Our latest white paper has been released and although the title is a bit long, the key message is actually found in the first two words of the title: Beyond & Beside. Let me explain.
You could say that what is happening in the Loan Origination Software space is happening in nearly every business software application space, and I would agree. What’s happening is that traditional database-driven software applications don’t have the flexibility, or agility, to meet the changing demands of the market. Companies looking to automate their business processes find there are a limited set of configuration options in their existing software applications. Although the features grow over time, they are limited by the upgrade cycle of the software and these features don’t necessarily work for every specific market niche (RV lending, Exercise Equipment lending, used car lending, time share lending, XXXXX lending, …..).
For example, perhaps you are looking to automate your loan approval process as you have defined pretty clearly the approval logic that works for your market segment. Your LOS doesn’t currently have the capability to implement your decision logic or make the connections to fully automate the process from start to finish.
One option would be to replace your current LOS system with an agile, flexible application built in a no-code development environment that specializes in automating decision logic (like Decisions). In this way, you can rapidly build the exact business process you need for your market in a short period of time.
The second option is to keep your existing LOS and simply add an automated logic layer to the outside of your software to manage your special use cases. Most LOS systems have API layers that make it possible to extend and expand their capabilities.
Either way, there are options available to realize the potential of an automated loan origination process. To learn more, follow this link to the white paper or reach back to talk through your specific loan automation project to firstname.lastname@example.org. We look forward to talking to you soon.