Vetting commercial loan origination software

When considering a commercial loan origination software solution, it’s important to thoroughly vet the software to ensure it meets the needs of your institution. Here are some key factors to consider when vetting commercial loan origination software:


Functionality: Make sure the software has the features and capabilities that you need to effectively manage risk and streamline the loan origination process. This may include features like automated credit risk analysis, portfolio monitoring, and compliance management.


Integration: Consider whether the software can integrate with other systems, such as accounting and CRM software, to more easily collect, organize, and analyze data from across the organization.


Scalability: Ensure that the software can scale to the size and volume of your institution and that it can handle the number of loans you process.


Compliance: Verify that the software is compliant with all relevant laws and regulations, such as the Community Reinvestment Act (CRA)


Support and Maintenance: Make sure that the software provider has a dedicated support team that can provide ongoing support and guidance to ensure you’re getting the most out of the software.


References: Speak to other banks or credit unions that have implemented the software, to get an idea about the software and its usability.


Customizability: Ensure that the software can be configured to align with your current practices and processes, and that you are able to create custom workflows and layouts as per your organizations needs.


By considering these factors, you can be more confident in your decision to select the right commercial loan origination software solution for your institution.


It’s important that the software solutions are a good fit for your organization’s needs and is able to streamline the loan origination process, integrate well with other systems, be compliant and be customizable as per the organization’s need.