Customer Shout-Out: Northwestern Bank, NA

Northwestern Bank, NA, has again been asked to be an OCC exam training bank.

Northwestern Bank, NA, has again been asked to be an OCC exam training bank. This year, the first week of the exam will be done by the OCC remotely, using Suntell. Cheryl Strand said “We are extremely excited to be able to do this for and with the OCC. They have done our exams since 2008 using only Suntell. Now, they will be able to do it from the comfort of their office.”

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FAQs

How does a loan origination system work?

An LOS is defined as a system that automates and manages the end-to-end steps in the loan process – from the application, through underwriting, approval, documentation, pricing, funding, and administration.

What is the difference between loan origination and underwriting?

A loan officer is someone who works for a bank or credit union or other financial institution and offers loans to borrowers, while an underwriter is someone who analyzes documents from potential borrowers to determine if they are eligible for a loan.

What are the benefits of loan origination software?

By now, lenders are well versed in the benefits of a digital loan origination system, such as: Providing borrowers with easy, streamlined, and digital applications. Providing bankers with automating spreading and financial analysis tools.