One of the critical pieces of technology in today’s era is a mortgage loan origination system or LOS. The loan origination technology is widespread in the lives of closers, funders and the rest of the support staff that is in charge of origination and fulfilling loans. As the LOS platform is one of the crucial investment that a bank makes, it’s evaluation and preference is important for fruitful results of the firm. While choosing a LOS can be a terrifying task you can always nail it by considering a few things like functional, technology, strategic, compliance, financial, business, time, nonfunctional, and interfacing factors.
The core task of loan origination software is to centrally manage and automate the various stages of the loan providing cycles such as loan application, documentation, verification, credit approval with automated underwriting. LOS speeds up processing and approval of loans faster. It further streamlines lending operations and strengthens client relations.
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