MIMICS Loan Origination System Overview
MIMICS Loan Origination System provides you with the tools to effectively execute the loan application process from start to finish. Loan application information is easily entered into the system and can be completed in one sitting or can be stopped and restarted until the application is completed. Once the financial data is entered the system will analyze the financial statements immediately, providing standard financial ratios. Any values outside of user-defined ranges will be flagged. The entire application will be reviewed and analyzed for completeness and searched for information that is outside of user-defined standards.
The system can generate documents, such as letters to applicants, based on the information you provide. All written and verbal communications with the applicants and clients can be recorded to the system to fulfill procedural requirements or for record keeping purposes. Loans can be tracked after approval of the application if desired. The system processes applications for commercial and personal loans for mortgages, other assets, and for operating capital.
Setup
You can set the parameters for acceptable values in the loan application, for acceptable financial ratios, and for many other system features. With your input, we can set the parameters to your specifications and create a virtually customized system for you.
Customization
You can define the loan application input screen including the field layout; which fields are required; upper and lower limits of the fields; on-screen captions; and other parameters.
Loan Application
The clearly defined fields for the loan application make it easy for you to enter the necessary information to complete the process.
Customer Data
This information can be entered quickly into a custom-designed format, or a standard format. All information is checked against parameters you pre-defined so problem areas can be immediately identified, and incorrectly entered information can be corrected before completion of the application.
Financial Information
Enter detailed financial information. As a user option, financial ratios can be calculated immediately. These ratios are compared to requirement tolerances and are fully reported, showing any amount of discrepancy.
The system can keep any number of years of financial information and will also calculate trend lines. Net cash flows are calculated to help determine payback ability.
Collateral
Any amount of collateral can be pledged to a loan. Appraisal values, insurance, and other features of the assets are tracked and can be passed to the MIMICS Loan Processing System to continue the life of the loan.
Printing
A copy of the application is printed for the customer’s signature. Print preview screens ensures the accuracy of the document before printing on costly materials.
Document Processing
The system can prepare any number of documents, either standard or user-defined, from the data entered during the application process. The system tracks the disposition of the documents and provides reporting on all of the documents either provided by or sent to the applicant. The system tracks acceptances, rejections, and requests for additional information. Commitment letters and other documents are designed to your specifications with logos and any other images printed directly on the letter. You can create your own letter templates with text, mail-merge, and graphics.
Communication
The system tracks all communications with the customer including emails and phone calls. You can enter the content of phone conversations for future reference. Calls can be scheduled in advance to provide a tickler for the loan officer.
Reporting
All reports can be printed in hard copy, pdf, and in spreadsheet and word processor formats. All data can be exported to other systems.
If you would like more information about our products and services, please fill out our online request form.