Loan Closing Check Issuance

Consumer lending is an extremely competitive business, with many lenders often competing on interest rates as the only real differentiator. Whether the strategy is to improve profits or gain market share, lenders need to find better ways to distinguish themselves than just their rates. It all comes down to service: can you find ways to enhance the customer experience by making it easier and faster to process and close a loan?

Source Technologies' unique loan closing check issuance solution combines our FormsPartner™ forms management software and our secure MICR (magnetic ink character recognition) laser check printers. Together, they provide a fast, cost-effective, and secure way to conduct on-demand printing of MICR checks and other sensitive documents, or all types of loan closings including mortgages, car loans, home equity loans, while ensuring control over the entire process.

This solution provides cost and time savings by automating an otherwise manual process, and gives lenders a competitive edge by allowing them to print checks as needed. FormsPartner accepts check data from any loan platform, merges it with the appropriate form, and then outputs the completed check. FormsPartner is easy to use, even for the non-technical user, which reduces training and support costs. It allows for quick, cost effective implementation since no modification is required to the loan platform's print data stream.

This system provides many benefits for both lenders and their customers:

• Real-time funding of loan checks eliminates the expense, unreliability, and potential fraud risk of wire transfers
• Funding of loans by check in real-time, on-demand, and on-site
• Elimination of escrows for postponed or cancelled closings
• Doing away with pre-printed checks reduces check fraud risk
• Check issuance can be integrated with the loan processing system, meaning less paperwork, less process steps, and easier tracking and auditing of transactions
• Better levels of customer service with funding by check - 100% of scheduled closings get funded
• Other documents can be printed as part of a complete loan-closing package using the same system, saving even more time and money

FormsPartner enables lenders to control check design, management, and distribution, eliminating the need for costly preprinted check stock and other forms, and resulting in dramatic cost savings, while improving information efficiency and effectiveness. When used together, FormsPartner and Source Technologies' MICR printers offer a faster and more efficient way to print loan checks.

Lenders can now offer a new level of service to their customers. With an on-demand print system that facilitates secure check printing, you can ensure an accurate, on-time closing for all your customers.

Loan Closing Check Issuance: Highlights

• Lenders maintain complete control over all requests, approvals, and print processes for all issued items.
• Eliminates time consuming and expensive activities such as distributing, storing, and securing preprinted check stock.
• Easy to deploy and cost effective: Typical return on investment is less than twelve months.