and can discuss the pros and cons in depth.

6. Reputation. Recommendations and references from your peers, other lending executives, and technical leads are always helpful. They're in your shoes and know what it takes to implement a program. Does the vendor provide an outlet for networking and customer peer groups such as user group conferences or other ways to communicate?

7. Excellent Customer Support and Services. Are you going to be heard when you have specific needs and new opportunities? Has the vendor demonstrated flexibility, responsiveness and agility when listening and responding to your needs?

Find out how lending can be easy and automated to meet your goals. Visit: www.TeresSolutions.com or call 866-518-4200 x1.

 

April 21, 2008


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