Overview
MIMICS Loan Origination Software provides you with the tools to effectively execute the loan application process from start to finish. Loan application information is easily entered into the software system and can be completed in one sitting or can be stopped and restarted until the application is completed. When the financial data is entered, the software 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 is searched for information that is outside of user-defined standards.
Our software 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 software to fulfill procedural requirements or for record keeping purposes. Loans can be tracked after approval of the application if desired, through the MIMICS Loan Management Software. The software processes applications for commercial and personal loans for mortgages, other assets, and for operating capital. Contact us to find out how our software can handle all your needs.
Applications
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.
Application 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.
Applications
The clearly defined fields for the loan application make it easy for you to enter the necessary information to complete the process. Alternatively, the customer can fill in the application through a web interface.
Printing
A copy of the application is printed for the customer’s signature. Print preview screens ensure the accuracy of the document before printing on costly materials.
Customer Data
Customer 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.
Our software 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.
Document Processing
Our software can prepare any number of documents, either standard or user-defined, from the data entered during the application process. The software tracks the disposition of the documents and provides reporting on all of the documents either provided by or sent to the applicant. The software 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.
Financial Info
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 discre
Our software 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. The software system can require assets, liabilities and equity to be balance, e.g. for corporate accounts, or it can remain unbalanced, e.g. in the case of consumer accounts.
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, after loan application acceptance, to the MIMICS Loan Management Software to continue the life of the loan.
Application Review
Loan Checklist
A user-defined checklist by class of loan can be defined for assistance in the loan review.
Review
Our software facilitates the review of the application and the final approval, rejection, or temporary rejection in the case that additional information is required.
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.
Loan Origination: quick answers
What is loan origination software from MIMICS for banks?
MIMICS Loan Origination in the Banking Suite gives banks tools to run the loan application process from start to finish for consumer and commercial loans, including mortgages, other assets and operating capital. Applications can be completed in one sitting or stopped and restarted until complete.
How does MIMICS Loan Origination flag incomplete or out-of-range applications?
MIMICS Loan Origination lets you define parameters for required data and financial ratios. When financial data is entered, it immediately produces standard financial ratios, calculates trend lines and cash flows, and flags values outside your ranges. Each application is reviewed for completeness against your standards.
Can MIMICS Loan Origination record communications with applicants?
Yes. MIMICS Loan Origination logs all written and verbal communications with applicants and clients, including emails and calls, for procedural or record keeping purposes. It can generate documents such as letters to applicants and interfaces with the secure MIMICS Web Portal for initial applications.