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Cloud-based loan origination software establishes the much-required mobility and flexibility that is necessary to submit the loan applications through their mobile devices. Legacy software is supported by on-premise servers that control the access to information to a few approved personnel. This means that applicants are required to personally visit the banks to complete the process of paperwork, documentation, and verification.
Cloud-based loan management systems are most simpler by design as compared to their legacy counterparts. As such, rolling out constant and quick updates that need little to no downtime makes the system much more up-to-date. This is mainly beneficial in solutions that use AI and ML to increase their productivity levels in procedures such as verification and credit scoring (underwriting). Cloud-based loan origination software which gives access to lenders to:
Limited or complete automation of underwriting can help in free up a lot of resources, which spells income improves for lenders, decrease manual mistakes, and to the end consumer that also helps to pass on the savings in the form of lower and more competitive rates of interest. The latter is an important advantage that cloud-based loan origination software promises the lenders, as this helps them to gather a larger market share and generate a substantial presence in an otherwise competitive market.
A growing market requires the type of software that can be easily modified as per requirements. It should also be able to secure itself from warnings and violations by being continuously updated with the newest compliance needs and protocols, as asked by the regulatory authorities. This is an option that cloud-based loan origination systems can given to lenders of all sizes, helping several markets, with little to no downtime. Cloud-based systems also given access to the easier deployment of modules to implement new product categories.
One of the USPs of cloud-based loan origination systems is that everything is saved at all separate locations in a secure and entirely encrypted server system. This clears the lender's worries of their on-premise server and legacy software are getting hacked into and losing sensitive information of the customer, which could not only lead to a loss in credibility but also in business, in the long term.
Cloud-based lending loan origination software (LOS) have severe security protocols in place which makes them largely, if not entirely, safe against security violations.
Lenders planning to proceed to cloud-based loan origination software can look for the following features while choosing their cloud-based loan origination software provider.
1. Identity and access management
2. Protocols against cyber threats
4. Security operations
5. Regulatory compliance
6. Resiliency to cyber threats
7. Application developing capabilities
Decreased turnaround time thanks to automation at multiple levels, such as faster verification process and underwriting using ML-based predictive models, decreased downtimes given the constant and timely updates for the software, helps the lenders to produce more loan applications in less time with higher accuracy. This means higher incomes, expanding client base, and a larger market reach.
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