checklist of digital lending software features


The defi Team 3rd party integrations, auto loan origination software, Automation, defi INSIGHT, defi LOS, Loan Management, Loan Origination Software

checklist of digital lending software features

It’s easier than ever for prospective borrowers to apply for a lease or a loan. In fact, people no longer have to go to a dealership or a bank. They can fill out an application from their couch. Mobility and the cloud have changed the way we live, and lenders who want to stay competitive have to keep their loan origination software streamlined and agile to keep up with the near-constant updates in tech. 

Top auto lenders don’t just automate the loan cycle, they build loan origination system automations that are highly configurable, flexible, and stable so they can be efficient and responsive to lending opportunities.

What Is a Loan Origination System Automation?

A loan origination system automation is an innovative software-based solution that uses the latest cloud technology to provide faster, more accurate, and efficient loan application processing.

The best digital loan processing software is built to anticipate the future needs of the lending industry so lenders can quickly evolve their system when necessary.  

The Internal Development Model

Some lenders turn to the build from scratch model to update their software with modern, streamlined loan processing tech.

One of the reasons lenders choose to build rather than contract out is because they know their business better than anyone. Lenders with a unique business model, a qualified development team, and the financial resources to both create and maintain their own products don’t need to outsource.

But even when you have all the resources in place, internal development can take years from the first line of code to implementation.  

Fortunately, there are now modern configuration platforms that significantly speed up your build and provide you with pre-integrated services while still allowing you to custom-build your origination system.

The Modern Approach to Build a Loan Origination System Automation

The new cost-efficient approach to rapidly build a loan origination system automation is by using highly configurable software that offers flexibility and stability at the same time.

Here, we contrast the two approaches to how you can build a loan origination solution:

Building from Code
Entirely responsible for hardware selection, installation, maintenance, and upgrades.
Starts a brand-new LOS development project, upgrades an existing solution or integrates an amalgam of disparate enterprise foundational components.

Protracted time to market.

Building by Configuration
Cloud provider handles responsibility for hardware selection, installation, maintenance, and upgrades. 
A highly configurable base uses configuration menus (mobile UX, workflow, queueing, security, scorecard, pricing, 3rd party integration, stipulations, verifications, etc.

Rapid time to market.

Building a loan origination system automation through configuration is more time-efficient while still allowing you to have control over your product.

Pre-built Integrations to Meet Your Specific Needs

Under the configuration approach, you start building your origination solution by working from configurable blocks and building a single platform as your foundation. 

Laying this foundation will allow you all the tools and pre-built integrations to meet your unique lending needs. This approach will not only accelerate your build but ultimately lower your total cost and lower risks. 

Let’s take a look at some of the pre-integrated services you can use to build a loan origination system automation: 

  • Dealer management systems
  • Credit bureaus
  • Alternative credit data
  • Identity, income, and employment verification
  • Fraud analysis 
  • Vehicle valuation
  • Digital document capture
  • eContracts
  • eSignatures

Building from configuration from a trusted provider like the experts at defi LOS will also ensure your loan origination system complies with current regulations and meets today’s borrowers’ growing standards.

Getting Started 

defi SOLUTIONS provides a cloud-based, configurable loan origination system with innovative pre-integrations. With defi LOS or defi XLOS, you have all the foundational components you need to build a loan origination system automation. You can build a successful solution with lower costs, faster delivery, and the ability to stamp your own brand into the platform. Contact our team today or register for a demo.

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