Documentation System Combines Functions
Coin Banking Systems Inc. has developed a new loan origination system for personal computers that is both a management tool and sales aid.
The system from Norcross, Ga.-based Coin Banking combines in a single program three essential functions for processing loan applications: payment calculations, profitability analysis, and document printing.
The system, called Smart Docs, can be bought to run on stand-alone PCs for small and medium-sized institutions or can be linked to the vendor's mainframe-based loan processing system in use at larger banks.
Helpful for Interstate Banking
Loan documentation systems such as Smart Docs are becoming increasingly important as banks consolidate and expand their loan businesses across state lines. Smart Docs has a "smart form" feature that allows loan officers to preselect the proper forms for each type of loan and collateral processed, making it easier for banks to keep up with state and federal lending rules.
Sun Banks/South Florida, Fort Lauderdale, has bought the system for its branches.
Smart Docs calculates payments, automatically retrieves credit reports from credit bureaus, prints loan documents, and transmits loan data to a centralized mainframe system. The system can either print information on preprinted forms or send the information to a laser printer that creates and prints the appropriate documents.
Program Works in |Background'
"As loan officers are entering data into a PC at the platform, the program will assemble the necessary forms and documents in the background and either produce a preprinted form or create forms on a laser printer," said Philip Cerio, account executive at Coin Banking.
The system runs on single IBM-compatible personal computers or multiple PCs that are linked on a local area network. Prices range from $6,500 to $17,000, depending on configuration.