Equifax (NYSE: EFX) today announced at the BAI Retail Delivery Conference & Expo the launch of APPRO, a single platform for end-to-end consumer and business loan processing. APPRO provides simplified, faster loan processing by using one system for all business and consumer loan origination needs.
"Having one system that can manage all of our multiple lending programs will enable us to increase revenue and continue reducing expenses while focusing on our customers needs," said Wayne Kimbrell, senior vice president and retail credit and small business portfolio manager, Lexington State Bank. "Using APPRO, we have experienced an increase in loan volume, improved credit quality and increased turnaround times."Increased credit portfolio quality and risk management capabilitiesTailored product offerings for each customerImproved customer service and management of exposureMinimized time and costs to model policy and workflow processes
APPRO automates every phase of the loan processing workflow - from data acquisition and decisioning through a range of post-approval functions, including funding, generating documents and interfacing to a host system. This highly configurable solution can grow with business needs and enables lenders to tailor systems for a changing environment. Its flexibility helps lenders enforce credit policy compliance and improve customer service - key advantages in an industry demanding accelerated response times and enhanced risk management.
"APPRO is the result of close collaboration with top lenders and market experts to develop a solution that provides superior lending functionality and improves the borrowing and lending experience," said Dann Adams, group executive, North American Information Services, Equifax. "This solution is the latest offering in our suite of loan origination solutions, which are used by hundreds of leading financial institutions including banks, credit unions, finance companies and specialty lenders."
As a browser-based solution, APPRO can be accessed anytime, anywhere and supports an unlimited number of users. Designed for rapid deployment and adaptation to user needs, the APPRO platform minimizes the total cost of ownership for lenders. Built on a Microsoft .NET framework and leveraging a service-oriented architecture, the solution reduces the costs and complexity of implementation and connectivity with partner applications. Customers who use APPRO can achieve the following benefits: