Loan Origination System
Enable your enterprise with the flexibility and adaptability to stay future-ready by implementing loan origination solutions, built on our low code digital automation platform. Leverage scalable lending solutions to cater to all kinds of loans, including retail, SME, commercial, and SBA loans. Furthermore, ensure compliance with regulatory requirements and streamline your lending processes by bridging operational silos and unifying your front and back offices.
Download the eBook to gain insights into the 5 symptoms that your loan origination is slowing you down. Also, learn how you can overcome the issues that hinder your lending performance and transform the process.Download Now
across 20 branches
Learn how Wilson Bank & Trust is leveraging Newgen’s Digital Transformation Platform for online account opening, business banking, and small business lending.
Seamless Integration with
Watch this video to understand how Advia Credit Union is leveraging Newgen to seamlessly integrate with fintech partners and transform member experience.
Learn how Georgia’s Own Credit Union leverages Newgen’s Account Origination platform to minimize time taken to open an account, and easily integrate with third party systems.
Why Newgen is the
Partner of Choice
Watch this video to learn why Newgen is the partner of choice for Old Point National Bank.
in less than 1 minute
Qander Consumer Finance leverages Newgen’s automation platform to transform and automate their banking processes, delivering credit offers to customers in under a minute.
reduction in cost
Nancy Foster, SVP and Credit Administrator, talks about using Newgen’s solutions to digitally transform BNB Bank’s banking processes for improved customer experience.
Turnaround time reduced
from day to an hour
Equity bank was able to deliver consistent customer experience across all channels, embrace mobile-first approach & eliminate process inefficiencies using Newgens' Online Account Opening Solution.
We have compiled tools and documents to help you in your journey. Knowing that “what you see depends on where you stand,” we have something for you, as a line-of-business operations in-charge, an IT leader, or a C-level executive, for your industry-specific needs.
At this stage, you might find that the available technology/solution is going beyond your initial expectations in terms of scope. This is also the stage of building consensus among your peers for your industry-specific needs, whether you are a line-of-business operations in-charge, an IT leader, or a C-level executive.
This stage is all about looking beyond features and functions. After all, addressing just the immediate need can translate into “short term gain but long-term loss.” Invest in a technology that solves for your today’s needs and is extensible and configurable for your unknown future needs. As a line-of-business operations in-charge, an IT leader, or a C-level executive, you don’t want to go through the same process in another 2-3 years !
It all comes down to choosing the right partner. Their innovation history, industry focus, local presence, support services, partner ecosystem, technology strength, cost effectiveness, customer references, risk rating, and lot more needs to be evaluated. As a line-of-business operations in-charge, an IT leader, or a C-level executive, you are all evaluating them from your unique perspectives!
That feeling of achievement and relief after a successful, on-time, in-budget project is all what you look for. Believe us, the feeling is mutual. As a line-of-business operations in-charge, an IT leader, or a C-level executive, make sure you celebrate the milestone, recognize everyone who made the project successful, and identify your additional digital needs.
Does the Newgen loan origination system support workflow?
The Newgen LOS solution offers a queue-based workflow approach for initiating and completing the application or performing relevant tasks and activities. Each user within the process can have access to their queue. They can log in and see only work items assigned to them, or all users of the same department can view the work items in a queue based on the bank’s requirements. The queues are rights-based, allowing only an authorized user to view and access them. Further, filters may be applied so that only certain users see specific items in a queue (e.g., loan requests under $1 million). Each application moves from one user to the next within the process flow. As soon as one user completes an application, it goes into the queue of the next user/department as defined within the application workflow.
What are the reporting capabilities of Newgen LOS?
Newgen’s Loan Origination System includes dashboards or reports that monitor key performance indicators such as loan cycle time, performance (time) relative to expectations, and office production forecasts.
The solution has a built-in business activity monitoring tool with in-built productivity and process metrics. These reports can be functional, operational, or investigative. While Newgen will configure a set of reports for the bank during the implementation cycle, any new report can be easily configured in the solution using the report designer wizard. No programming effort is required to create these reports.
Reports can be in the form of bar charts, pie charts, or tabular reports and are displayed on dashboards. These are drill-down reports that provide critical information about the performance, work item completion rate, bottlenecks, etc. Also, multiple filters can be created for different reports to create ad-hoc reports based on date, month, year, branch, line of business, etc.
How does Newgen LOS manage loan approvals?
The solution leverages the underlying low code process automation framework (BPM) to automate the loan origination workflow. It supports loan value-based approval, parallel (committee-like), and sequential (chain-like) routing of the loan request to the appropriate lending/credit authorities.
The routing and distribution of loan requests can be done manually or automatically based on business parameters such as loan value, customer relationship, total exposure, risk rating, etc.
An approval matrix/lender tree will be configured in the master data management of the proposed solution as per the bank’s requirements.
During the entire process, the solution maintains a detailed audit log that records all actions, changes, etc., made by the bank’s user, along with the username and date/time stamp.
Does Newgen provide an online application portal?
Yes, the Newgen LOS provides a customer portal for the online initiation/application of a new loan request. The online initiation is an extension of the financial institution’s website and is tightly integrated with the underlying LOS platform. The online initiation is configured as per the branding guidelines of the financial institution.
Does the Newgen solution allow for auto-decisioning of loans?
Newgen LOS solution allows for auto-decisioning/straight-through processing of loan requests that are based on meeting the parameters/checklists defined by the bank. By leveraging the underlying low code process automation platform, requests for credit/loans can be routed through different workflows based on the request type, loan amount requested, entities, etc. For example, there could be a “no-touch,” “low-touch,” or “high-touch” type of approach to requests. If all the bank’s defined parameters are met, a loan can be completely approved and booked with no manual intervention, or if certain criteria are not met, then the loan will be routed to the required queue for processing.
Which systems Newgen’s loan origination system integrates with?
Newgen’s loan origination system integrates with Topaz Systems, LexisNexis, IMMeSign, Experian, Wolters Kluwer, Compliance Systems, CoreLogic, RIMS.
How does the Newgen solution handle customer onboarding workflow?
Typically, Newgen has seen that once a consumer account is opened, the new customer is onboarded into the core. If the bank views onboarding activities as a separate process/requirement different from this, Newgen would need a more detailed understanding of the bank’s consumer onboarding process. Newgen will work with the bank during the implementation process to align the solution to the bank’s specific requirements regarding consumer onboarding.
Is the Newgen solution hosted on the cloud?
Newgen’s account opening and loan origination solutions are available on the cloud and on-premise.
What types of loans Newgen’s LOS supports?
Personal loans, Credit cards, Direct auto loans, Shared loans, Secured loans, Unsecured loans, Personal line of credit, Overdraft line of credit, Retail loans, Small business loans, Commercial loans.
Does Newgen LOS provide the ability to customize the solution based on different credit bureau requirements and model it as per different product types?
Yes, Newgen integrates with different credit bureaus such as Experian, Equifax, etc. It allows for different models to be used by product origin.
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