The First stage of Lending/Financial services is Known as Loan Origination process. The most important & critical stage in complete Loan servicing. The Finance Industry is now shifting its focus on Customer engagement & Satisfaction with the elements of design & delivery that fulfils customers’ expectations first.
For almost every lender the definition of the term Loan origination is different – where it starts, the different stages within the process and where it ends. Every Loan type will have a different approval process that can be manual or automatic. Lenders have their “secret sauce” when it comes to Loan Origination that they never want to share as Loan origination is what makes Companies stand out from their competition. Loan Origination System is responsible for managing everything from pre-qualification to the approval of funding the loan.
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