Our solution helps lenders automate and streamline the lending life cycle. The solution caters to a full range of mortgage loans from origination, underwriting, disbursement to servicing. Further, amidst dynamic market conditions and ever changing regulatory compliances, lenders desire a robust and agile technology. Newgen’s Mortgage lending solution, built on its Business Process Management framework, effectively caters to this requirement. It can be configured for today and has the ability to adapt to the future.
It allows financial institutions to avail the benefits of both the worlds (Buy + Build). Any bank specific requirement can be tailored through the configuration layer supported by the Rules Engine, Process Modeler, GUI Designer, MDM and Integration Adaptors.
Multi-Channel User-Friendly Portal
The solution supports multi-channel initiation through HTML 5 based dynamic forms for loan origination. These can be accessed from multiple channels (Branch/ Online) and devices (desktop, tablet, mobile). Further, the solution supports real time tracking of mortgage application status
Dynamic forms cater to mandatory data entry and eligibility qualification along with credit checks to remove duplication. These help in identifying possible defaulters based on Blacklist/ AML/ Person Non Grata and various other checks
Single Unified Interface
A single interface for all users across mortgage origination eliminates duplicate data entry. The solution uses seamless integration with various internal (Core Banking) and external systems (Credit Bureaus, Fraud Hazard, Appraisal, and Freddie Mac, Fannie Mae etc.) to push and pull required data
Documents are segregated and maintained on the basis of deferred/ waived off/ received/ pending, and loan packages are generated with pre-defined bank specific templates
Real Time Reporting
The solution offers configurable real-time reports to present a 360 degree view of Mortgage SLA’s, KPIs and compliances. It supports pro-active monitoring with advanced alerts for quick actions on risk items/ non-compliances. Further, reports can be configured easily without any limitation
The solution’s backbone, its Business Process Management engine, provides holistic adaptability to the solution. The solution is not a hard coded black box and allows for quick changes to accommodate current and future requirements
Enhanced Compliance to Regulations
The solution ensures comprehensive compliance with regulatory disclosures as mandated by CFPB/ Dodd Frank reform across the processes including TILA, Regulation B, GFE, ATR, HOEPA, ECOA etc. It also triggers automated checks and alerts in case of non-compliance
Reduced Credit Risks
Credit assessment tools of the solution take into account financial information, employment information, account conduct and pricing. This minimizes exposure to credit risks by ensuring that the entire process is seamlessly tied with compliance guidelines
Enhanced User Experience
The use of multi-channel initiation points offers anytime-anywhere access to users. Further, wizards & milestone based interactive interfaces add to customer satisfaction and delight
The solution enhances efficiency with workflow based electronic document movement and minimized dependence on physical documents. It also streamlines the process with the rules-based management of exceptions, as well as appropriate workflow routing
How banks can accelerate digital transformation
Forrester’s Principal Analyst, Alyson Clarke, shares insights on digitally transforming banking processes & helps you learn from leading banks around the world.