Writing about loan origination platforms is not an easy task, nor is reading about them. There is so much information to cover and uncover, and it can feel quite overwhelming to process, to say the least. But what’s even harder is to ensure that all the information presented is accurate and fact-checked, since any minor mistake can put both individuals and businesses at high risk and cost a huge amount of money.
We have done a lot of research and dived deep into the specific features of the loan origination platforms below to ensure we’re providing you with highly reliable information that will keep you and your finances safe and secure.
The details below might seem a lot to process, but they will provide you with the necessary information to make the right decision. So, let’s get into it.
Best Loan Origination Platforms
So what are the platforms that you can actually rely on?
HES FinTech
HES FinTech offers a top, highly reliable white-label lending solution among numerous other complex loan processing system tools, and its HES LoanBox platform stands out as a leading loan origination software.
HES LoanBox
- 100% convenience for staff: It has a clean interface that helps with adoption and workflow speed.
- 2.5x faster loan processing: Uses AI-automated scoring and pre-approval to accelerate underwriting and loan processing.
- 3.5x more accurate loan decisions: The platform helps reduce NPLs with the help of AI loan portfolio assessment. It takes only a few seconds to forecast the possibility of repayment and make a smart decision based on that.
- 90% fewer human mistakes: Makes it possible to reduce and even eliminate human bias by replacing manual data entry with auto-population of fields.
All-in-One Platform
- Platform Components:
- Borrower Portal
- Back Office
- AI-Driven Capabilities:
- It automatically scores new applications and handles chasing up late payments.
- It looks over your current portfolio.
- It predicts who might have trouble paying back and double-checks that its own predictions are still accurate.
- Product & Workflow Features:
- Allows new customers to sign up completely online (no paperwork!).
- The whole process of getting a new application set up.
- Helps decide “yes” or “no” to a loan.
- Handling all the regular stuff after a loan is approved, like payments and “what if” scenarios.
- Creates to-do lists and reminders for your team.
- Let’s set up your team’s exact step-by-step process in the system.
- Handles sending and receiving money automatically.
- Connects the software to other tools you already use.
Company Benefits & Statistics
- Key Benefits:
- Includes a “Launch in 3 months” offering
- Has an expert team of BAs with over 10 years of experience
- Scalability and customisation
- Customer support
- Compliant with ISO/IEC 27001
- Custom workflow compliant
- Has no limits on assets or customers
- No additional charges per user are required
- Company Metrics:
- Over 40 countries worldwide
- More than 160 successfully completed projects
- Over 300 credit products launched
TurnKey Lender
This is another global platform that helps consumer and commercial finance providers with automated lending processes.
Key Features
- Quick credit decisioning with AI: You can reduce credit risk by using TurnKey Lender’s proprietary Decision Engine, which is built directly into their automated Loan Origination System.
- Online application flow that can be customised: You can completely configure the loan application process, which helps create custom application flows, dictionaries, and loan offers.
- Digital borrower portal: It offers a configurable, easy-to-use, and smart back-office, which helps simplify the lending management process.
- Comprehensive analytics: The reporting and analytics features provide you with detailed insights into debt structures, levels, and debtor history.
- Great for auditing: Offers auditing that’s easy to configure, along with an employee tracking feature.
- Safe to trust: Offers Credit Bureau checks, ID verification, bank account verification, and bank statement scoring. It also provides 200+ built-in rules and blacklists for effective fraud detection.
- All-in-one: Even though 90%+ ready-to-use, it can also be easily configured to meet your specific requirements, even before you go live.
System Benefits & Metrics
- Reduces operational costs and the possibility of human error.
- Can automate nearly 90% of loan origination processes.
- Conducts loan auto-processing very fast.
- Applies deep neural networks along with ML to help you automate and streamline credit scoring according to traditional as well as alternative risk assessment data.
MeridianLink
MeridianLink Loan Origination Software is a modern, cloud-based platform designed for financial institutions to offer a seamless digital lending experience.
Key Features
- It allows you to access both consumer and mortgage LOS platforms with one secure login to improve the user experience and decrease friction.
- You can use the provided mortgage data to trigger automated consumer loan offers and increase wallet share.
- Account opening is quite flexible, as you can open deposit accounts from either LOS to optimize onboarding and enhance cross-product adoption for different channels.
- It enables you to apply rules-based logic to make loan approvals faster and with no need for manual work.
- The platform helps you quickly connect with credit bureaus and eSign tools.
- It comes with live dashboards and comprehensive reports.
- MeridianLink supports HELOC, direct, indirect, credit card, personal, and business loans.
ICE Mortgage Technology
Encompass Mortgage Loan Origination Software by ICE Mortgage Technology acts as a single system of record and helps simplify operations and accelerate the lending process.
Key Features
- The platform helps you drive leads, engage borrowers, and close a larger number of loans with effective automation.
- It offers full digital closing with support for eSign, eNote, and MERS eRegistry.
- It helps with loan origination and manufacturing by producing more loans with higher efficiency.
- It helps electronically close, record, and register mortgage loans, all in one platform.
- With correspondent lending, you can purchase loans and reduce acquisition costs.
- It provides reliable data along with document recognition and data extraction to help you make informed, data-driven decisions.
- Supports numerous integrations and helps achieve compliance with the relevant regulations.
Calyx
Calyx software offers a range of cloud-based loan origination and mortgage software solutions that can enable financial institutions to improve the loan process by covering all aspects of loan origination, processing, and closing.
Product Solutions
Path
- This is a cloud-based, out-of-the-box loan origination software that has been pre-configured for mortgage brokers.
- Includes an end-to-end LOS designed to mimic and match your organisation’s workflows and setups, which is useful for mortgage bankers.
- Provides a cloud-native, scalable mortgage platform that helps different lenders improve operations.
- You can easily customise the workflows.
- Can be accessed from a wide range of browsers and devices.
- Its in-built, mobile-friendly POS helps capture leads and accelerate borrower conversion.
Zenly
- This one is Calyx’s cloud-based, lead management, mortgage origination platform.
- It is a comprehensive, cloud-based mortgage platform that can help MLOs, brokers, and lenders to originate loans, from lead all the way to delivery.
- Combines Lead Management with POS, Origination, eSign, Lender Marketplace, and AUS.
- You don’t need to download it and can simply access it on a browser.
Point
- This was the original name in loan origination tech and offers an end-to-end, comprehensive loan origination experience.
- It was in the market for over 35 years and is a highly reliable LOS.
- Includes all the necessary features, forms, and reports for prequalification through origination.
- Provides pre-configured templates and a fast setup.
- Offers continuous support.
PointCentral
- This has all the features of Point, plus one centralised database to help you collaborate more effectively.
Summing Up
If you are still with us, congratulations, you have the right toolset to choose the best loan origination platform. That being said, we would like to still encourage you to do your own research, read user reviews, and talk to industry professionals to get another opinion on the platforms above and beyond.
The thing is, each of the platforms is unique. One is a custom, ‘build-it-your-way’ toolkit, while the other is an AI-decision specialist that likes automation. The other is a seasoned, ‘mortgage-only’ pro that’s been in that specific game for quite a lot of time. So whether a platform is good for you or not depends on what you’re looking for.
So, look wisely, and good luck with the final choice!
