FAQ
What is The LoanGenie Approval Finder™ Suite of Products?Why is ApprovalFinder™ suitable for my business?
What are the benefits of LoanGenie?
What are the software & hardware requirements for LoanGenie?
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What is The LoanGenie Approval Finder™ Suite of Products?
ApprovalFinder™ is a suite of products that simultaneously connects the point of sale on Consumer Finance transactions to the underwriting criteria of single or multiple funding sources. Acting as a central clearinghouse between the lender and the point of sale, ApprovalFinder™ systematically analyzes and evaluates credit, employment, property, and all other information provided at the time a loan is requested (e.g. application data) and in less than 60 seconds, provides loan decisions for every product available to the system. This is accomplished by offering ApprovalFinder™ to lenders as an affordable one-to-one automated underwriting engine. The same underwriting engine also offers access to the point of sale for clients desiring a one-to-many solution. ApprovalFinder™'s one-to-many platform leverages the business models and marketing efforts of companies soliciting consumer loans, providing additional deal-flow and adding enhanced value to industry participants.Why is ApprovalFinder™ suitable for my business?
Because the financial market indicators continue to show a slowing in the housing markets and overall real estate boom, we anticipate a smaller pool of consumers that are more educated in the lending process to be available. As such, the need to remain competitive in this industry is going to be a driving force for lenders and vendors that offer consumer financial services and products.Our technology offers access to "The Point of Sale" further up the process curve than our competition and the ability to use the ApprovalFinder™ underwriting engine to increase loan put through and productivity as a single source technology to drive efficiency to the user. We aid in leveling the playing field for users whose customers are simply shopping loans for "Rate and Term" or expenses on "Good Faith Estimates".
For Lenders and Funding Sources, the ApprovalFinder™ suite of products:
- Reduces transaction failure during the underwriting process;
- Replaces time consuming, labor intensive processes with automated solutions;
- Provides access to market data and historical trends through the capture, consolidation, and presentation of that data in a MISMO compliant file;
- Enables all participants to collaborate and communicate effectively, ensuring best execution of loan requests.
What are the benefits of LoanGenie to a mortgage company ?
- Is an affordable, integrated lead management, loan application, underwriting and fulfillment system creating efficiencies within the mortgage loan origination process at the point of sale;
- Improves price discovery and market liquidity with its ability to aggregate industry participants and provide them with transparent, interactive price and product information;
- Provides access to real-time market data and historical trends through the capture, consolidation, and presentation of such data, and provides them with transparent, interactive price and product information;
- Enables all participants to communicate and collaborate effectively, ensuring best execution;
- Replaces time consuming, labor intensive processes with automated solutions;
- Easily imports and exports to the user's existing loan origination system;
- Enables originators to instantly evaluate a client's entire financial picture and to select the loan programs that client qualifies for;
- Improves an originator's ability to close loans through enhanced decision-making assistance;
- Reduces transaction failure during the mortgage process;
- Provides an industry-specific, neutral, web-based environment serving the full range of information, collaboration and transaction needs of industry participants and ancillary service providers.
