Loan origination software
What is a loan origination system?
A loan origination system, commonly called an LOS, is a technology
platform used to manage activities associated with evaluating and
processing a loan request. It can provide a central location for
borrower information, property details, loan terms, documents,
tasks and status updates.
Instead of relying on separate spreadsheets, email chains and
manual tracking methods, lenders can use an origination system to
build a more standardized process. This becomes increasingly
important as an organization adds employees, expands into new
markets or introduces additional lending programs.
Choosing an origination solution
The appropriate technology depends on the lender’s products,
operational structure, borrower audience and internal processes.
Mortgage lenders may require different workflows than commercial
lenders or real estate investor lenders.
Organizations should evaluate how a system handles applications,
user roles, documents, loan milestones, communications, reporting
and future workflow changes. The objective is not simply to
digitize an existing process, but to make that process easier to
manage.