VeriLoan Integration with Microsoft Collaboration Manager for Loans

Extending Microsoft Cloud for Financial Services

Microsoft's Collaboration Manager for Loans, part of Microsoft Cloud for Financial Services, simplifies collaboration and improves communication with internal and external stakeholders.  It's a Microsoft Teams app that allows users to work on loan applications and collaborate with other team members within Teams as part of their daily activities. The solution complements loan origination solutions like VeriLoan by providing collaboration capabilities amongst the internal teams that need to review, negotiate, and decide on an application. 

VeriLoan integrates with the Collaboration Manager to provide the end-to-end process, from initiation and automated decisioning to facilitating chats, meetings, and exchange of information amongst team members in an efficient and streamlined manner.

Key Features

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    Automatic Application Creation in Collaboration Manager

    VeriLoan Retail Loan Origination System (RLOS) is integrated with Microsoft's Collaboration Manager for Loans.

    When an application is created in RLOS, a corresponding loan application record is created in the Collaboration Manager, which provides a high-level summary of the loan application and can be seen in the Collaboration Manager Teams app.

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    Auto Population of Application Details

    When a loan application is created by VeriLoan in Collaboration Manager, the following details are automatically set on the application record in Collaboration Manager:

    • Application Number & URL
    • High-level summary of the requested loan such as application type, loan type, amount, term and start and end date of the application.
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    Business Process Flow & Status Update in Collaboration Manager

    The Busines Process Flow (BPF) and the application status in Collaboration Manager have been configured to reflect VeriLoan’s application Business Process Flow stages and statuses.

    The loan application in Collaboration Manager always shows the latest stage and status of the application in VeriLoan.

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    Automatic Activity Creation

    When a loan application is created by VeriLoan in Collaboration Manager, the following are automatically created along with the application:

    • A meeting between the sales and the credit team to discuss the application and customer’s request to get a preliminary indication on the customer’s eligibility.
    • A task for the sales agent to collect the supporting documents and information to prepare for the meeting with the credit team.
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    Collaboration on the Loan Application

    Once the application lands in Collaboration Manager app in Teams, users can coordinate activities, discuss different aspects of the application, and collaborate to bring the application to closure. Some of the capabilities include:

    • Initiating a chat about the application for all the stakeholders to see the discussion
    • Requesting approvals from one or more stakeholders