Factual Data, a provider of credit and verification services to the lending industry, has achieved credit integration with Newgen Software’s Commercial Loan Origination System (LOS). Newgen has been serving banks and credit unions with its banking solutions, including personal and business loans and online account opening, for 20 years.
Many Newgen customers previously managed the commercial loan journey using manual and time-consuming methods. Using Newgen’s retail lending software, these financial institutions were able to automate their end-to-end commercial lending process, from prequalification, application processing, underwriting, closing and booking in a workflow environment. paperless and electronically driven workplace.
“This integration expands the reach of our mutual customers in the growing digital banking industry by providing them with tools to help increase efficiency and consistency in accessing the credit reports and data verification services they need,” said Jay Giesen, president of Factual Data.
The Newgen LOS is now able to instantly access credit report data from one, two, or all three credit bureaus, as well as liens and judgments from a single data source, eliminating the need for manual surveys.
“An automated and streamlined end-to-end commercial lending cycle is transformational for financial institutions,” said Anand Raman, COO of Newgen Software Inc. “This integration allows Newgen to leverage the verification services of credit and data from Factual Data and further streamline the process. The integration will help banks provide an optimal experience for loan participants and reduce application and disbursement processing times. We are delighted to work with Factual Data and look forward to working with them on current and future projects.