October 28, 2014

Smart Loan Origination

Smart Processes is appropriate to be used in bank’s services.
It can help to collect customer’s application for any service offered by you institution.
Below you can find some of these services that can be implemented by using Smart Processes;

Loan Process
• A Customer Screening Form is filled in:
a) By a Bank employee in a face to face interview with a loan applicant
b) By a call center operator with a pres elected list of customers
c) By a potential customer through the banks web portal –In this case the scoring is not made visible to the applicant, instead only the prequalification result is made available
• Scoring indicators are automatically calculated based on the entered data
• A prequalification result (Yes or No) is displayed based on the calculated score.

Smart Loan Origination has two main components:

– Smart Loan Central, which allows banking and credit institutions to receive loan requests from the institution website, from retail shops or from partner websites using a secure web form. Loan requests are automatically scored based on customer declarations; a prequalification result is calculated and made visible to the customer or the agent. In case of a positive prequalification result, the loan request is moved toward a formal Loan Application into Smart Loan Applications component.

– Smart Loan Applications, which provides support for the entire process of Loan Application handling, including:
• Collecting the formal documents,
• Fill in checklists of available documents and fulfillment of criteria
• mortgage estimation
• Gathering information from the credit bureau agency
• Calculate application scoring based on verified data
• Preparation of payment schedule
• Loan Application approval
• Preparation of insurance documents
• Generation of Invoices for the legal and other services
• Preparation of the Loan Contract

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