FAQ

What is LAPS (Lending Automation and Processing System)? Back to top

Today's lending institutions face competitive challenges that were unheard of a few short years ago. Loan departments are often working with existing systems which are slow, inefficient, or both. Salem Associates, Inc. is aware that successful competitors need top quality tools, and we have responded by developing LAPS which is our Lending Automation Processing System. Our technical analysts spent time carefully observing and documenting the loan-processing workflow. Based on input from functional experts in the banking industry we have incorporated many new and innovative features into this exceptional loan-processing product.

What are the main benefits of LAPS? Back to top

LAPS provides an integrated & comprehensive solution to all the needs of a lending institution. It is scalable and provides a good fit for any size of organization - from small community banks and credit unions to multilevel, nationwide lending institutions. All this can be accomplished without the need to touch a line of code.

Use LAPS and

• Reduce lending risk
• Shorten lending cycle
• Increase management control
• Expand market segment
• Reduce paperwork
  

What are the major features of LAPS? Back to top

Comprehensive Application Forms for Personal and Commercial Loans

• Workflow automation that expedites the flow of loan applications through various stages seamlessly within time frames provided
• Risk management tools that allow underwriters to automatically evaluate loan packages and alerts that draw attention to doubtful situations. A Personal Risk Management facility evaluates applicants for Liquidity, Collateral and Credit History. Commercial Risk Management assists users in analyzing financial data, financial ratios and comparing them with industry standards
• Document scanning that enables digital storage and transmission of loan documents.
• Document Facility that allows the organization to define the documents to be submitted by the applicants and those to be generated by the bank officers.
• Voice Messaging for exchange of notes between loan officers to facilitate better communication while reviewing loan applications.
• Outstanding reporting capabilities that facilitate performance review of loans & personnel across various levels & structures of the organization
• Internet loan application module that allows borrowers to apply for loans from the convenience of their homes.
• Loan repayment & monitoring module that enables early identification of non-performing loans so that corrective action can be taken
• Operational controls which support various levels of lending authority
• Comprehensive security ensures that users access and manipulate information, only based on data and navigation rights set by the lending institution.

Who needs LAPS? Back to top

Any lending institution that wants to automate their lending process (both consumer and commercial loans) with latest technology will benefit from our innovative solution LAPS.

Can it disburse and manage both personal and commercial loans? Back to top

Yes. In addition, it can handle the risk analysis associates with consumer as well as commercial loans as per the bank policy.

Do you have an Internet version? Back to top

Yes. LAPS has an internet module using which a customer can apply for loan. In addition to that, a customer can check on the status of his/her application also using internet.

What about security? Back to top

LAPS has in-built security that allows only authorized individual to do certain tasks. For example, only authorized individuals can alter the interest rate for an application or bypass the pre-defined workflow.

Do our employees need special skills to use LAPS?
        If yes, how easy or difficult is it and do you provide training?Back to top

LAPS is designed in such a way that the end user does not need any technical skills to use the features of LAPS. An end user can create customized reports without any technical skills.

What infrastructure do we need to run LAPS? Back to top

LAPS needs an application server such as Weblogic, websphere or J-Run. In addition it needs Oracle or SQL Server for the database.

What technologies are used in LAPS? Back to top

LAPS has been developed using Java, JSP and EJB components and conforms to J2EE standards. Program execution is carried out on the server side and can be run using Web Application Servers such as Weblogic, J-Run or Websphere.

Can LAPS interact with my other applications running on different platforms? Back to top

LAPS can be customized to interface with other applications.

How do I get a demo of LAPS? Back to top

Call 1-888-HI-SALEM to setup a demo

or

Email us at: marketing.laps@salemassociates.com