Newgen’s loan origination software, specifically enhanced for Main Street Lending Program (MSLP) - the US Federal Reserve’s multi-facility USD 600 billion lending program designed to make additional credit available to businesses affected by COVID-19, is built on its low code digital automation platform.
The software enables end-to-end automation of the lending process including omni-channel application initiation, quick eligibility check, document collection, back office review and underwriting, capturing of covenants, and dynamic approval/lending matrix while adhering to audit and compliance requirements.
Furthermore, the software’s workflow and case management capabilities help in handling exceptions and providing agility to respond quickly to the changing requirements, thereby ensuring smooth processing experience for borrowers as well as lenders.
Key features of Newgen's Main Street Lending Software:
- Customer self-service portal for loan application, document upload, and real-time status tracking
- In-built eligibility check
- End-to-end automation, including omni-channel application initiation to back office underwriting, approval, and documentation
- Key capabilities, including financial spreading, risk rating, covenant capture, and monitoring
- Generation of MSLP-related documents
- Integration with e-Sign
- Electronically-driven workflow environment for lending with audit trails
- Inbuilt alerts, notifications & communications to borrowers and financial institutions
- Process visibility with real-time reporting on requests, exceptions, and approvals
- Transfer of eligible applications to existing LOS, if required
- Generation of submission reports
- Easy and flexible pricing options
- Cloud-based deployment