Application Review: Operational Loan Origination Systems

See how creditparsepro.io can be used with your operational loan origination systems

By: Tyler Simpson | Date: 02/26/2024

Introduction

In the rapidly evolving landscape of financial services, loan origination systems (LOS) serve as the backbone of underwriting operations. These systems, designed to streamline the loan application process, often incorporate a Graphical User Interface (GUI) that allows underwriters to efficiently review and process applications. At the heart of this process lies the critical role of credit reports – the linchpin in making informed underwriting decisions.  

Traditionally, loan origination systems have relied on the human-readable and fixed-length formats of credit reports. While these formats are tailored for human review, they pose significant challenges when it comes to leveraging this data for analytics and machine learning (ML) applications. The fixed-length format, in particular, is a relic of a bygone era, making it cumbersome to extract and transform this valuable data into a machine-friendly format.  

Enter creditparsepro.io, a simple API designed to bridge this gap by seamlessly converting fixed-length credit reports into detailed JSON structures. This transformation is not just about changing the format; it's about unlocking the potential of legacy data, making it readily available for advanced analytics and ML applications. With CreditParsePro.io, financial institutions can now leverage their existing data to gain deeper insights, improve decision-making, and enhance customer experiences without the need for extensive engineering resources.  

Clean Your Crucial LOS Data

Whether you are receiving thousands of loan applications a day with a fully staffed engineering team or just a handful with a fully bootstrapped operation you may be at the mercy of an LOS. 

Whether you are directly accessing the system via an API, scheduling document extracts to SFTP/object storage, or manually extracting this data you need a way to efficiently process it. 

If you are extracting data from your LOS with an API and it maintains human-readable and fixed-length reports you can easily add our API to your pipeline to parse out that valuable data. If you are relying on files in storage or in a database you can similarly add our API to your data processing pipelines/operations. If you are a primarily non-technical company, we can also offer a review of your operations and how we can fit our API in.

You Don't Need an Engineering Team to Utilize ML

With ML and AI exploding in popularity it is no surprise that the no-code and low-code spaces are picking it up. There are services such as Azure Machine Learning which allow you to get to automated underwriting and other ML use-cases while utilizing the security and compliance of Microsoft to be sure your data is safe. With our API you can get the data from your credit reports into an ML model in record time.