RALEIGH, N.C.–Sageworks, a provider of loan portfolio and risk management solutions to banks and credit unions, today announced the release of Sageworks Online Loan Application, a solution that automates and moves online the loan request process for financial institutions and their customers.
Sageworks Online Loan Application allows financial institutions to open a “digital branch.” It seamlessly integrates a commercial loan application into a bank or credit union’s website, opening an online channel for driving new-loan applications and reducing loan origination costs for the institution.
Sageworks Chief Executive Officer Scott Ogle said, “We are really excited about the launch of Sageworks Online Loan Application. Institutions can now essentially open a digital branch – putting the commercial loan request process on the web.”
The company said the application is the first of its kind to require very limited data entry by both the borrower and the loan officer if the borrower provides electronic tax returns. Using the patent-pending Sageworks' Electronic Tax Return Reader, borrower profile and financial information are automatically pulled from the tax returns uploaded by prospective borrowers.
The Online Loan Application is the first consumer-facing solution developed by Sageworks for financial institutions and integrates fully with existing Sageworks solutions used by U.S. financial institutions for credit analysis, pricing, workflow and portfolio risk management. It completes the Sageworks credit underwriting platform, creating an end to end solution.
According to Sageworks, the Online Loan Application helps financial institutions:
- Significantly increase loan volume through their websites
- Lower administrative costs of originating a loan as customers submit data directly
- Expedite the application process for scalable growth and a competitive edge
- Create consistency in documentation and workflow for a more auditable underwriting process