NewgenONE Platform for
Mortgage Lending
Streamline your end-to-end mortgage process while complying with LIXI, APRA & responsible lending guidelines, and ISO 27001
Our mortgage lending software is designed to cater to the needs of lenders, including banks & non-banks, credit unions, building societies (community focused), and home guarantee scheme (HGS) providers. Orchestrate end-to-end mortgage lending—from origination, document digitization, lead capture, approval, and funding to servicing—in a paperless, workflow-driven environment.
Enable touchless processing of eligible loan applications, automatically create new customer ID and loan accounts, and trigger disbursements while complying with LIXI transaction standards, APRA regulatory requirements, and responsible lending guidelines, ISO 27001. Seamlessly integrate with legacy and third-party systems, including core banking solutions, CreditorWatch, Illion, Equifax, Experian, GreenID, OCR Labs, credit assessment websites, such as bankstatements.com, and CoreLogic to automatically fetch and validate information, resulting in a shorter turnaround time and a better customer experience.
Features of Newgen’s Mortgage Lending Software
Omnichannel Origination and Self-service Portal
Get multi-channel origination support for customer self-service, in-branch, and customer care channels (anytime-anywhere, across any device). Access easy-to-use electronic/online-based dynamic forms. Ensure transparency with necessary disclosures to customers. Avoid duplicate data entry with a single, unified interface for all users. Also, get specialized broker/franchise portals.
Pre-screening and Credit Analysis
Integrate with external credit bureaus for AIML/blacklist checks. Get a comprehensive credit assessment based on the applicant’s financials and credit scores and rules-driven application scoring on predetermined criteria. Predict the probability of defaults and dropouts with AI/ML-powered calculator. Send out AI/ML-powered pre-approved offers to qualified applicants. Determine the feasibility of mortgage offer through serviceability calculators.
Automated Approvals and Optimized Workflow for Funding and Closing
Simplify straight-through loan processing with an in-built credit decision-making engine. Get support for mobile-based approvals and notifications, rule-based approvals (sequential or parallel), and appropriate decision-based workflow routing and delegation. Enable monthly payment schedule generation (balloon, bullet payment, and more) and stage-wise disbursement support for construction loans.
Robust Activity Monitoring
Track product and process performance through real-time and user-specific dashboards with end-to-end visibility. Get robust exception management with detailed tracking & alerts. Generate multiple reports with an in-built reporting module. Prevent delinquencies by enabling a rule-based early warning system and payment monitoring.
Servicing and Comprehensive Lead Management
Ensure comprehensive mortgage servicing, including query/complaint management, modifications, and foreclosure processes. Track and maintain a chronological record of all activities, changes, and updates with audit history of cases. Enable upsell and cross-sell opportunities.
Risk Management and Compliance
Integrate an in-built risk management engine for complete due diligence, including background checks, verifications, and risk-based pricing. Get LIXI-compliance adherence for lending and mortgage processing in Australia and Australian Prudential Regulation Authority (APRA) regulatory requirements. Ensure compliance with responsible lending guidelines with comprehensive checklists and validations.
Extensive Document Management
Generate loan packages as per pre-defined bank-specific templates. Maintain and segregate documents based on deferred, waived, received, and pending. Support e-Signatures/wet signatures and get pre- and post-disbursement checklists. Enable dynamic masking of GDPR data from personal documents, such as passports and driving licenses. Secure document storage from unauthorized access, modification, deletion, or disclosure as per APRA regulations. Store, retain, and dispose of long-term documents, including tax returns, bank statements, contract of sale, valuation report, and inspection report.
Financial Institutions using NewgenONE Platform
NewgenONE Success Stories in Financial Institutions
Available Integrations with Financial Ecosystem
All you need to know about Mortgage 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 consumer 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.
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.
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.
Newgen’s consumer lending software integrates with Topaz Systems, LexisNexis, IMMeSign, Experian, Wolters Kluwer, Compliance Systems, CoreLogic, RIMS
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.
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.