Principal Bank has installed LoanCenter for Consumer, a loan automation system from Appro Systems. The Des Moines, Iowa-based bank licensed the application service provider (ASP) version of the system in September and completed its installation during the same month.
Principal Bank is using LoanCenter for Consumer primarily to process home equity loans. The system enables the bank to process loan applications more efficiently, either in person or online, through an interface with a major credit reporting agency for flood, title and appraisal information.
Principal Bank processes approximately 15,000 to 20,000 loan applications each month from around the country. By incorporating the differing state regulations on the processing of loan applications, LoanCenter for Consumer can render a decision within one minute.
"It was important that our consumer loan automation system be able to handle loan data requirements for each of the different states," said Barbara Mueller, vice president and chief credit officer at $1.4 billion Principal Bank.
LoanCenter for Consumer is a scalable software system that automates the entire workflow of processing credit applications and originating consumer loans. The system is available in both site license and application service provider (ASP) versions and includes risk and workflow technologies such as the Expert System, a rules-based, artificial intelligence system that covers each step of the lending process.
LoanCenter for Consumer also features advanced document integration, an essential ingredient for secure online fulfillment of loan requests.