How to Approve Loans in Less Than a Minute

Ashley Jensen | February 1, 2021

In our fast-paced online world the difference between success and failure can be less than a minute. A mind-blowing YouTube video might never be seen if it takes more than a minute to load. An Amazon shopper might abandon their cart if it takes more than a minute to purchase. And a borrower could change their mind about getting a loan if it takes more than a minute to be approved. So, the question is, how fast can your institution approve a loan?

 

Decision Engine

Gone are the days of Mr. Smith entering his local bank, sitting down with a nice loan officer, and filling out a pile of paperwork. To be competitive today, you need the tools to make your loan application process quick and easy. Enter the Decision Engine.

 

GPS_Underwriting_Engine_Demo

 

What is it?

The Decision Engine is a web-based service that allows your institution to set up the parameters that loan applications must pass in order to qualify for a loan. Your online loan application program can talk with this service to automatically approve loans.

 

It’s Fast

At GOLDPoint Systems we believe that loan approvals should happen at lightning speeds, which is why we created the Decision Engine. It makes everything automatic. Our Decision Engine takes the data entered in the application, compares it to the parameters your institution has set, and automatically approves or rejects the loan application in seconds.

 

It’s Automated

The Decision Engine increases your institution’s ability to accept and approve loans without increasing your workload. Because the Decision Engine is fully automated, you can simply set it and forget it. It does all the work for you. 

 

It’s Customized for Borrowers

Borrowers come in all shapes and sizes (credit-wise). The Decision Engine allows you to automatically set specific interest rates and terms based on the applicant’s borrowing history. If an attractive borrower (credit score above 750 with a long credit history) and an average borrower both submit applications, the Decision Engine can analyze the borrowers and automatically offer a lower-interest loan to the attractive borrower compared to the person with the not-so-great borrowing history.

 

It’s Customized for You

Our Decision Engine is completely customized for your institution. You determine the criteria used to analyze applications. You set up the loan terms and interest rates. And you can change it all at any time. The Decision Engine is an incredibly agile tool that works exactly the way you want it to.   

 

It’s Third-party Friendly

Sometimes it’s best to work with friends and at GOLDPoint Systems, we completely understand that. This is why we’ve made the Decision Engine able to use information from third-party sources using API triggers. So, if your institution has partnered with a credit reporting bureau to obtain credit scores for applicants, you can use that information in Decision Engine. Interested in using LexisNexis® RiskView™ to determine the riskiness of borrowers? We were too, so we’ve made sure that the Decision Engine can access that information.

 

It’s Awesome

I honestly just don’t know what else to say. Our Decision Engine is awesome! It truly is.

 

 

Want to offer loan approvals to your borrowers in less than a minute? Request a free Demo and see what the Decision Engine is all about

Tags: Online Loans, Decision Engine

Ashley Jensen | January 27, 2021

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