LoanPro’s composable architecture, modern API, and configuration-first design enable us to tailor our origination workflow to suit your preferences. 

Origination is made up of four main components:

• Application. The front-end application that the consumer inputs data into for further analysis.
• Decision engine. A decision tree to access fraud, credit worthiness, line amount, and more.
• Back-office. Case management, disclosures, communications, analytics, funding, and more.
• Connection to ledger. A connection (typically through an API or native integration) between the origination system and ledger/servicing platform.

Generally, we’ve supported origination through two different approaches: integrated loan origination system (LOS)  and LoanPro supported. Both are viable options for credit providers, and neither completely removes client responsibility during origination. But generally speaking, the LoanPro supported process will leverage more of our tools in automation and decisioning to streamline your origination process, whereas the integrated LOS approach will leave you with more direct control (and by extension, responsibility) of the process.

In both methods, you remain responsible for the earliest stages of acquiring customers and receiving their applications, and both leverage our API and database for migrating applicant information into LoanPro.

And both methods are viable: hundreds of LoanPro clients have configured their origination process using the traditional, integrated LOS approach, and a growing number use the LoanPro supported approach to streamline origination with automations, integrated data partners, and LoanPro’s decisioning tools.

Ultimately, the decision comes down to a choice between total control with the integrated LOS approach, or greater operational efficiency and data visibility with the LoanPro supported approach.

Integrated LOS

The integrated LOS approach is the traditional method used by virtually all LoanPro clients before we launched our decisioning engine. And although it lacks that component, it remains a trusted and effective method for data gathering and migration.

As with the LoanPro supported approach, you would be responsible for either partnering with an acquisition and application handling solution or devising their own. Additionally, you would be responsible for creating the custom programming that connects that applicant data to their partners for underwriting, KYC/AML, and decisioning. LoanPro can refer partners we are familiar with.

As you gather this data and make your decision on the applicant, you could either store data in LoanPro or your own data repository. We recommend using LoanPro, as it then grants you holistic data visibility throughout the entire account lifecycle. Storing data in LoanPro also opens the possibility to use our Automation Engine to manage accounts throughout the onboarding process, updating account statuses as data is added and even triggering the next step in the process.

Ultimately, however, you would own the origination process, being responsible for selecting and integrating with their underwriting and decisioning solutions. And unless otherwise specified, LoanPro would have no direct role in pulling credit information, deciding to accept or reject applicants, or moving accounts along through the process.

LoanPro supported

The LoanPro supported approach incorporates several tools to enhance your origination process.

• Real-time replicated database. As with the integrated LOS approach, you would remain responsible for acquiring potential customers and moving their application data into LoanPro. From that moment on, LoanPro is a data repository and comprehensive audit trail throughout the entire account lifecycle. And that customer data can be accessed through our API, merged into contracts or other communications, and used to trigger dynamic automations.
• Underwriting automations. Informed by your own custom business logic, LoanPro’s Automation Engine can pull credit history, KYC/AML, and other information from data partners, feeding it back into the automated underwriting workflow. If data is inconclusive, LoanPro automatically enacts a contingency plan, pulling from alternate data sources to paint a more comprehensive picture. When sufficient information is gathered, LoanPro then sends the information to our decision engine.
• Decisioning engine. LoanPro simplifies the complexity of decisioning, allowing creditors to quickly launch and iterate credit models. Without wasting time on back-end coding, you can empower your team to create, run, and evaluate automated decisioning flows, constantly learning from your own growing body of account and performance data.

The LoanPro supported approach leverages not only the database’s visibility, but also the operational efficiency of LoanPro automations and decisioning engine, upgrading your origination to deliver rapid, data-informed decisions.