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Loan Origination: The Mass Production Of The Banking Industry

The development of e-commerce, mobile applications, and online financial services has logically led to the necessity of IT technologies implementation in the credit origination process. The lending industry is in need of intelligent and fast assistance to effectively manage the loan issuing sphere and successfully meet customers’ requirements. 

With stakes this high, lenders have to look for new ways to refine their services, making them less costly, more client-focused and flexible. 

Banks and credit bureaus have already mastered client acquisition techniques. Marketing departments justify their existence and bring sufficient levels of potential clients. But the next stage became a bottleneck for some financial institutions. Their back-office systems and internal processes were not ready. And a river of leads turns into a tiny stream. How can FIs break through the dam?

Fintech immediately responded offering a great variety of programs and applications. But only the best loan origination software can effectively meet the requirements of the financial products market. It should not only automate routine paperwork but have a vast range of other features:

  • be easily integrated into any internal or external infrastructure;
  • have a vendor’s support throughout its lifecycle;
  • perform its functions successfully at different scales; 
  • be easily tunable and user-friendly. 

Our experience shows that FICO Origination Manager succeeds in meeting all these requirements, taking a leading position in the competitive landscape.

It is very important for financial organizations to offer customers high-quality services and reduce operational costs at the same time. Credit origination software is a tool for the effective sales organization of financial products. Due to the high-level automation of the loan origination process, operational costs are reduced to a minimum and bank specialists do not have to deal with routine procedures and paperwork and can focus their skills on more creative and intellectual tasks. 

Loan origination software’s main aim is managing loan issuing for clients from the point of first online/offline contact to the stage of credit issuance. And, if combined with debt collection solutions, even up to the moment of complete debt recovery. 

Loan origination automation significantly increases bank efficiency, and loan issuing decisions are made quicker. Customers do not have to wait for a long time when their applications are considered and the loan decision is made. That, in turn, increases client satisfaction and loyalty. 

Due to loan origination software’s capability to integrate into external financial solutions, customer credit scoring systems, KYC, and other sources of information, the risk of delinquent loan issuing is minimized and the company’s credit portfolio is improved.

Loan servicing software: production line for lenders’ mass consumption 

Let’s take a closer look at a loan origination process. It structurally consists of several stages:

  • First touch, when a potential lender presses the button “Leave request” on the web page or visits the office.
  • Loan application, when a lender fills out a loan application form.
  • Pre-screening, when a manager gets approval from the internal scoring system.
  • Documents, when a client provides a bank with all necessary papers to substantiate income, financial status and employment either during the initial application or after credit pre-approval.
  • Screening is the stage, at which, when a lender screens the loan application and documentation provided, and verifies the customer’s credit score. They also determine the borrower’s financial status for further credit qualification.
  • Negotiation takes place, and specific details should be discussed.
  • Loan application finalization stage comes when all terms are agreed and underwriting and documentation processing procedures are over.
  • Loan approval is the final stage when a lender decides to approve or to reject the loan application. 

It may take several days or weeks to go through all the stages. For mortgage lending, this period is not so vital though. But retail lending, for instance, requires a much more mobile client-bank interaction scenario. 

Luckily, financial software vendors successfully solved the problem and introduced automated loan origination systems. They transferred all credit-issuing stages into the sphere of online Internet communications and digital technologies. 

This seriously improved loan decision making speed, customers data collection accuracy, and financial services personalization. 

FICO Origination Manager is rightly considered to be equal to the best loan origination solutions.

FICO Origination Manager: Application Processing Module is the heart that drums the rhythm

FICO Origination Manager is not the only solution for the loan issuing automation process in the market. But it effectively competes with them. There are several advantages that distinguish FICO Origination Manager and make it highly preferred by financial institutions worldwide. 

Its Application Processing Module for workflow management is ruled on the basis of advanced predictive analytics. Thorough loan applicant financial background analysis and accurately calculated credit score allow lending officers and underwriters to be more productive in initiating, reviewing and managing large amounts of loan applications without decreasing decision making process quality. 

Watch the video to see the advantages the Application Processing Module provides.


Automation of loan origination has become a tough call nowadays. The exponential growth of loan applications forced financial organizations to look for new solutions. At the same time, the problem of customer loyalty and the personification of services maintained its leading position in the financial industry. 

Fintech helped find the balance between the two extremities. Loan origination automation allows for the increase in the quality of services and to decrease their costs. 

FICO Origination Manager is a vivid example of the balance deeply rooted in the company’s experience in the financial market and its innovative ideas. 

Each company makes its own way to success. And it depends on your choice, whether it will be smooth and easy, or full of obstacles and missteps. Smart and accurate software will help you and your company avoid a lot of underwater stones. If you need assistance, don’t hesitate to ask for it.

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