Business Requirement Document For Loan Origination System

The impact on the overall lending credit and operational groups can be extensive from process changes including potentially re engineering processes organizational changes policy changes along with technology changes.

Business requirement document for loan origination system. The platform incorporates a full portfolio of credit products starting from quick loans for retail customers through mortgage origination processes up to complex business loans for smes or corporations. The loan origination system los is developed specially to support the loan application. A business requirements document is a description of business change.

Where a business rule management system brms can help from complex paper based processes to less than agile legacy systems a brms can be applied to multiple parts of the loan origination process to help automate decisions streamline the workflow and comply with regulations all while future proofing the application. The business requirement document is drafted for a project to ensure the implementation of all the requirements to achieve business objectives. In a short period our entire loan origination system moved from a paper based system to a completely automated one.

The basic system requirement for los is. Business requirements document key elements. Baseline small business loan requirements typically include a good credit rating and an annual income of at least 20 000 if you re new in the business some lenders will go as low as 10 000.

However since exact requirements vary from lender to lender we ve reviewed an assortment of lenders who can work around your unique needs. The implementation of a loan origination system is more than just a technology project. This has increased the accuracy of and decreased the time required to create and process each loan application significantly impacting the efficiency of our business.

A business requirements document template with an example. Comarch loan origination software also supports multi product and multi entity agreements plus different cross and up sell strategies. This is used as the basis for a program project or initiative and includes enough detail to implement and verify required changes.

A business analyst or a project manager who has a thorough understanding of the business processes drafts business requirement document. Each agency must evaluate whether it is practical to fully automate all of these functions or whether manual systems and processes are justified.