Commercial Loan Origination & Lending Software

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.

Newgen’s commercial loan origination software 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.

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.

Newgen’s commercial lending software integrates with Topaz Systems, LexisNexis, IMMeSign, Experian, Wolters Kluwer, Compliance Systems, CoreLogic, RIMS.

Newgen’s account opening and loan origination solutions are available on the cloud and on-premise.

Newgen’s solution can support each of the loan types listed below. Further, the solution can be configured so that the workflow for each loan type will adhere to the financial institution’s specifications.

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.

Yes, Newgen integrates with different credit bureaus such as Experian, Equifax, etc. It allows for different models to be used by product origin.