The process of underwriting loans is not an easy one.
Reviewing applicants to potentially extend credit is hard enough when you are only balancing the risk involved….but it also seems like the processes built into Loan Origination Systems aren’t making it any easier.
Many steps go into underwriting a loan, from reviewing the credit bureaus, budgets, vehicle or other assets, to utilizing a scorecard for risk and pricing. Your LOS should allow you to do this as painlessly as possible, but that is not what is actually happening with these platforms.
And what happens when the customer at the dealership can’t make up his or her mind on the vehicle they want to purchase? What happens when a dealer is trying to work the deal for the best possible outcome not only for the customer, but also for his own dealership?
I will tell you what happens…LOTS OF CALLBACKS are written, rewritten, and rehashed…
Some of these callbacks even need management approval for program exceptions. This process is arduous enough for underwriters without having to REMEMBER and REBUILD each callback every time a dealer wants to switch things up.
There should be an “EASY” button to quickly switch to callbacks that have already been sent.
Well, THERE IS AN EASY BUTTON! LUCKY YOU!
appTRAKER Loan Origination System allows underwriters to not only create callbacks (par for the course in a LOS) but also save what-if deal scenarios that can be loaded and sent at the click of a button! The underwriter can load, revert, and reload any deal scenario or callback and send to the dealer, saving your underwriting team precious minutes (and headaches!) trying to rebuild the structure they created 10 days ago.
EVEN BETTER NEWS! This will save your management team’s time too! If they have already made exceptions on an application, they won’t need to review the application again for the underwriter to send it out!
To learn more about how LAUNCHER.SOLUTIONS is saving you time (and headaches), give us a ring at 877.5LNCHER or visit us online at www.launcher.solutions.