Are you in need of a solution to process your loans faster and easier while enjoying proper risk management and providing good customer services? If so, Forefront Technologies has come to your rescue.
What Is Loan Processing?Loan Processing refers to all the procedures involved in giving out a loan to a borrower, from the time the application is received to the review process until the request is denied or approved. Some of the procedures involved are –
- Pre-qualification Stage: The applicant is provided with a list of documents to submit to the lender. These documents include proof of identification, bank statement, etc.
- Application Stage: Depending on the mediums provided by the lender, the applicant can apply via paper or online using the software solution.
- Review Process: After the application has been received, the next step is to review the documents for accuracy and genuineness. If any document or information is missing, the lender can contact the applicant to provide the missing item.
- Loan Approval or Denial: After several processes of examination and verification, the lender will decide whether the request should be granted or denied. If the application fails to meet the criteria, the request might be rejected, or the applicant might be offered an alternative.
- Funding Stage: This is the final phase where the loan is issued to the borrower.