A step-by-step workflow through capture, assessment and funding
The DA Loans Origination system provides a step-by-step processing workflow whilst maintaining the flexibility to provide and update information at varying times in the application cycle. Customers are able to complete personal loans, mortgage loans and overdrafts with ease, with the inclusion of a quotation stage which can easily be progressed to a full application.
Member based information stored within DA Core Banking is made available to Loans Origination on a request basis for each application, as well as information relating to previous loan applications. All member based information can be freely keyed in to the Origination product without the applicant being a member until the loan needs to be funded.
Full Increase by Variation (IBV) processing is available where the original loan/overdraft details are prepopulated to the Loans Origination product for an IBV application, including current repayment details.
The original account is not impacted until the variation has completed the loan origination cycle (approval / contracts / ready for settlement processes have been completed in origination).
Loans Origination interfaces with credit bureaux with an online response populating the Loans Origination 'Credit' window.
On funding a loan within the Core Banking system, any required motor vehicle encumbrance is automatically lodged with PPSR (via an automatically generated output file). Variation to or cancellation of an encumbrance is also supported within Core Banking. The frequency of lodging encumbrance details to PPSR is defined by the organisation.
Consumer Credit Insurance (MRI, CCI, LRI) automatically calculates the premium for the applicable cover.
Property and vehicle insurance policy details can be captured as part of the security details of the loan within Loans Origination, and is passed to the Core Banking system on funding the loan.