All-in-One Loan Origination Systems, or Best-of-Breed Components?

Loan origination software combines screens with decisioning logic — but is that the best way?

One system to handle straight-through processing — from application to booking — leads to unnecessary compromises.

Many financial services organizations look to loan origination software as an all-in-one solution to power end-to-end application processing. That means one system to manage the entire experience, from customer-facing front ends to underwriting and compliance.

The Loan Origination System (LOS) screens, which are fundamental to LOS systems, drive everything as the evolution of credit memo documents that were used 30 years ago. However, LOS’s have yet to fully adapt to today’s modern, data-driven underwriting processes.

But don’t worry, because Provenir has.

Provenir vs. loan origination software

Simple decisioning can’t support sophisticated risk strategies

Provenir

Provenir Decisioning provides sophisticated credit risk decisioning capabilities. Supporting everything from waterfall knockout rules to full machine learning models, our model-agnostic platform means you can upload Python, R, SAS, PMML, Java, SparkML, and TensorFlow models without recoding. We’re the intersection of smarter risk decisions and powerful risk analysis tools.

Loan Origination System

Decisioning logic supported by loan origination software is generally very basic, only allowing for waterfall rules and simple scorecards. Any support for more complex modeling requires customization by the vendor. Not only do these requests come with long wait times, but you’re also beholden to your vendor for development, testing and deployment.

Cater to everyone, please no one

Provenir

Provenir’s focus on decisioning, data, and advanced analytics means we’ve built out rich, robust components that support any decisioning use case with a flexible, drag-and-drop visual user interface. We’re also easily integrated with other solutions — including loan origination systems — so you get the best of both worlds.

Loan Origination System

In a LOS, both screens and decisioning logic are in one system. This causes businesses to lose the flexibility to enhance parts of the origination process, since the entire system must be upgraded to support changes. And with all components in one system, development and implementation times are much longer, limiting agility and reducing the flexibility to make tactical improvements.

Inflexibility with integrations limits rapid change

Provenir

Provenir Data offers any data, anywhere, on-demand, all through a single API, so you can accelerate your data strategy with a purpose-built data platform. Provenir Marketplace enables preconfigured integrations with our global data partners, including a wide variety of traditional and alternative data sources — with visual field mappings that simplify using new data sources in any decisioning workflows in minutes.

Loan Origination System

Most loan origination software has a pre-developed list of data integrations that work well with pre-built decisioning logic. If a client wants a different data source, you’ll need the vendor to complete an expensive and time-consuming software customization — limiting your ability to test new data sources in your decisioning.

Financial institutions rapidly outgrow their LOS

Provenir

Provenir is built to support your business from startup to decacorn. We’ve built a scalable, flexible platform that grows and evolves with your business. Use autoscaling features to support peak periods and launch new products all from the same environment. The best part? Our technology powers business growth with easy iteration, innovation and collaboration.

Loan Origination System

If you want your technology to grow and scale with you, there are better options. Loan origination systems are built as one size fits all, based on the size of your organization. And because screens are inflexible, the LOS for large institutions is a poor fit for others, like a startup.

Brand differentiation is hard with a LOS

Provenir

Many of Provenir’s clients are household names, known for innovation in how they present themselves and their market offerings. The flexibility of Provenir allows each client to tailor how the decision engine works to meet their unique needs.

Loan Origination System

The inflexibility of loan origination software makes it hard for many institutions to differentiate themselves. Product innovation is limited by what the LOS can support. Screens are the same from company to company, making it hard to differentiate from your competitors.

No-code development has serious advantages

Provenir

Provenir’s low-code, model-agnostic platform reduces reliance on development teams to implement important changes. Whether it’s data integration mapping or risk model deployment, your risk team quickly controls and implements updates, leaving your technical users to focus on other key areas. But don’t worry – if you want to make it custom, the functionality is there.

Loan Origination System

Many loan origination systems don’t offer a no-code interface that empowers enable users to make key changes. With a reliance on development teams to implement strategy changes and launch new products, you’ll limit your business’s ability to grow and expand — something you just can’t afford in competitive business environments.

Our platform makes us unique.

Our results make you stand out.

Our platform makes us unique. Our results make you stand out.

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