loan approval system
Abstract
BESTOW STEER
Synopsis:
Most of the bank out-sources pre-loan process to loan agencies to reduce the burden and let the agencies pickup the information from customers and verify it before it is being forwarded to the actual bank for approval of loan.
Lending Tree is an interface which facilitates a customer to apply for a loan from on-line and to track the status from time-to-time along with aiding the loan approval agency to verify and accept/reject the customer file. Lending Tree is unique in such a way, it not only helps the customers but also the loan agency to check the pending, assign it to a departments, complete the formalities and procedures between the departments and arrive at decisions to very fact in addition to providing a transparency system for every one.
The customer can directly apply for a loan by selecting a bank and loan type from the list available. The application is received by loan agency who will have three departments- PickUp, Verifiaction and Legal. This system can be controlled by the administrator. First he will look at the application received and allot the application for a particular employee of pickup department. The employee will go and make a physical verification of the documents at the customers and receives the documents necessary for the loan. Then he logs into this system and forwards the application to the verification department which will verify the whereabouts of the person, his organization, his salary particulars etc. and then forwards the application with a status verified. Then application reaches the legal department. The legal department people will verify the builder details and when satisfied sends their report to the administrator.
The administrator or final approving authority views both types of reports, Viz, the reports from verification department and the report legal department. This will help him to take a decision regarding whether to forward it to the bank or not. The same is
BESTOW STEER
Synopsis:
Most of the bank out-sources pre-loan process to loan agencies to reduce the burden and let the agencies pickup the information from customers and verify it before it is being forwarded to the actual bank for approval of loan.
Lending Tree is an interface which facilitates a customer to apply for a loan from on-line and to track the status from time-to-time along with aiding the loan approval agency to verify and accept/reject the customer file. Lending Tree is unique in such a way, it not only helps the customers but also the loan agency to check the pending, assign it to a departments, complete the formalities and procedures between the departments and arrive at decisions to very fact in addition to providing a transparency system for every one.
The customer can directly apply for a loan by selecting a bank and loan type from the list available. The application is received by loan agency who will have three departments- PickUp, Verifiaction and Legal. This system can be controlled by the administrator. First he will look at the application received and allot the application for a particular employee of pickup department. The employee will go and make a physical verification of the documents at the customers and receives the documents necessary for the loan. Then he logs into this system and forwards the application to the verification department which will verify the whereabouts of the person, his organization, his salary particulars etc. and then forwards the application with a status verified. Then application reaches the legal department. The legal department people will verify the builder details and when satisfied sends their report to the administrator.
The administrator or final approving authority views both types of reports, Viz, the reports from verification department and the report legal department. This will help him to take a decision regarding whether to forward it to the bank or not. The same is