Loan Origination System
A Loan Origination System (LOS) is a specialized software that banks and lenders use to process loan applications from start to finish. Think of it like a digital assistant that helps manage everything from when a customer first applies for a loan until the money is given out. It makes the whole loan process faster and more organized by automating paperwork, checking credit scores, and making sure all legal requirements are met. Some popular systems include Fiserv, FIS, and nCino. This term often appears in banking job descriptions where companies need people who know how to use or manage these systems.
Examples in Resumes
Managed Loan Origination System implementation for consumer lending division
Trained staff of 20 loan officers on new LOS platform features
Streamlined mortgage processing using Loan Origination System automation
Configured LOS workflows to reduce loan processing time by 40%
Typical job title: "Loan Operations Specialists"
Also try searching for:
Where to Find Loan Operations Specialists
Professional Networks
Industry Resources
Job Boards
Example Interview Questions
Senior Level Questions
Q: How would you manage a large-scale LOS implementation across multiple branches?
Expected Answer: Should discuss project management experience, change management strategies, training programs, and how to handle challenges like data migration and staff resistance to new systems.
Q: What strategies have you used to improve loan processing efficiency using an LOS?
Expected Answer: Should explain experience with workflow optimization, automation implementation, and how they measured and achieved improved processing times and reduced errors.
Mid Level Questions
Q: How do you ensure compliance when configuring an LOS?
Expected Answer: Should discuss understanding of banking regulations, how to set up system checks and balances, and experience with compliance monitoring tools.
Q: Describe your experience with LOS reporting and analytics.
Expected Answer: Should explain how they use system data to track loan performance, create management reports, and make process improvements.
Junior Level Questions
Q: What are the basic steps in the loan origination process?
Expected Answer: Should describe the main stages from application to closing, including basic understanding of credit checks, documentation, and approval processes.
Q: How do you handle common loan application issues in the system?
Expected Answer: Should explain basic troubleshooting skills, when to escalate issues, and how to handle simple documentation or data entry problems.
Experience Level Indicators
Junior (0-2 years)
- Basic loan processing procedures
- Data entry and document verification
- Customer service skills
- Understanding of basic lending terms
Mid (2-5 years)
- System configuration and customization
- Process improvement implementation
- Staff training and support
- Compliance monitoring
Senior (5+ years)
- System implementation management
- Department leadership
- Strategic process optimization
- Vendor relationship management
Red Flags to Watch For
- No understanding of basic lending terminology
- Lack of attention to detail in loan documentation
- No knowledge of banking compliance requirements
- Poor understanding of loan workflow processes
Related Terms
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