Loan Origination Solution from Application to Disbursement for Faster Processing and Better Risk Management
VeriLoan is VeriPark's loan origination and servicing system automation product, targets financial institutions with loan origination and servicing processes.
Recently, the financial sector in worldwide is increasingly taking advantage of technological improvements. As the sector, mortgage and loan origination business needs to be in coordination with technological improvements. Process consolidation, regulatory compliance, loan products, product delivery are some steps which should be automated as much as possible to increase service quality. VeriLoan which is developed on SharePoint Platform is the solution for financial institutes.
VeriLoan includes all the functionality and forms that loan processors require to process a loan. It provides easy access to all forms, verifications, lenders and service companies. VeriPark's Loan Origination System enables processes to run more effectively, reduce the amount of redundancy in the process, eliminate manual processes and automate paper-based processing. VeriLoan includes business rules, approval processes, rule engine based scoring and product manager tools.
VeriLoan's featured offerings are:
- Intelligence Inquiry provides manual and automatic online inquiries through various governmental and private institutions.
- Deduplication Logic enables early detection of existing customers or previous applications which prevents costly rejections and unnecessary work load at the sales cycle.
- Scoring algorithms provides the user to perform segmentation and categorization of the application according to the score output. Collateral, application, behavioral, credit card bureau are some examples of scoring algorithm.
- Product Definition is implemented with the logic of sub packages and every product can be built up by combining these packages. Package system gives users a flexible structure while creating products.
- Payment Plans enable the institution to create payment plans with flexible/fixed interest rates and installments with teaser rate, reset option, decreasing balance and buydown specifications.
- Rule Engine Based Eligibility and Product Offer has user defined criterions are dependent on the customer's application data and the intelligence data provided through the workflows and by the use of parameters such as income, debt, credit amount, the system offers customers set of products of which he is eligible to select
VeriLoan serves customers highly consolidated processes with automated tools which lead to reduce complexity and maximize value.