Overview
Client is a financial institution headquartered in Texas, United States, that provide integrated technological solutions and services to banks and financial institutions across the US. Our journey with the client involved the development of”CreditCore,” a robust loan origination software designed to ensure compliance and efficiency while improving its competitive edge in the corporate loan market.
Expertise Delivered
- Innovation and a key partner for technology modernization
- Deep Industry Knowledge and Technical know-how.
- Feature Identification and Collaboration
- Regulatory Compliance Integration
- Process Automation
- Operational Streamlining
Challenges
Existing Loan Origination System Flaws: 3530 Technologies grappled with significant challenges posed by the shortcomings in the current loan origination system. The identified flaws were hindering operational efficiency and impeding the seamless processing of corporate loans. These challenges included:
Protracted Application Processing Times:
The existing system was plagued by delays in processing loan applications, impacting the overall speed at which qualified loans could be closed. This inefficiency was a bottleneck in meeting the dynamic demands of the corporate loan market.
Inadequate Integrity of Credit Decisions and Disclosures:
The integrity of credit decisions and loan disclosures was compromised, raising concerns about the reliability of the system. This posed a risk to the institution’s ability to make informed lending decisions, a critical aspect in the financial services sector.
Manual Processes and Operational Inefficiencies:
Manual processes within the loan origination workflow were identified as areas ripe for automation. These manual tasks not only consumed valuable time but also introduced the possibility of errors, negatively impacting the overall operational efficiency of the institution.
Lack of Adaptability to Compliance Changes:
The existing system struggled to swiftly adapt to the evolving landscape of compliance rules, including introducing new regulations such as the Loan Estimate from the CFPB. This inflexibility posed a regulatory risk for 3530 Technologies.
How We Helped
We initiated the process by comprehensively assessing client needs and actively engaging stakeholders. Product development was strategically divided into releases aligned with market demands. Guided by industry expertise, our team successfully automated manual processes, improved efficiency, and ensured compliance with CFPB regulations. Prototyping, release scheduling, and continuous expert feedback were instrumental in CreditCore’s development.
Implementation Approach
- Identified critical features and requirements.
- Developed and presented prototypes.
- Created a detailed technical design of the software.
- Seamlessly transitioned to the new platform.
Final Outcome
Our expertise led to the successful delivery of CreditCore, a fully functional loan origination system, providing 3530 Technologies with advanced capabilities. These include the ability to customize processes, a user-friendly interface, seamless compliance integration, automation for faster application processing, integration with leading credit bureaus, streamlined lending disclosures, third-party service integration, improved communication through automated notifications, ensured SLA compliance, and the provision of actionable insights through a flexible dashboard.
Insight Consultants continues to serve as a technology partner, providing continuous support for future phases of CreditCore.
CreditCore Features
- Highly customizable and efficient for mortgage lenders.
- Intuitive, user-friendly interface for streamlined application processes.
- Configurable admin section for compliance and bank-specific policies.
- Fully automated decision engine for application approval/rejection.
- Integration with major credit bureaus and third-party services.
- In-depth credit report analysis and adherence to CFPB regulations.
- Automatic and manual notification system for loan requests.
- Configurable dashboard for extensive analysis and monitoring.
Results
- Faster Processing
- Increased Business Process Efficiency Gains
- Adherence to Compliance Standards
- Enhanced CX
- Integration with Credit Bureaus and Third-party Services
- Integration with APIs that help in Document Preparations
- Streamlined Lending Disclosure Process
- Increased Satisfaction
