Unlocking the Power of Fundingo Loan Origination System: A Step-by-Step Tutorial

November 22, 2023

In today’s fast-paced lending industry, staying ahead of the competition requires leveraging cutting-edge technology. One such tool that has revolutionized loan origination is the Fundingo Loan Origination System. This comprehensive platform streamlines the entire lending process, from application submission to loan approval. In this step-by-step tutorial, we will explore the features and functionalities of Fundingo and how it can unlock the power of efficient loan origination.

Why Choose Fundingo?

Before diving into the tutorial, let’s understand why Fundingo stands out in a crowded market. With its user-friendly interface and robust capabilities, Fundingo simplifies complex loan origination tasks while enhancing productivity and accuracy. Its advanced automation features reduce manual effort and minimize errors, enabling lenders to process applications faster and more efficiently.

Fundingo offers a wide range of features designed to meet the unique needs of lenders:

Application Management: Streamline application intake and processing with customizable forms, document management, credit checks, and automated decisioning.
Workflow Automation: Automate repetitive tasks, notifications, and document generation to improve efficiency and reduce human error.
Document Management: Centralize all borrower-related documents for easy access, collaboration, and compliance.
Reporting and Analytics: Gain actionable insights into your lending operations with customizable reports and real-time analytics.
Compliance Tracking: Ensure adherence to regulatory requirements by tracking compliance tasks throughout the loan origination process.
Integration Capabilities: Seamlessly integrate with external systems such as credit bureaus or loan servicing platforms for a unified workflow.

Now that we understand the value proposition of Fundingo let’s explore how it works in practice.

Step 1: Application Intake

The first step in utilizing Fundingo is setting up your application intake process. Fundingo allows you to create customized application forms tailored to your lending criteria. Collect all the necessary information from borrowers, including personal details, income, employment history, and loan requirements. Fundingo’s intuitive interface makes it easy to design and modify application forms without any coding knowledge.

Step 2: Document Collection and Verification

Once applications are submitted through Fundingo, the system automatically triggers document collection based on predefined rules. Borrowers can securely upload their supporting documents directly into the platform. Fundingo’s document management feature organizes and indexes these documents for easy retrieval during the underwriting process.

Fundingo also integrates with third-party services for automated verification of borrower information such as income, employment, credit scores, and more. This integration streamlines the due diligence process while ensuring accuracy and compliance.

Step 3: Automated Decisioning

With all relevant borrower information in place, Fundingo’s automated decisioning engine evaluates loan applications based on predefined criteria. The system can be configured to approve or decline applications automatically or flag them for manual review if they fall outside certain parameters. This feature significantly reduces turnaround time while maintaining consistent underwriting standards.

Step 4: Loan Origination Workflow

Once a loan is approved, Fundingo facilitates the creation of loan packages by generating necessary documents like promissory notes, contracts, and disclosures. These documents can be customized to reflect your organization’s branding and legal requirements.

Fundingo’s workflow automation capabilities ensure that all stakeholders involved in the origination process are notified of their respective tasks and deadlines. This eliminates bottlenecks and keeps everyone informed about the progress of each loan application.

Step 5: Reporting and Analytics

Fundingo provides comprehensive reporting and analytics tools that offer real-time insights into your lending operations. Monitor key performance indicators (KPIs), track application volumes, approval rates, funding timelines, and other metrics critical to measuring success.

Customizable reports allow you to slice and dice data according to your specific requirements. Leverage these insights to identify areas for improvement, make data-driven decisions, and optimize your loan origination process.

Step 6: Compliance Tracking

Compliance is a top priority in the lending industry. Fundingo helps you stay on top of regulatory requirements by tracking compliance tasks throughout the loan origination process. From initial disclosures to closing documents, Fundingo ensures that all necessary steps are completed accurately and on time.

Conclusion

Fundingo Loan Origination System offers a comprehensive solution for lenders looking to streamline their loan origination processes. With its powerful features, automation capabilities, and robust reporting tools, Fundingo empowers lenders to enhance efficiency, reduce costs, and improve customer satisfaction.

To experience the power of Fundingo firsthand, we invite you to schedule a demo here. You can also call us directly toll-free at (877) 227-7271. Unlock the potential of efficient loan origination with Fundingo!