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Overview
Corporations and small businesses borrow loans from banks for various reasons. A banking office that accepts loan applications from companies, in order to review their eligibility for availing a loan, is known as a Loan Production Office (LPO). However, an LPO does not accept monetary deposit. It only processes the loan applications received and assesses their eligibility. The entire process involves a lot of paperwork, which has to be processed accurately within a short turnaround time.
Customer
A bank's Loan Production Office (LPO) in Las Vegas
Customer's Challenges
- Voluminous paperwork had to be managed efficiently
- The turnaround time had to be improved
- The peak load of loan applications had to be managed properly
Flatworld Solutions' Back-Office Services Provided
- Flatworld Solutions offered services such as purchasing, refinancing, cash out refinancing, loans for construction or expansion - Conventional, SBA 7(A), Conventional 504 and Conduit loans
- Loan eligibility reports were developed once all the following source documents were checked and verified: Forms 1003, 1040, 413, 4506T, financial statements, business credit report, DNBI, etc.
- Once the source documents are verified, loan eligibility reports were prepared in Microsoft Excel.
Impact on Customer's Business
- By using Flatworld Solutions' services, the bank considerably reduced expenses related to staff and other expenses
- The turnaround time improved considerably
- The seasonal load of processing several documents was managed properly
