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The Benefits of Automating Your Loan Decisioning Process

Should you automate third-party data and apply your loan policies and risk thresholds to facilitate real-time loan decisions?

The short answer: Yes! Imagine automating analysis using customer, business and third-party data to facilitate real-time decisions. An origination and underwriting platform that can be used to automatically approve prospects and do credit reviews on current customers and is also configured for a lender’s loan policies and risk thresholds. Automating your decisioning process replaces manual credit reviews, which can often take days, with real-time credit decisions. Ultimately, your borrowers get quicker access to capital – which is good for them and good for business. Here are the benefits of automating you loan decisioning process:

Automating Decisioning Enables You to Respond to Your Customers Faster, Stay Ahead of the Competition, Streamline Approvals, and Reduce Overhead Costs

Respond Faster

Give faster answers on clear-cut cases and keep borrowers engaged so your team can focus on more complex funding requests.

Stay Ahead of Competitors

Reach potential borrowers before they go to more expensive lenders due to faster response and quicker access to capital.

Streamline Loan Approvals

Streamline decisioning to provide quicker access to capital, thereby establishing trust and building better relationships.

Reduce Overhead Costs

Leverage automation to process more loans more quickly, reduce overhead costs, making the loans more profitable.

Automatically evaluate an applicant’s attributes, respond fast, capture new business quickly, and improve satisfaction.

Your loan decisioning software should be equipped with a range of digital tools to increase the profitability of a loan decisioning process.

Enable automated assessments of the creditworthiness of potential borrowers via seamless integration with trusted credit bureaus.

Your system should  provide automated business and personal credit reports, background checks, criminal searches as well as bankruptcies, judgements and liens results and multiple points of information from different bureau sources can be cross referenced.

Configure your lender risk policies, thresholds and compare them automatically with risk results to facilitate real-time results.

Replace slow manual credit reviews, which can often take days, with real-time decisions that can be made during the first interaction with a potential borrower. Through Loan Auto Decisioning, customers get quick access to capital, better terms and a valued long-term relationship.

Replace manual credit reviews with a robust decision engine where your decision rules automatically evaluate an applicant’s attributes and provide immediate loan approval for well-qualified applicants.

Decisioning can also be applied to current borrowers during a follow up credit review. Your platform should allow a loan to be run by the same system algorithm the lender defines coupled with artificial intelligence to arrive at a quick decision.

Automatically send approved borrowers welcome notices as well as next steps to complete digitally, including tax forms, proposals, loan agreements, funding instructions, and more.

Deals that don’t qualify are automatically routed to a credit officer for further qualification or for a different product. A quick approval coupled with customer portals communicating status offers a powerful, competitive experience that’s hard to top.

Decipher Loan Decisioning Software

Decipher loan decisioning software solution streamlines the decision process and makes automated decisions related to a loan application. Also, the platform decreases risks and improves efficiency.

Institutions can use the Decipher software platform to speed up the decisioning process. Plus, it helps improve productivity with minimal errors. Increase efficiency of serving your potential customers with one digital system. Schedule your demo now!

To learn more about the Decipher solution, contact us!