Single Source can handle both retail and commercial loans.
The loan system is a workflow based system. There are “four” stages that a new loan is in within the application.

1. Data gathering stage
2. Investigative stage: worthiness of collateral
3. Approval stage
4. Signing and disbursements (electronic signature if the FI wants)

 

Single Source electronically monitors, reports, and passes between the four phases. All documents are created within Single Source. All G/L entries and accounts are automatically set up.

Single source has the ability to electronically capture signatures via signature pad.  Of course, driver’s license can be scanned and it will become part of the file.  Single Source will also allow “Remote Loan Officers” equipped with laptop.  This feature lets you take the branch to your client.