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.
Case Study on Financial & Accounting Back Office Support
A bank's Loan Production Office (LPO) in Las Vegas
- 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 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
- 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
Flatworld Solutions believes in delivering accurate finance and accounting services to its global customers, helping them save on time and effort, besides maximizing their productivity and revenue.
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