The growth in lending frequently reveals inadequacies in the lender’s IT infrastructure prior to the stress testing of the credit model. The applications may come in through one system, while the underwriting data and servicing information reside elsewhere. The portfolio reporting may require input from another altogether. Employees fill in the blanks by manual keying or spreadsheet reconciliation. Volume increases and so does the effort required per loan. 

Process continuity should serve as the first step in the purchasing process. An automated loan management system needs to track complete and accurate data from application through closing without requiring employees to recreate the file at each stage of the process. This, however, is only half the story. Buyers need to consider whether the documentation and change-of-status are still linked to the approval throughout the transition from sales and credit to servicing personnel. 

Credit policy control requires its own level of examination as well. While standard processes may expedite implementation, logical inflexibility may force lenders to modify their credit approval processes in accordance with the software. A good system should provide the credit department with a capacity to define rules and routes while leaving decisions up to people in certain cases. Moreover, decision logs have to reflect application movement and requirements that were used, along with any exceptions. Speed without audit leaves lenders open to another exposure. 

The value of reporting increases if the information reflects the current processes rather than recreating them after the fact. Management has to get visibility into pipeline movement and portfolio condition immediately without waiting for people to merge reports from various sources. It has to be evident whether or not reporting assists management in identifying stalled applications and analyzing funding and servicing activity. Otherwise, dashboards showing totals will hardly be helpful. 

Service and collections are proof of the extent to which automation goes beyond origination. Reminders and collection efforts take up employees' time when done individually via calendars and spreadsheets. Workflows that are set up for configurability should handle regular contacts as well as escalate accounts requiring personal intervention. Consistency in borrower communication is key, but every default does not have to be met the same way. 

“Onyx IQ’s Syndicator Portal gives funding partners secure access to participation details, reporting, documents and funding activity, reducing the email-based coordination that complicates portfolio growth.” 

Syndication makes the administration even more complicated. Participation files and documentation are exchanged via email, and funding agencies rely on regular updates. For the software designed to serve the syndication market, the ability to provide authorized people access to all the relevant deal information without opening too many doors is essential. 

Consequently, implementation decisions should be based on the extent to which manual coordination is required after implementation. A system may automate individual steps but fail to automate the process of information exchange between modules. This means buyers should map out the entire process of the loan cycle before purchasing the system. 

Onyx IQ is a strong choice for lenders that want to consolidate fragmented work without surrendering control over credit policy. Its platform connects the lending lifecycle while its configurable decision engine supports lender-defined rules, scorecards, approval paths and documentation requirements. Routine files can move automatically while complex cases reach the appropriate underwriter. Onyx IQ also brings real-time reporting and soft collections workflows into the same environment. Its Syndicator Portal gives funding partners secure access to participation details, reporting, documents and funding activity, reducing the email-based coordination that complicates portfolio growth.