About (R-LOS) Software

Loan origination software enables financial institutions to automate and manage the workflow of different steps of the lending process. The steps in the process include loan application, underwriting, credit approval, documentation, pricing, funding, and disbursement or the rejection of the application. It integrates with other front-end and back-end applications of lenders to exchange data and communications for delivering a seamless digital lending experience. Furthermore, it adheres to industry compliance and regulation standards to eliminate security breaches and protect customer data. The software is typically used by financial institutions to manage activities related to consumer, commercial, retail, SME, SBA in one centralized place.

A loan origination system (R-LOS) is technology that helps financial institutions generate loan documentation in a way that complies with regulatory and internal requirements. Banks and credit unions usually install loan origination software on their local servers or access it through a cloud-based platform. Each day, banks and credit unions of all sizes across the United States utilize loan origination software to reduce risk and streamline lending.

Benefits Of RTRONS R-LOS

Before loan origination systems became common in banking, loan departments typically relied on legal form templates to manually generate promissory notes, deeds of trusts, and other documents for customers or members. This approach was time-consuming and prone to errors, especially for banks and credit unions that have many account holders, branches, and loans.

RTRONS R-LOS Loan origination systems help banks and credit unions overcome the challenges of manual document creation, delivering numerous potential benefits to the institution:

Compliance: Reduced risk of compliance issues caused by missing or errant information in documents.

Productivity: Increased efficiency through a streamlined approach to document generation.

Collectability: Preventing oversights in documents helps banks and credit unions ensure collectability during foreclosures.

R-LOS Work flow & Features

Some banks and credit unions use their R-LOS primarily for document preparation, while others use it from application through closing. Prior to use, however, financial institutions should ensure the LOS is configured to their specific needs. For example, a bank or credit union may determine that certain default clauses need to be adjusted prior to use. Consulting with the institution’s legal counsel is an important step to ensure proper LOS setup.

Once configured, general use of an R-LOS follows this basic work flow:

1. A banker inputs specific pieces of information into the R-LOS that pertains to the customer/member, loan, and/or account.
2. The R-LOS generates the document(s) that are appropriate for that specific situation.
3. If a document requires a signature, the banker either prints it for wet signature or prepares it for eSignature.
4. Application Creation and approval work flow
5. Approve/Reject of defined criterion. Approval Work flow Feature allows users to approve/ reject each criterion and leave a comment for the rejected one
6. Search functionality: Approval Work flow Feature allows users to search applicants by Name, CIF etc
7. Define existing and new customer automatically
8. Show history of approvals and assigned scores
9. Calculate financial criteria automatically from balance sheets and income statements
10. Manage all documents uploaded via a "See attachments" view to allow all documents to be managed in a single view
11. Adjust ranking automatically in case of delay in payment via an "Overdue" field that will rank adjust automatically dependent on value of the field
12. Either on-premise or cloud deployment possible