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. Conventional manual loan processes, will take any bank an entire month to close this origination cycle. A time frame banks can no longer afford in today’s competitive market conditions
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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