Overview
MIMICS Loan Origination is the lending front door of the Core Processing Suite. When a customer or member applies for credit, the application starts from the same customer record used by your tellers and account staff, and it moves through data capture, financial analysis, risk rating and approval in a single system.
Banks and credit unions use it to process personal and commercial loan requests, whether the purpose is a mortgage, another asset purchase or working capital. Applicants can use a printed form or apply online, and your loan officers work from consistent rules that you define. Once a loan is approved, its details pass to Loan Management to be serviced, so nothing has to be keyed twice. The result is faster, more consistent decisions and a complete record of how each one was made.
Taking the Application
Staff can enter an application in one session or save it part way and return later. Applicants who prefer to apply themselves can complete the form through a web interface instead. When a signature is needed, the application can be printed, and a preview lets staff check it before it goes to paper.
You control the application screens: which fields appear, which are mandatory, the allowed ranges for each value and the on-screen captions. Entries outside those ranges are caught as they are made, so errors are corrected before the application is complete.
Financial Analysis and Risk Rating
As financial statements are entered, the software can calculate standard financial ratios straight away and compare them with the tolerances you set. Anything outside your limits is flagged for the loan officer.
- Multiple years of financial data with trend lines
- Net cash flow calculations to help judge ability to repay
- Balanced statements required for corporate borrowers, optional for consumers
- Built-in risk rating calculations
Configurable Approval Workflow
Each loan class can have its own checklist to guide reviewers. The approval workflow is configurable to match your institution's lending authority, and a reviewer can approve, decline, or hold an application while more information is requested.
Calls, emails and conversations with the applicant can be logged against the file, and follow-up calls can be scheduled as reminders for the loan officer.
Letters, Documents and Collateral
The data already captured is used to produce documents such as commitment letters and applicant correspondence, from standard templates or ones you design with your own text, logos and mail-merge fields. The system records which documents were sent or received and whether items were accepted, rejected or need more information.
Any amount of collateral can be pledged to an application, with appraisal and insurance details recorded. Reports can be produced on paper, as PDF, or in spreadsheet and word processor formats, and data can be exported to other systems.
Works With
Loan Origination starts from Customer/Member Management and hands approved loans, with their collateral, to Loan Management. Contact us to see the application process configured for your lending.
Loan Origination: quick answers
What is MIMICS Loan Origination in the Core Processing Suite?
MIMICS Loan Origination is the lending front door of the MIMICS Core Processing Suite. An application starts from the same customer record used by tellers and account staff, then moves through data capture, financial analysis, risk rating and approval in a single system.
What types of loans can banks and credit unions process with MIMICS Loan Origination?
Banks and credit unions use MIMICS Loan Origination to process personal and commercial loan requests, whether for a mortgage, another asset purchase or working capital. Applicants can use a printed form or apply online, and loan officers work from consistent rules that the institution defines.
Does MIMICS Loan Origination include risk ratings and an approval workflow?
Yes. MIMICS Loan Origination includes built-in risk rating calculations and a configurable approval workflow. It automatically analyzes financial data to provide standard financial ratios, and once a loan is approved its details pass to MIMICS Loan Management for servicing, so nothing is keyed twice.