XpressCredit Expands Loan Origination System
SYRACUSE, N.Y. – XpressCredit announced earlier this week that it has enhanced its loan origination system with a new customer information verification tool.
Basically, FacTrack is designed to be a flexible feature that allows lenders to verify and cross-reference customer information.
FacTrack's integrated employment, pay stub and budget tools can analyze the applicant's data for any discrepancies. Then, a score is determined based on the verification results, which lenders can use to confirm authentication of the stipulations.
Lenders can customize the questions, answers and related scoring system based on their own criteria. The tool includes a comprehensive system to build custom forms, which allows them to add verifier notes to any field.
Moving on, when the verification process is completed, the FacTrack report can be printed, e-mailed and archived.
Though FacTrack was designed to be used in conjunction with XpressCredit, it can also be used as a standalone online application.
"The FacTrack tool is a key component in the loan approval process," shared Mark Louer, executive vice president at XpressCredit.
"This additional functionality allows lenders utilizing XpressCredit technology to create their own verification criteria and score applicants based on the information provided," he added. "This will further streamline the loan origination process, enhancing lender efficiencies and profitability."