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Top Tips for Using a Business Rules Management System for Loan Origination

March 18, 2020

In finance and lending, policies and regulations inevitably govern how processes work. An effective rules management system can help these processes flow more smoothly, particularly with loan origination.

Automated rules deliver a range of benefits for lenders, including:

  • Increased efficiency
  • Streamlined implementation of rules, regulations, and policies
  • Less reliance on IT teams
  • Fewer repetitive tasks
  • The ability to set standards around workflows
  • Better decision-making
  • Greater control over business processes

Here are a few tips that can help make your loan origination process flow more efficient while reducing errors that humans commonly make.

Tip One: Validate Form Data for Accuracy

One of the biggest causes of data problems is human error. When you rely on a human to input information, there is always a chance that they will enter information improperly. With loan origination, it is important to be sure that the information your clients enter into forms is correct.

A business rules management solution should provide you with the ability to validate this information. Rules that you create for your forms not only allow your clients to update their data in real time but also give you the ability to validate entries so you reduce mistakes and errors before your people receive any paperwork.

Tip Two: Use Business Rules Management Systems to Score Opportunities

You have the ability to leverage sophisticated rule sets to allow your organization to score loan approvals and other pertinent decisions related to loan origination. The right rules engine will also allow you to automatically review millions of data records to detect potential fraud.

A business rules management system allows you to set true/false outcomes based on the criteria you set. The right solution also gives you the capability to set a score to specific rules that generate a risk probability. If fraud is suspected, you can rely on your rules management solution to begin the workflow to notify the right people in your organization.

Tip Three: Integrate with Your Existing Software

Some businesses have loan management systems (LMS) in place. If you have an existing solution, you don’t need to replace it if your business rules management system integrates with your existing software. This allows your LMS to continue to handle tasks while your business rules and workflows are handled by a solution that is built specifically for these tasks.

Whether you are looking for an end-to-end solution for loan origination and administration or you need something that will integrate with your existing solutions, Decisions can help. Used by a number of large companies in the finance and lending industry, one case study published by Decisions shows how our solution helped a large financial services company increase its workflow development efficiencies three-fold.

The Decisions platform makes creating rules and workflows easy by providing users with a no-code interface. Without the need to understand how to program complex solutions, anyone can take advantage of the Decisions workflow designer and rules engine. This one solution helps you build forms, validate data entries, apply scores and weighting, and integrate with legacy software.

To see how Decisions can help your organization, contact us for a demo or watch one of our webinars and see exactly how you can automate with ease.

Gordon Jones
Gordon Jones has founded and sold three companies with the last built using Decisions technology. He has also led factories and large IT implementations both in the US and in Asia, where he lived for over seven years.

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