Hi Eyan,

Congratulations on your first thread!

I am not sure what type of "loan" you are referring to but there are key capabilities which are commonly found in many loan origination systems such as:

• Product & Pricing - ability to select a desired product and product parameters and have the system generate a price quote

• Borrower Information - ability to capture information about the application such as contact information, income, assets, liabilities

• Order Services - depending on the product, there are different types of third party services such as Credit Report, Appraisal, Title Order, Hazard Insurance, etc.

• Generate Documents - ability to generate documents and disclosures which may need to be given to the applicant and which the applicant may need to sign

• Processing - managing the various items and requirements needed from the borrower such as bank statements, signed contracts, etc.

• Underwriting - the capability which enable underwriters to review all application details and make an approve or decline decision on the loan.

• Funding & Closing - the final steps such as asking the borrower to sign the promissory note and sending the money to the borrower.

There are many other capabilities which may be found in a loan origination system such as: lead management, electronic signatures, fee management, workflow, payment collection, electronic closing, etc.

One way to get more details on loan origination systems is to google "mortgage loan origination" as there are many software companies which make off-the shelf loan origination systems and which detail out the features and capabilities of their platforms.

Hope this helps!

Adrian

Welcome, Jennifer!