BACKGROUND

 

On the business front, our client grew rapidly in recent years necessitating a more centralized role based, task driven and real time reporting system bringing disparate systems under a single confederation. This is a logical step forward keeping in view the current goal of maintaining operational efficiency intact. This would mean facilitating and enabling seamless data sharing, faster management of information and efficient decision making at different levels.

The client had adopted MS Access based application that supported all their business processes. The client application was installed on every user’s desktop and based on a user’s role, a user will perform various functions such as Processing, Review, Funding, Collections etc.  While their Sales and Marketing team used SAGE CRM for their specific needs, the client’s Accounting team used Microsoft Great Plains (recently upgraded from QuickBooks). The backend processing and amortization calculations were performed using LeaseTeam’s LeasePlus and combination of spreadsheets. A score of other systems were used for reporting and none of these systems interact or seamlessly exchange data with each other.

 

SOLUTION PROVIDED

 

Sigma Infosolutions (www.sigmainfo.net) built a custom web application for a bridge funding company in Orange County, California. We built an omni-channel, mobile friendly and with highly engaging UX custom Loan origination system, CRM, Rules Engine and Marketing system for our client.

This new system has enabled:

  • Faster loan underwriting and approval with 45% more applications being processed with the same team
  • Achieved turn around time for approving a new application in less than 5 minutes.
  • Ability to turn-on a fully automated underwriting process
  • Early and enhanced fraud detection
  • Integrated with various credit beaurau (Experian, Equifax, Paynet, D&B, Lexis-Nexis, Yodlee, Yelp, etc.) and thus expediting and improving the loan approval process
  • Increase in renewals by 23% due to better insight about the client engagement
  • Horizontal and Vertical scalability –
    • The system currently process 2300 loan applications and funds 350 loans per month
    • The system is designed to scale up to 20,000 applications per month
  • Customizable and pluggable Decision/Rules Engine with ability to create custom rules/waterfall models for various departments
  • SOLR based advance search capabilities to search and access loan & customer data
  • Real-time reporting of all loans/renewals regardless of disposition
  • Authentication, authorization and auditing of all transactions for any future audits (SSAE 16, Pre-IPO audits, Security related/hacks, etc.)
  • Real time communication, reporting &streamlined workflow among different departments for real time working.

FEATURES

 

  • SOA architecture exposing the services to ISO network, brokers, etc. via API’s or portals
  • Fully integrated Single Sign On
  • Auto-saving of application data in a multi-tenant environment, similar to drafting Gmail/Yahoo email.
  • Confederated Identity with internal network systems. Restricted access to unprivileged users to enterprise file systems and network shares.

BUSINESS BENEFITS

 

  • Faster loan underwriting and decision making – from 350 loan applications to 2300 applications now and with a scalability of handling 20,000 applications a month
  • 23% increase in renewals due to better insights in client engagements
  • 45% faster loan underwriting and approval
  • Early and enhanced fraud detection
  • Future-ready solution – Authentication, authorization and auditing of all transactions for any future audits (SSAE 16, Pre-IPO audits, Security related/hacks, etc.)
  • Seamless integration with multiple data sources (Experian, Equifax, Paynet, D&B, Lexis-Nexis, Yelp, etc.) and thus expediting and improving the loan approval process

 

TOOLS & TECHNOLOGY

 

  • .NET Framework  (C# and ASP.net)
  • MVC 5.0 Architecture
  • Windows Workflow Foundation for State Machines
  • Service Oriented Architecture
  • jQuery, AngularJS for UX and responsive design
  • Scalable and Load Balancing capable
  • SSL and HTTPS based security
  • Web Services based Rules Engine (SQL and non-SQL data sources – MongoDB, Cassandra, Flat files)
  • TIBCO BI and Reporting, Tableau Reporting