Not to brag, but GOLDPoint Systems has underwritten 44 million loan applications over the years. That’s a lot, and even dividing up that number among our clients shows that your institution is probably dealing with a steady stream of applications. They all need to be reviewed, they all need a decision made, and there’s only so many hours in the day. What can be done?
Enter the Automated Workflow Engine, GOLDPoint’s latest triumph in its quest to make your life easier. We chose a name with the acronym AWE, because awe is what you’ll be feeling when you see it in action.
What Does the Automated Workflow Engine Do?
To put it simply, AWE is a browser-based service that allows your institution to set up automated processes - called engines - that define parameters for accepting, rejecting, or otherwise defining its response to loan applications. For example, you can create an engine that:
- Rejects applicants completely if they don't meet a defined credit score threshold.
- Uses a Bing Maps API to determine in the applicant lives within an acceptable distance of one of your branches.
- Requires extra qualifications from higher-risk applicants while still providing them with a shot at approval.
- Tags applications requiring an employee review if the applicant has bankruptcy or delinquency in their history.
- Requires a co-applicant if a single applicant’s debt-to-income ratio is too high.
- Offers lower interest rates to applicants with impressive credit history.
You can even set up your engines to pull customer data from other GOLDPoint programs to help make decisions about new applications from current and past borrowers.
More Than a Decision Engine
Engines are created with AWE’s user-friendly interface, constructing each step of the process piece by piece (see the example dialog above). With each step, you set up criteria that dictate how the application proceeds in the system. Such criteria include:
- Pass steps that define how an application can keep moving towards approval.
- Fail steps that define the conditions for an application to start moving towards rejection (an application can be redirected from this path if it clears a subsequent pass step).
- Denied steps that define the conditions for final rejection.
- Review steps that define the conditions for an application to require employee review (the employee will have final say on whether the application is approved or rejected).
Customize to Your Needs
Your institution can even create multiple engines to serve your needs and combine them to work together depending on the steps and criteria you want to set up.
The AWE is easy to use, but of course there is a LOT of background information and system know-how that is needed before you can effectively create your own engines.
Conclusion
As always, GOLDPoint Systems has your back. In short, the AWE is an amazing tool, and if your institution isn’t already using it, what are you waiting for? Reach out today to schedule a
Not using GOLDPoint Systems software? Schedule a demo today!
