Thinqloud’s Custom Loan Origination Solution on Salesforce: Empowering Lenders to Scale and Thrive

In the fast-paced and competitive Lending industry, efficiency, accuracy, and customer experience are paramount. A custom Loan Origination System (LOS) built on Salesforce can revolutionize the way Lenders process loans, enabling them to scale their business manifold while ensuring real-time collaboration across functional teams. This whitepaper explores the benefits and features of Thinqloud’s custom LOS solution on Salesforce, designed to empower Lenders in the digital age.

The Need for Custom

LOSTraditional loan origination processes are often plagued by manual tasks, fragmented systems, and communication bottlenecks. These inefficiencies lead to delays, errors, and a subpar borrower experience. Most Lenders implement CRM, LOS and LMS using separate solutions and these are accessed independently by different functional teams leading to duplicate data and documents and inefficient collaboration. A custom LOS on Salesforce addresses these challenges by:

• Automating Workflows: Streamlining processes from lead capture to disbursement, reducing manual effort and accelerating loan processing.
• Centralizing Data: Providing a single source of truth for all loan and customer data, ensuring accuracy and consistency.
• Enhancing Collaboration: Facilitating real-time communication and collaboration between sales, credit, operations, and other teams.
• Improving Decision-Making: Leveraging data-driven insights and automated decision-making to make faster and more informed loan decisions.
• Ensuring Compliance: Implementing robust compliance checks and reporting mechanisms to adhere to regulatory requirements.

Thinqloud’s Custom LOS Solution on Salesforce

Thinqloud’s custom LOS solution on Salesforce is designed to meet the unique needs of lenders, offering a comprehensive suite of features and functionalities:

• Flexible Configuration: Easily configure decision-making rules, master data, lookup values, and different rule sets based on product and loan amount.
• Modular Architecture: Choose the modules that best suit your business needs, whether it’s lead management, application processing, credit assessment, or loan servicing.
• Seamless Integrations: Integrate with external systems, such as credit bureaus, KYC & eSign providers, OCR engines, Statement Analyzers, document management systems, Loan Management Systems (LMS), and Business Rules Engines (BRE) for a streamlined workflow.
• Real-time Collaboration: Enable real-time collaboration between teams through shared dashboards, automated notifications, and task assignments.
• Robust Reporting and Analytics: Gain valuable insights into loan book, disbursements, rejection patterns, and operational efficiency.
• Customizable UI: Tailor the user interface to match your branding and user preferences.

Solution Features and Functions Highlights

Thinqloud’s custom LOS solution addresses the complete lifecycle of a Loan journey from Lead to Disbursement and finally pushes the Loan docket to the LMS system for post-disbursement activities.

• Source, capture & manage leads from multiple channels
• Capture and validate personal, financial, and credit info. Use OCR to extract data
• Configure end-to-end loan application workflows across sales, credit and operations
• Assign deals to teams based on stage and status
• Set up business rules for sanctions, deviations, and credit policies
• Integrate with third-party services for credit score, KYC, eSign, Bank Statement Analysis, OCR, payment collection, credit checks, rules, screening, etc.
• Evaluate borrower eligibility using flexible rules
• Implement parallel approvals for stakeholders
• Handle loan deviations, sanctions and rejections using flexible rules
• Deliver 360 degree real-time credit assessment
• Handle Loan adjustments & deviations using flexible rules
• Legal and technical verifications using inhouse and third party services
• Generate Sanction letters & process disbursements
• Provide reporting and dashboard capabilities

Solution Architecture and Technical

Thinqloud’s custom LOS solution is built on the Salesforce platform, leveraging its robust infrastructure and security features. The solution architecture is designed for scalability and flexibility, allowing lenders to easily add new features and functionalities as their business scales up.

Key Technical Highlights:

• Lightning Web Components (LWC): The user interface is built using Dynamic Forms with LWC components and pages, providing a modern and responsive experience for users.
• Apex and Flows: Custom Apex code and Salesforce Flows have been used to automate complex business processes and workflows.
• Integration Framework: A robust integration framework enables seamless integration with external systems using REST APIs and web services.
• Approval Framework: Leverage the native salesforce approval process with customization to provide multi-level approval workflows.
• Deviation & Sanctions Rules Framework: A metadata-driven framework to configure all applicable deviation and sanction business rules including run-time calculation of formulas.
• Rules Management & Execution Framework: A metadata-driven JSON-based framework that can integrate with any third-party BRE for rules management and run-time execution.
• Eligibility Calculator: A flexible run-time calculation engine to execute all configured formulas to calculate eligibility based on input and derived data structures.
• Security: The solution adheres to industry-standard security practices to protect sensitive customer and loan data.

Key Benefits

By implementing Thinqloud’s custom LOS solution on Salesforce, lenders can experience a multitude of benefits:

• Increased Efficiency: Automate manual tasks, reduce processing time, and improve overall operational efficiency.
• Reduced Costs: Minimize operational costs associated with manual processes and legacy systems.
• Improved Borrower Experience: Provide a seamless and transparent loan application process, leading to higher customer satisfaction.
• Enhanced Risk Management: Leverage data-driven insights and automated decision-making to mitigate risk and improve loan quality.
• Scalability: Easily scale the solution to accommodate business growth and changing requirements.

Use Case: Streamlining Loan Origination for a Leading Education Loan NBFC

Thinqloud partnered with a leading NBFC focussed on providing Education Loans in India to implement a custom LOS solution on Salesforce. The solution automated various processes, including lead capture, data entry, credit assessment, and document management. It also integrated with external systems for KYC verification and credit bureau checks. As a result, the NBFC could reduce loan processing time by 50%, improve data accuracy, and enhance collaboration between teams. The solution also included seamless integration with the NBFC’s Loan Management System (LMS) to push the loan docket after LOS processing was completed, and with an external Business Rules Engine (BRE) for dynamic rules management and execution, ensuring compliance and adaptability to changing regulations.

Conclusion

Thinqloud’s custom Loan Origination Solution on Salesforce empowers Lenders to transform their loan origination processes, achieving unprecedented efficiency, scalability, and customer satisfaction. By leveraging the power of Salesforce and Thinqloud’s expertise, Lenders can navigate the complexities of the lending landscape and achieve sustainable growth. Contact Thinqloud today or write to us at sales@thinqloud.com to learn more about how they can help your business thrive in the digital age.