Don't let loans processing slow you down
Reduce your cost to serve, decrease delivery time, and improve your efficiency and productivity for loans processing, with our tailor-made solutions for lenders.
Loans processing involves many steps and routine tasks that can be fiddly and time consuming. Our loans processing solution for lenders increases efficiency and productivity, creating the capacity to process a greater volume of loans, while improving on turnaround time and reducing your cost to serve.
Better and faster
Your loan processors, underwriters and customer service staff are subject to many demands. The sheer number of steps required to process a loan is an inefficient – and very expensive – way to utilise their time and skills
Our experienced, finance trained professionals can support your existing teams in completing the following tasks, while saving you 60% or more on staffing costs:
- credit application data entry
- expense/income verification
- document verification & preparation
- property valuations
- workflow task follow-up
- credit support
- preparing settlement
- account management support
- customer service support
Why industry-specific is a must
In order to increase profit margins and reduce your cost to serve, you have to process more loans. But you also need to ensure quality control risks are managed, particularly with regard to compliance with ASIC, APRA, privacy regulations, and access to customer data. You can’t afford to entrust work to untrained staff who have no experience with stringent industry requirements.
That leaves you with two choices:
- Hire more staff, invest in back-office facilities (the expensive option), or…
- Outsource to lending professionals with many years’ experience in loan origination and loan servicing.
What streamlined loans processing looks like
The Loanworks team gets started as soon as a credit application is received. You'll see increased productivity and efficiency at every step of the process.
1
Data entry:
Upon receiving a new credit application, Loanworks will compile information from various sources and accurately enter data into your loan origination system. We’ll continue to update this information as the credit application moves through the origination process.
2
Pre-qualification checks:
Loanworks will complete an assessment of each applicant’s financial situation. We’ll request and check credit reports, run serviceability calculations, verify income and expenses, seek LMI conditional approval, and apply credit policy rules.
3
Document verification:
Loanworks will collate and catalogue all supporting documents, then digitise them for your document management system. We’ll check document authenticity and validate information with third-parties.
4
Property valuations:
Loanworks will order property valuations and perform title searches in accordance with your credit policy. We’ll follow up with valuers until a valuation certificate is received and enter valuation and title data into your loan origination system. Then we’ll digitise the documents for your document management system.
5
Credit support:
Loanworks will support your underwriting team in seeking LMI formal approval, preparing credit scores and collecting any missing information from third-parties required for unconditional approval. We’ll do all the data entry, collate and catalogue all received documents, then digitise them for your document management system.
6
Preparing for settlement:
Loanworks will record loan disbursements, prepare settlement agent instructions and track preparation of loan documentation. We’ll assist with settlement certification and preparation of settlement packs.
7
Account management support:
Loanworks will support your account management team in processing account variations, discharges, redraws and principal increases, and tracking construction loans. And we’ll support customer communication post settlement.
Ours is an exact fit loans processing solution
Loanworks performs your processing efficiently because our work is deeply integrated with your own systems, processes and teams. It’s not about imposing our solution onto your current practices and hoping they’ll marry up.
Experience has shown us that a one-size-fits-all approach to loans processing doesn’t really work. We’ve been in the Australian lending industry, specialising in mortgages, for over 30 years. We’ve also operated our own outsource operations in the Philippines for nearly a decade, and specialise in services for Australian loans originators and lenders.
Our expertise gives us a deep understanding of the loan origination process – its pitfalls, risks and requirements.
That’s why we know outsource solutions need to be tailored to a lender’s particular needs, operating environment and risk profile. And we have the expertise to do that.
Loanworks are the industry's best practice
Loanworks have been in the lending industry for more than 18 years. We provide solutions for lenders, aggregators and originators, so we’re familiar with every facet of the business. We utilise best-of-breed workflow, document management and credit decisioning software. And we understand the need for specialised, knowledgeable staff.
Our processing team undergoes specific training to support ASIC responsible lending guidelines and your systems, workflow processes, service levels and business rules.
And we’re fully appraised of certification and regulatory needs. Loanworks staff understand the implications of APRA material outsourcing, which is why we’re ISO certified, compliant with the Australian Privacy Act, and implement the latest measures in physical and digital security and secure data storage.
You don't have to choose between efficiency and quality
When you’re looking to increase margins and reduce your cost to serve, outsourcing loan processing functions has to be a consideration. How do you do that without compromising on expertise and service quality? Loanworks loans processing solutions are the smart, safe, cost-efficient answer.
To learn more about integrating Loanworks loans processing into your business, please call Andrew Duerden, our Director, Business Services, on +61 403 048 757. Andrew has worked on designing and delivering customised solutions for many clients, and has the expertise, creativity and commitment to find the right one for you.
