LendingPad's loan origination system features
by LendingPad Blogger, on Jul 29, 2019 2:07:24 PM
The traditional loan origination process is lengthy and cumbersome due to the many manual tasks that could cause delays, errors, and confusion.
A Loan Original System (LOS) software can automate workflows to improve collaboration among the many parties involved, share information in real-time, and make sure the right department gets the right documents at the right time.
With the help of digitization and file sharing functions, you don't have to worry about inefficiencies caused by heaps of paperwork nor the logistics associated with passing paper files from one office to another.
There are many LOS platforms on the market, how can you find one that's right for your business? What features should you look for to maximize cost-efficiency?
Here are some key considerations when choosing a LOS software application:
- Accessibility and flexibility: provides the ability to originate a loan from anywhere via any device (e.g., desktop, tablets, smartphones) so your employees can maximize their productivity.
- Up-to-date technologies: meets today's fast-evolving customer expectations by offering the latest features and frequent upgrades.
- Easy-to-use: features an intuitive interface so you don't need to hire a large IT team to configure and administer the software.
- Visibility and Reporting: allows users to track workflows and get real-time analytics to optimize workflow and facilitate the loan application process.
- Customer communications: provides integrated CRM/POS and file sharing so you can effectively manage client relationships from a single interface.
- Security and compliance: adheres to the latest security standards to ensure that you stay compliant with various industry regulations, such as SSAE16 SOC2.
While it may seem easy to stick with what you've got, many legacy systems are hindered by outdated technologies and interfaces that don't serve today's demanding market.
Upgrading to LendingPad LOS software is quick and easy thanks to its cloud-based architecture. All you need are the devices your employees can use to get online and you'll be up and running in no time.
Here are the unique features you get as a LendingPad customer to future-proof your business:
- Mobility and accessibility: your employees can access the cloud-based platform from anywhere with an Internet connection via any device so they can stay productive whether on the road or at the office.
- Intuitive interface and easy setup: you don't need to hire a team of IT professionals to configure the software. Easy-to-use interface means employees can become productive with a short ramp-up time.
- Collaboration and communication: multi-users collaboration and cloud-based file sharing features facilitate the loan application process so everyone can access the latest information to avoid costly errors and delays.
- Security and compliance: backed by annual SSAE16 SOC2 audit, built-in application security, and Amazon cloud’s leading security features. Plus, frequent updates ensure that you're compliant with industry standards at all times.
- Performance and integration: LendingPad is hosted by AWS cloud, which offers scalability and fast performance unmatched by other platforms in the LOS space. Bi-directional API allows real-time data exchange with other systems to facilitate workflow and minimize errors.
- Upfront and ongoing costs: SaaS model allows you to get started with minimal upfront investment. User-based, success-based, and usage-based pricing models are available to help you optimize your budget.
The Latest in LOS Technologies At Your Fingertip
LendingPad is at the cutting edge of LOS technologies and we're constantly upgrading our platform to stay current with the latest customer expectations and industry regulations.
Request a demo to see how LendingPad can help you streamline workflows and maximize efficiency.