A system for sourcing, aggregating data, assessing, and decisioning retail and small business loan applications in real-time.
LOADS (Loan Origination Aggregation Assessment & Decision System) is an advanced system developed under Herald Logic's fintech spinoff, WonderLend Hubs. It provides a comprehensive solution for lending organizations to manage the entire loan origination process for retail and small business loans. The system operates in real-time, enabling rapid sourcing of loan applications, aggregation of relevant data from various sources, thorough assessment of the applications, and swift decision-making. By automating and streamlining these processes, LOADS aims to significantly improve the speed, accuracy, and efficiency of loan processing operations.
Feature List
- Real-time loan application sourcing
- Data aggregation from multiple sources
- Automated loan assessment
- Quick decision-making tools
- Integration with credit bureaus
- Risk assessment modules
- Compliance management
Use Case Scenarios
- A bank could use LOADS to streamline their small business loan approval process, reducing decision times from days to hours.
- A peer-to-peer lending platform could implement LOADS to automate their loan assessment and decision-making processes, improving scalability.
- A credit union could leverage LOADS to enhance their retail loan offerings, providing faster approvals to their members.
Functionality Overview
LOADS operates as a comprehensive loan origination and decision system. It functions by first sourcing loan applications from various channels. The system then aggregates relevant data from multiple sources, including credit bureaus and internal databases. This aggregated data is fed into assessment modules that apply predefined criteria and risk models. Based on this assessment, the system can make automated decisions for straightforward cases or provide detailed information for manual review of complex applications. Throughout the process, LOADS maintains compliance with relevant regulations and provides real-time status updates.
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