Automate your entire lending workflow, from onboarding to settlement
Improve customer experience, reduce time to decision, control cost to serve and – ultimately – increase profit, by automating and digitising your entire lending workflow.
Handling origination manually is a capital-intensive process. It requires a large headcount, it’s slow and inefficient, and it suffers from an excessive error rate. So you spend way too much time manually troubleshooting and fixing mistakes. More importantly, your cost to serve increases with every borrower, which makes scaling a difficult and risky process.
End-to-end, digital automation is now possible
The cloud-based Loanworks origination solution automates the entire origination workflow – from start to finish. It incorporates everything from lead capture, credit assessment and credit decisioning, right through to mortgage document preparation and settlement.
A true, straight-through processing (STP) solution, it will drastically reduce your headcount costs and error rate, increase your loan processing speeds and significantly boost your productivity where it really matters.
The resulting savings can be reinvested, and your people can focus on areas where they have the greatest impact.
Supports all product types (including consumer products)
Specifically designed for authorised deposit taking institutions (ADIs) and non-bank lenders, the origination solution is a scalable, customisable software platform that supports all product types, including:
- Fixed loans
- Variable loans
- Bridging loans
- Principal and interest loans
- Interest only loans
- Lines of credit
- Personal loans
- Vehicle loans
- Credit cards
Integrates with your core banking systems...
The Loanworks origination solution integrates seamlessly with your existing core banking systems, online banking portal, mobile banking app and data warehouse.
In other words, it allows you to automate and harness your existing technology, providing measurable dividends – both in terms of reducing your costs and providing a high level of service to your customer.
...and your service providers
The Loanworks origination solution integrates with your service providers, so there’s no need for any extra integration investment. Straight out of the box, it supports 25+ service providers including:
- Data Action (DA)
- Infosys
- Ultradata
- Equifax
- NextGen
- Simpology
- GBG Loqate
- illion
- MogoPlus
- CoreLogic
- IDVerse (OCR Labs)
- DocuSign
- FMS / Galilee / MSA / Dentons
- QBE
- Helia
- Glass’s
- GlobalX
What does automation look like for your customer?
Applying for a loan is a rare and often significant event in the lives of most people. The traditional process is unfamiliar, and can be complex and frustrating.
- Rarely needed documents must be located and retrieved. Sometimes these are no longer even in the applicants’ possession.
- Information received from loans officers can be inconsistent, resulting in much wasted time for the borrower, who’s either expended effort finding unnecessary information or goes to submit their application only to be told a document is missing.
- Manual document submission can require access to old technology, like fax machines, which most people don’t have in their homes.
- Buggy software can delete painstakingly entered data or refuse to upload documents.
- It can be difficult to get hold of the right person and find out the status of an application.
The Loanworks origination solution enables you to provide your customers with much-needed relief from all of those difficulties. It’s an online application platform that lets them apply for a home loan on their desktop computer, mobile phone or tablet, and even switch between devices, mid-application, without losing their place (or having to re-submit any documents). They can even check on the status of their application without ever making a phone call or sending an email.
With its intuitive user interface, it redefines the application process for borrowers, and provides clarity and transparency around the entire process.
Nothing lost, no effort wasted
The document collection portal guides your customer clearly through the provision of supporting documentation, allowing them to easily attach it to their application. Documents are then automatically validated and stored securely on the Loanworks Enterprise Origination platform, attached to their application.
Of course, the stability and functionality of the platform is guaranteed through strict service level agreements. Because the software interacts with all the important third party platforms and your core banking system, data can also be seamlessly transferred as required.
What does complete automation look like for you?
Automating your end of the loans origination process is where the Loanworks platform really pulls its weight. Straight-through processing (STP) is the complete automation of the digital loan origination process – start to finish.
It begins with the ability to receive loan applications electronically, either:
- directly from an applicant via your website
- at a branch through your own lending portal
- through a third party broker
But of course there's much more to the job than processing applications. That's why complete automation encompasses the following functionalities:
Workflow automation
Assigns tasks and reminders to staff members based on roles and your configured business rules. Automates integration with third party service providers.
Credit assessments & calculation of loan serviceability
The servicing and capacity calculator assesses borrowing capacity and ability to service a loan.
Configure credit & servicing rules
Configure rules for preliminary assessment & approval.
Extend credit rules
Integrate credit & servicing rules with score card service to extend rules and make unconditional decisions.
Integrate with your systems
Works with your core banking system, online banking portal, mobile banking app and data warehouse, as well as a network of third party service providers.
Order valuations, automate credit checks, & submit for funding
Part of straight-through processing, taking you from electronic reception of application, through to loan disbursement.
Document generation & management
Enables document collection, generation, distribution and storage.
White label origination
Manages multiple white label originator channels through branded documentation.
Give and receive solicitor instructions
Handles interaction with solicitor prior to and post settlement.
Fees management
Tracks and collects fee payments, manages fee exceptions and exports data to external financial systems.
Reporting
Provides a range of pipeline, ad-hoc and custom reports and dashboards.
Communication management
Communicating with customers, sales channels, third parties, & internal stakeholders, facilitating an easy flow of information.
Sales channel management
Enables users to configure hierarchies of referral sources, including franchise networks, third-party broker networks and advertising sources.
Commission administration
Imports commission loan data, calculates upfront & trail payments, generates and distributes RCTI and statements, exports general ledger data to accounting systems.
Originator portal
Allows accredited originators to review details of their customer’s loan applications in real-time, download forms, submit new applications, & review their commission payments.
Eliminate unfeasible applications before they're submitted
Unsuitable applications waste everyone’s time – staff and applicants alike. That’s where the servicing and capacity calculator comes in. It enables a broker or an internal staff member to assess the serviceability and borrowing capacity of a home loan applicant prior to a home loan application being lodged with you.
Credit decisioning made easy
Credit decisioning is one of your most critical functions, and the Loanworks decisioning engine makes it easy and efficient. It automates the majority of the process, so you can fast-track preliminary assessment & approval.
And you get to define exactly how it makes decisions. You can configure rules to match your credit approval requirements, using standard variables, including product type, LVR, property location, loan amount, loan purpose, credit report data and serviceability.
You can have multiple approval levels to support delegated approval for referred decisions:
Plus it handles:
- income and expense data aggregation
- identity and fraud checks (eKYC)
- serviceability calculations
- employment type and term (self employed, PAYG etc) checks
- loan to value ratio checks
- property type and location checks
- credit history checks
All tailored to your unique lending needs
Our solution architects will work directly with you to design, build, implement and run your tailored digital loan origination solution so that it fits your lending business like a glove.
As lenders ourselves, we have demonstrable industry knowledge and expertise, and can provide real insights on best practice. We know your process challenges, what frustrates a customer or annoys a staff member, what works and what doesn’t. We have a holistic view of the loan market, including trends, analysis and risk, plus we know all about your compliance obligations.
Just as importantly, we won’t abandon you once you’ve paid the bill. We’ll maintain regular communication, discussing the performance of your solution and its outcomes, and we’ll continue to refine your solution as per your requirements. (We’re continually updating the solution in line with regulation changes.)
Talk to us about how we can help
Our cloud-based digital origination solution will help you automate your processes, allowing you to orchestrate the digital flow of your business and leverage your third-party services & fin-tech solutions. Not only will you increase loan volumes and reduce costs, but you’ll also provide customers with an unparalleled level of service that will differentiate you from your competitors.
To learn more about integrating the Loanworks origination solution, please call Andrew Duerden, our Sales Director, on +61 403 048 757. Andrew has played a key role in the design and delivery of solutions for countless clients. He’ll ask questions, listen, and help you find your particular way forward.
