- What is LAPS (Lending Automation
and Processing System)
- What are the main benefits of LAPS?
- What are the major features of LAPS?
- Who needs LAPS?
- Can it disburse and manage both personal and commercial loans?
- Do you have an Internet version?
- What about security?
- Do our employees need special skills to use LAPS? If yes, how
easy or difficult is it and do you provide training?
- What infrastructure do we need to run LAPS?
- What technologies are used in LAPS?
- Can LAPS interact with my other applications runnin on different
- How do I get a demo of LAPS?
What is LAPS (Lending Automation and Processing
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?
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
- Expand market segment
- Reduce paperwork
What are the major
features of LAPS?
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?
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?
Yes. In addition, it can handle the risk analysis
associates with consumer as well as commercial loans as per the
Do you have an Internet version?
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?
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?
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
What infrastructure do we
need to run LAPS?
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
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?
LAPS can be customized to interface with other
How do I get a demo of LAPS?
Call 1-888-HI-SALEM to setup a demo
Email us at: email@example.com