Davinci holds expertise in automation of the entire life cycle of a loan including origination, servicing and recovery services. Close Suite is an advanced mid and back office solution that will allow your organization to conduct the whole lending process digitally. The solution and its modules are fully cloud enabled and will be delivered as (certified) SaaS.
Times are changing also in the lending industry. Consumers are used to having access to information and services 24/7, but traditional loan software does not allow for it. Also, going through a long manual process until they are finally given any feedback on their loan application isn’t an option when you want to meet the current consumer requirements. Besides that, huge software systems are complex to maintain from both the software and the legislative perspective.
Close Origination is designed to offer speed, efficiency and an optimal result for both the applicant and the loan provider. The solution is available 24/7 for consumers who submit applications by web or mobile applications, as well as for applications submitted by dealers, intermediaries and sales agents. Within Close Origination, the application is being processed in 10 steps ranging from automatic data extraction of IDs, salary slips or bank statements, checks with internal and external sources, automatic and manual assessment of the application (incl. credit scoring and risk based pricing) and the eventual offer and payment.
Our expertise in loan origination involves full knowledge of the Dutch and Belgian regulations and legislation, credit scoring methods, knowledge and connection to BKR/NBB, handling stipulations (Dutch and Belgian documents), fully understanding what risk analysis means and having deep knowledge of the Dutch and Belgian lending market both from the customer and the broker (branch) lending point of view.
Close Origination enables your organization to considerably shorten the application process, keeps the applicants informed about the status of the application throughout the whole process, and provides them with an answer on their loan application within several minutes.
READ MORE on Automated document processing (STP)
A new loan application is received in Close Origination from a web, mobile or any front office application. This can be done via a web service or HDN interfaces so intermediaries, dealers and retail partners can all serve their customers in this process.
Loan application is enriched with data from internal sources to execute the necessary verifications. These are for example the clients' CRM systems, administration systems of intermediaries and dealers, and employee administration systems. Besides that, an AFM-register check on the intermediary licenses is performed.
In this optional step, a preliminary score is provided based on the evaluation of information from the first 2 steps.
Loan application is enriched with data from external sources (among which BKR, EVA, and Focum for the purpose of compliance, fraud prevention and creditworthiness evaluation. Additional sources can easily be added to the process.
The application is assessed based on the information retrieved from the previous steps. Maximum loan capacity, credit restrictions such as the monthly instalment, (theoretical) duration of the loan, credit rating and the interest rate (based on JKP and nominal rate) are automatically calculated. In addition, a credit risk profile can be determined and taken into account when evaluating.
Complex loan applications may be processed manually by the underwriter, thus the system also enables traditional underwriting processing, but in a very efficient way.
The proposal, including the corresponding stipulations list and the validity of the offer/contract is generated.
Stipulations such as ID, proof of income, bank statement, proof of living costs, etc. are processed and tested on fraud and on consistency. After all information from the application, external sources and the supporting documents have been verified, the final assessment takes place.
Disbursements and possible prepayments of existing loans are administered and checked by means of the mandatory four-eyes-principle. Hereafter, the sign off is given.
Data for contract administration is collected and the whole client file is forwarded to the back-office application. Optionally, a welcome letter can be forwarded to the applicant(s) and/or the intermediary.
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Loan servicing is characterized by high volumes that need to be processed with pinpoint accuracy, quick reaction time to customer enquiries and high flexibility to adapt to changing legal inquiries. This all needs to be delivered in a stable, secure and performant environment. With Close Servicing, all servicing processes of consumer loans are processed automatically, which increases straight through processing ratios and reduces overall processing times.
Close Servicing supports all servicing processes from the opening of a loan until the final payment. Both the periodic, recurring activities such as calculating and charging of due dates or interest on arrears as well as the occasional, incidental activities such as early prepayments or intermediate rate revisions are being conducted in the contract administration and financial sub administration of the solution. Special servicing activities are covered by the Close Recovery module.
Close Servicing enables your organization to accurately handle the servicing processes with a significantly reduced need for manual intervention in the process.
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Financial organizations are often confronted with debtors failing to make required payments. In order to minimize credit loss and be in control of credit risk, an efficient recovery management system is important. In Close Recovery, all special servicing and legal processes for defaulting mortgages are managed automatically which allows for straight through processing and an increase of recovery ratios. The module also helps to accurately predict workload and minimize collection costs.
Close Recovery supports arrears and collection processes for all types of loans. When it comes to recovery success, personalized and custom-made collection strategies have proven to be most effective. Close Recovery enables the collection department to apply a more pro-active approach based on profiling and risk analysis. The approach can be adjusted when specific situations occur in the process. Besides that, for each dossier, third parties such as administrators, notaries, lawyers and debt counseling agencies, can be granted access to keep track of agreements.
Close Recovery enables your organization to manage more cases at the same cost, or service the existing volume at a lower cost.
Speak to our consultants about how we can help you reach your goals and schedule a free demo.
