Loan Origination Software Development -Case Study

Case study on how Stylus System’s developed a flag ship loan origination software ‘CreditCore’, for its client 3530 Technologies and how the product helped them to maintain a  competitive advantage in the fast moving corporate loan market .

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Client Overview

3530 Technologies is a financial institution headquartered in Texas, United States provides integrated technological solutions and services to banks and financial institutions across US.

Requirement

Development of an efficient Loan Origination Software (LOS) platform

Solution

To develop a cloud hosted, web based, highly configurable, cross platform loan origination service provider that can fill the gap of the existing LOS flaws.

Result

Successful in developing a full functioning cloud hosted loan origination solution, ‘CREDITCORE’, which can help 3530 Technology to raise the bar in their loan origination system.

Business Task:

Designing a loan origination solution that can fill the gap of the existing loan origination provider flaws. 3530 Technology wanted to develop the best, most configurable and multi device support system to serve the clients better. The new system must reduce the time to complete the loan application while increasing the integrity of credit decision and loan disclosures.

3530’s key requirements for the new system were:

  • User friendly
  • Improved flexibility
  • Dynamic
  • Increased efficiency
  • Cross Platform

 

Business Solution:

Initially Stylus started with an assessment of the client’s needs. After discussing with stakeholders and analyzing several other loan origination software, successful in identifying the right solution for 3530 Technology to raise the bar in their loan origination system.

Stylus decided, the new system should be:

  1. Cloud hosted, for better productivity with less resources and reduced cost.
  2. Web based application to ensure better user experience
  3. Readily deployable with a user friendly platform
  4. Total mobility-enabling users to access anytime anywhere from any device
  5. Highly configurable admin section to configure all compliance related policies and bank specific policies

The process of development was divided into 5 parts

  1. All the broad features of credit hub where grouped into releases based on associations between features and need of the market.
  2. We had extensive discussions with experts in the field of each feature to chalk out the details of those features.

These discussions helped us in identifying: Processes that they do manually which could be automated in CreditCore and which allows the faster closure of qualified loans with improved operational efficiency and Areas of assistance which is still not served by any of the existing loan origination system

3.Further to the discussions, Stylus detailed out the features by way of prototypes

4.Stylus also created a development and release schedule for each of the releases

5.After each release, the actual features in the loan origination software were vetted        by experts in the loan departments of banks and financial institutions

During this process, Stylus also made sure recent developments and new compliance rules for eg: Loan Estimate from CFPB in loan origination were included in the new system.

Finally the flagship loan origination software,” CreditCore” was handed over to 3530 Technologies to maintain a competitive advantage in the fast moving corporate loan market. Stylus serves as the technology partner in providing continuous support to 3530 Technologies in implementing the future phases of CreditCore.

Benefits of CreditCore (CC):

  • CC is a highly customizable, that helps mortgage lenders streamline their business processes and increase efficiency
  • An intuitive, user-friendly interface simplify the application process and making it easy to train new employees
  • It’s highly configurable admin section allows to configure all compliance related policies and bank specific policies
  • The fully automated decision engine enables the automatic approval/rejection of applications
  • Maintain rigid standards for compliance with customizable controls
  • Recommender System-CC will recommend and the user is allowed to take the decision
  • CC is integrated to all the three major credit bureaus (Experian, Equifax, Transunion), which helps to retrieve the credit history of the applicant
  • CC inherently automate the entirety of lending disclosure    process while adhering to the CFPB regulations and document formats.
  • Integration with recommended third party services for certain disclosures.
  • CC helps in depth analysis of credit reports using various financial characteristics defined in Credit Core.
  • Integration with doc prep systems to enable generation of post approval legal disclosures
  • CC provides automatic and manual notification system to users associated with a loan request
  • CC provides a platform to help banks meet their SLAs on loan origination process
  • CC provides an extensive and configurable dashboard.

About Stylus

Stylus Systems is in the business of transforming enterprises and impacting lives through information technology based solutions and by delivering services ethically.

Established in 1999, in Bangalore, India, Stylus has achieved expertise in developing and using internet based technologies and solutions to bring the advantages of the global marketplace to small and medium business enterprises worldwide, thereby helping them take their offerings to market faster, and operate better, smarter and more profitably.

Our Software, Finance and Accounting Services and Solutions are specialized services that are offered with the Business Intelligence suite of Services to help us deliver recommended steps of action and take bottom-line for your results.

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