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Once the Scorecards are developed, CBD programs these Scorecards within their web hosted service, which is connected with client’s Loan Origination systems, and provides the calculated score, along with associated information that helps the underwriters make informed and correct lending decisions. It takes in the applicant’s information, a bureau report, and any deal information needed for scoring, and calculates the CBD score.
It is hosted on a highly secure third-party platform (Rackspace) that has 99.99 uptime guarantee as well as the required security certifications needed for data safekeeping.
The software service is integrated with many third-party loan origination systems like, TCI, DEFI, CARLETON, GOLDPOINT, CMSI, LAUNCHER, and many others. It is also integrated with MICROBILT for pulling alternative data on applicants. It not only provides credit scoring but can also be used for Pricing the deals using additional scorecards or algorithms that take into account all the deal variables and parameters. Many of our clients are using this two-phased decision-making flow where the risk score leads into the deal/price score.
The service provides the score that is calculated by parsing a bureau report, any pertinently risky information found in the credit report, any other needed score, decline reasons, decision matrix or decision tiers, and any other information that the client needs to help in decision-making.
DecisionStationTM Loan Origination Software
CBD also has a Loan Origination Software called DecisionStationTM, which is an application processing, Credit Evaluation and Credit Scoring System software used mainly by BHPH Auto clients and Furniture Retail clients.
The web-based software is simple in its usage yet comprehensive and versatile in its ability to provide you with data capturing and credit evaluation/decision-making needs. It provides application processing and bureau report-pulling for Auto, Retail and other verticals. It can integrate with most of the legacy platforms, incorporate any scoring model (custom built or generic) and retrieve a credit bureau report from the bureau of your choice. It will place an application in a Queue with all the loan and risk details to make decision-making for your underwriters very painless, quick and easy. The screens are role-based so that different screens can be viewed by different teams within the company.
The software can connect with various loan application feeds and with auto database providers like IDMS.
- It does not require any additional hardware and the optional per-click based pricing is meant to give you an edge in the market and not a dent in your pocket. The process goes through a full process of Capturing, Evaluating, Decisioning and Closing of a loan application. It produces letters, closing documents and user-defined reports. Once installed in your business, it will:
- Automate and Standardize the process used for capturing and evaluating applicants seeking financing.
- Use the scoring models especially designed for you to make decisions far more accurately and quickly.
- Link up with your legacy Databases, Accounting systems and with Credit Bureau Agencies to speed up lending process and give you complete control over progress of the applications.
- Give you advanced tools like defining security levels, generating contracts, calculating interests and payments, obtaining applicants historical information, checking on applicant’s progress etc.
- Print denial letters with appropriate denial reasons based on the scorecard, print loan documents, and also performance and analytical reports.
It has the following Sections and features:
- Control Panel Section to define all your policies and rules and other preferences. Clients are able to set up users, passwords, authority levels, branches, types of loans, screen flows, auto-approve, auto-reject criteria’s and overriding parameters, tiers for loan scoring models, etc.
- Application Capture section having capture screens based on product that match clients paper applications. Comprehensive tool-tip helps on all data-entry fields, easy navigation buttons, substantial visual aids and validation features. Applications can also be routed from the web, or any external source, like, AutoClick or RouteOne.
- Comprehensive evaluation pages with auto selection from available auto list, auto details, payment calculations based on term, PTI, DTI, Trade-in values, Deal structure formulas, and many more items.
- Document upload features and loan calculators.
- Multi-lingual approval pages.
- Data gateway and retrieval to provide access to internal legacy systems (AR) for data retrieval and access to external data sources such as credit bureaus, fraud databases, alternative data providers, etc.
- Data evaluation, scoring and rule processing based on customer choice, provision of looking at various ratios like debt-to-income, disposable income etc., provision of flags and indicators to aid evaluation, Search by various definable criteria, view score, tiers, logs, bureau report, etc. and many other features.
- Decision-making and Closing including generating denial letters with appropriate and legal denial reasons, Loan Documents including contracts and Analytical Reports.