As a comprehensive solution SIMON™ helps manage the entire lifecycle of the lending process. SIMON™ is a single intelligent platform for ALL lending activities from start to finish. SIMON™ enhances your existing LOS, such as CreditQuest, DecisionPro or other solutions. SIMON™ integrates with your existing LOS but does not replace it.
This human-dependent work is what SIMON™ optimizes. This is where SIMON™ wrings out costs and allows banks to add more loans to their portfolio without increasing human capital.
Collaboration and a single view of all loan activity and processes are key to increased efficiency. SIMON™ centralizes the commonly shared list of requirements that are unique to each loan. SIMON™ manages and ensures that each requirement and related documents, due dates, and policies are met at each stage, including, application, underwriting, document preparation and funding and servicing.
Assurance that all requirements for each individual loan have been correctly identified applied and completed is also key to efficiency. Simon provides that assurance eliminating the need and costs associated with managing multiple manual checklists and “checkers checking the checker.” Simon frees up loan officers, administrators, processors, and analysts from the tediousness of being perfect. Simon knows all and delivers fully compliant loans that are not dependent on the conscientiousness of humans.
The technology of SIMON™ solves a similar problem.
SIMON™ manages the entire, human-dependent loan process. The software instantly determines which unique set of requirements must be satisfied for each type of loan: by whom and by when. The software also assigns tasks to each person, directing him or her to the next job. SIMON™ integrates the world of products, entities, and collateral with rules and officers and loan administrators, analysts, processors, servicing, supervisors, and managers.
Simon as an intelligent collaboration platform coordinates the people, processes, rules and dynamics to a loan that is sourced, underwritten, approved, booked, serviced, renewed, and paid off. As a platform it works in tandem with a bank’s CRM, LOS, DocPrep, Spreading, Imaging and Core Systems to ensure each solution is utilized correctly and at the right times. It works with the loan through its entire life cycle and crosses all departmental barriers resulting in less work, less risk and less dependence on the conscientiousness of individuals. It assures delivery of loans and services in a manner that both provides a positive image to customer, regulators and shareholders.
The number of variables and permutations a Commercial Bank must take into account are staggering. Loan products types, amounts, fees, rates, collateral, markets served, appraisals and valuation methods, title companies, insurance companies, officer lending limits, loan committee rules and processes, renewals, modifications, loan performance, call reporting, purpose codes, loan use, customer classifications, entity types, HVCRE, Basel III are just some of all the variables a bank must take into account when originating and servicing a loan in accordance with state and federal regulations and the bank’s loan policies. Determining how each variable and combination of variables impacts how a loan is underwritten, approved, documented, serviced and renewed remains a manual process with reliance on checklists and human diligence. In this environment assurance that a loan is handled correctly requires multiple layers of checking by bank personnel; “checkers checking checkers.” SIMON™ as an intelligent platform manages this complexity and reduces the chances that loan policy or regulatory requirements are missed or reporting and loan documentation is inaccurate.
SIMON™ is able to identify which requirements are needed and what exceptions are allowed for each individual loan based on its particulars. Simon ingests loan policies and regulations and intelligently applies and enforces the unique and specific requirements to each loan. At each stage of the lending process all roles are aware of which requirements they need to apply. The status and application of these requirements is transparent to all and supports individual accountability.
As individuals and departments use the single Simon platform, Simon simultaneously collect data regarding activities. It collects data for each individual process, and requirement identifying the individual, how long it was open and when it was picked up. Performance against service level agreements is automatically determined and available real time.
With the data Simon collects managers are able to accurately measure individual and departmental productivity and performance, FTE requirements to process loans (taking into account individual loan complexity) predict resource needs, identify backlogs in real time, monitor compliant completion of key regulatory requirements, and processes that should be modified.
Simon provides real time measurement as a bi-product of its use; enabling the organization to scale and continuously improve.
SIMON™ frees up loan officers to focus on more strategic work, which is prospecting and deepening relationships with existing customers. The Simon platform takes away the officer’s need to babysit the loan through the entire process. As an intelligent platform it coordinates all the parties involved, ensures key events are promptly dealt with in a timely manner, proactively alerts all the parties involved and simplifies document management.
As an officer prepares to close a loan, there is no guess work as to what needs to be completed. The officer, assistant, loan administrator, credit analyst, and DocPrep working from the single platform all know what needs to be done, by whom and by when. The officer delivers a quality product and a great customer experience.
SIMON™ simplifies consumer processes, as well as the complex, exception-based process of delivering a commercial loan on time and without error. The indexing of the document is automatic as part of the satisfying of a requirement. Documents are maintained in one place, are easily accessible, automatically uploaded and indexed and results in significant efficiency gains and lowered frustration over “lost” documents.