A cross section of a bank’s loan origination or commercial lending process will reveal why adopting technology has become inevitable. For most banks loan origination processes are a fine balancing act, ensuring a fast application process, running credit and risk checks, managing myriad regulatory requirements and finally topping it up with a quick disbursal
To illustrate, no longer do loan origination documents have to be captured after the loan is funded...In the case of loan origination, capture solutions can help fund loans faster and take days out of the process
One implementation of a SOA that I was a part of building was for the mortgage banking industry, specifically for loan origination. The autonomous services that we built included (among others): Credit Reporting – Name and SSN in, XML based Report Out Products & Pricing -– Loan & Borrower Data in, Products and Pricing Information Out Property Valuation – Address in, XML based Report Out Data Abstraction Layer – Loan & Borrower Data in, Unique Identifier out and vice versa Underwriting - Loan & Borrower Data in, Result Out You get the idea
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A recent research by AIIM titled Case Management and Smart Process Applications defines adaptive case management as “any process… where the process steps and outcome may change during the course of the process… Applications can range from payment management, through contract bids, claims handling and loan origination, to traditional healthcare, crime or legal cases.”
One common example is the loan origination process. Anyone who has bought a house lately or refinanced a mortgage knows what I’m talking about
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