In today's ever-evolving lending landscape where loan quality and risk management challenge profitability and the customer experience, technology may be the key to thriving – both now and in the future.
Lending has traditionally followed a linear model, where the multiple processes associated with the life of the loan have been compartmentalized into silos. Often, this means there is a different team and different technology managing each operational step – potentially compromising loan quality and compliance with evolving regulations, audit controls and reporting. And, as loan volumes increase, so do the challenges associated with this linear approach.
Lenders need an effective loan completion system that goes beyond enterprise content management functionality to govern the capture of point-in-time origination, servicing and loan disposition events, and related loan documents to support loan quality.
A loan completion system automates loan quality processes into origination, servicing, loss mitigation and secondary marketing workflows and facilitates the handoff and sharing of information by providing the ability to view and compare multiple loan documents and records from a single view.