i-Apply is a complete loan origination solution that streamlines the credit facility loan origination process. Here is everything you need to know
Owned by Relational Financial Solutions, i-Apply is a complete loan origination solution that streamlines the credit facility loan origination process. i-Apply supports every step of the process, from the initial application for a credit facility to either the rejection or, in the event of approval, the disbursal of the home loan amount.
But what exactly does i-Apply do? What are i-Apply's key features and benefits? In this article, you will learn the answers to these questions and more, which should help you determine if i-Apply is the right LOS for you.
What is i-Apply used for?
i-Apply is a multi-channel loan origination software solution that handles home loans and other credit products decisioning, and origination and management processes. Beyond mortgages, i-Apply is designed to service a wide-range of financial products.
i-Apply manages customer on-boarding application, pricing, credit qualification, product factoring, amortization and collateral appraisal, and up-to-loan disbursement, covering the entire loan origination cycle. Its products range from mortgages, debit/credit card applications, and corporate to personal loans.
One major benefit of using i-Apply is that it streamlines the loan origination process, removing redundant processes and speeding up decision make while limiting risks and reducing costs for enhanced efficiency.
What are i-Apply's key features?
i-Apply enables mortgage lenders the ability to identify process efficiencies, customize workflows, and comply with regulatory changes in the US. A multi-channel, platform independent solution, i-Apply services a wide range of financial products, as well as handles credit products decisioning, loan origination, and management and collection processes.
i-Apply offers four key features, or modules, which include:
- i-Apply Workflow Management Module
- i-Apply Integration Module
- i-Apply's Friendly Interface
- i-Apply Document Management System (DMS)
Here is a closer look at each of i-Apply's key features:
i-Apply Workflow Management Module
This module gives authorized users the chance to create and maintain workflows for any product. It also allows users to configure the business policy of the mortgage company into its system. Here is a look at how i-Apply's Workflow Management Module achieves this:
- Activation date
- Dynamic workflow balancing
- Dynamic workflow based on business rules
- Manual assignment
- Manual override
- Manual steps
- Multiple workflows per product
- Parallel processing
i-Apply Integration Module
The Integration Module offered by i-Apply provides access to the mortgage industry’s leading data services with just one connection. Using secure channels such as https, ADFS, and SFTPs, the Integration Module can integrate with the following options:
- APIs exposed
- Exchange of files
- Web services
i-Apply's Friendly Interface
i-Apply gives users a rich set of HTML5 interfaces for channel and in-house users, from desktop, web-based, tablet, and smartphone. Because information is exchanged between i-Apply and CBS/CRM, users gain the right customer information—like employment information, financial details, collateral management, and valuation.
i-Apply Document Management System (DMS)
i-Apply's Document Management System (DMS) controls the Loan Documentation File from start to finish. This DMS creates, stores, retrieves, and retains the file, as well as archives it. Additionally, it allows the lender to define and use standard document templates for all types of products.
What are the benefits of using i-Apply?
There are numerous benefits to using i-Apply, all of which help mortgage businesses thrive. Here is a a look at the key benefits of using i-Apply:
- Control the whole mortgage lending process. Internal and external scoring—along with pre-populated know-your-client (KYC) information—minimize data capture requirements, allowing bank staff to focus on the right client and quality loan portfolios.
- Increase efficiency/business agility. New lending products can be rolled out fast, targeting new market segments, while scorings can be adjusted to evolving market conditions.
- Reduce regulatory exposure—and risk. i-Apply offers rigorous approval processes throughout the entire loan origination lifecycle and various lines of business.
- Powerful workflows/rule engines. i-Apply supports timely credit decisions organized around the lender’s unique credit policies, with seamless routing, tracking, allocation of automated tasks and notifications to bank staff.
i-Apply review: Additional capabilities
Additional capabilities offered by i-Apply include:
- Adaptability and flexibility. Through industry standard rules and risk models, i-Apply not only supports but automates credit policy checks, which allows credit approvers to focus on decisions of increased complexity and risk. The great advantage here is that it shields the bank from possible bad debt exposures.
- Improve compliance. Thanks to comprehensive workflow models, i-Apply builds a secure and fully auditable credit decision process from end to end, which ensure flexibility and ensures the quality of complex client evalutations at the same time.
i-Apply review: Company overview
Headquarters: Kallithea, Athens, Greece
Year founded: 1995
Industry: Loan origination software
Key people: John Papaevgeniou, CEO of Relational (which operates i-Apply)
If you are curious about how i-Apply compares to other options in the loan origination software market, here are some alternatives worth exploring:
- Newgen Software Loan Origination System
- TurnKey Lender
- Mortgage Automator
i-Apply review: Final thoughts
Founded Relational Financial Solutions, which owns i-Apply, was founded in 1995 and has since become one of the leading international software solutions providers in the world, with a footprint of 35 countries. Offering a wide variety of business class software solutions, Relational FS serves more than 300 corporate clients in core industries such as banking, retail, telcos, and the government sector. In addition to i-Apply, Relational FS delivers loan origination, loan management and debt management solutions through its various products (LMS and AroTRON).
If you still feel that you need more options, our mortgage software reviews section has plenty of options for you to look over.
Do you have experience using i-Apply? Do you think it is an effective loan origination software? Share your i-Apply review in our comments section below.