Posted by Mumbai: Newgen Software has announced an integration of Newgen’s CLOS (Commercial Loan Origination Software) with Factual Data for seamless access to bureau credit information. Factual Data is a provider of consumer credit and verification services.
Using Newgen’s CLOS, financial institutions are able to automate their end-to-end commercial lending process, from pre-screening, application processing, underwriting, and closing to booking in a paperless and electronically-driven workflow environment.
The integration with Factual Data will allow Newgen’s CLOS to get reports from multiple credit bureaus along with data on liens and judgments, thereby eliminating the need for manual pulls.
It enables real-time, two-way integration with core banking and third-party systems, delivering an enhanced experience for financial institutions and their customers.
“This integration will help expand the reach of our mutual customers into the growing digital banking sector. Furthermore, it will provide them with tools to help increase efficiency and consistency in accessing credit reports and data verification services,” said Jay Giesen, President, Factual Data.
“Aligning with Factual Data will allow Newgen to access credit and data verification services and further streamline the lending process. It will help financial institutions deliver an optimal experience to borrowers and reduce the disbursement turnaround time,” said Anand Raman, EVP and COO, Newgen Software.
“We are excited about this association and look forward to working together in accelerating digital initiatives for financial institutions,” added Raman.