Factual Data® Announces Credit Integration With Newgen Loan Origination System

LOVELAND, Colo.--(BUSINESS WIRE)--Factual Data, a leading provider of credit and verification services to the lending industry, today announced a credit integration with Newgen Software’s commercial loan origination system (LOS). Newgen has been serving banks and credit unions with its banking solutions, including consumer and commercial lending and online account opening, for the last 20 years.

Many of Newgen’s clients were previously handling the commercial lending journey using manual, time consuming methods. Using Newgen's retail lending software, these financial institutions were able to automate their end-to-end commercial lending process, from pre-screening, application processing, underwriting, closing to booking in a paperless and electronically-driven workflow environment. As there are multiple third-party systems involved in a lending cycle, it is important to have a real-time, two-way integration with these systems to deliver an optimal experience for financial institutions as well as borrowers, the company says. With this newly added integration with Factual Data, the Newgen LOS is able to instantaneously access credit reporting data from one, two, or all three credit bureaus along with liens and judgments from a single data source, eliminating the need for manual inquiries.

“This integration expands the reach of our mutual customers into the growing digital banking sector providing them with tools to help increase efficiency and consistency in accessing the credit reports and data verification services they need,” said Factual Data President, Jay Giesen.

“An automated and streamlined end-to-end commercial lending cycle is transformational for financial institutions. This integration allows Newgen to harness credit and data verification services from Factual Data and further streamline the process. The integration will help banks deliver an optimal experience to loan participants and reduce the application to disbursement turnaround time. We are pleased to work with Factual Data and look forward to working with them on current and future projects,” said Newgen Software Inc. COO Anand Raman.

“Our promise to our clients includes the peace of mind that comes with accessing industry trusted credit reporting data, and the ability to upload that information instantaneously,” Raman said. “We are excited to team up with Factual Data in fulfilling our commitment to making the lending process as seamless as possible.”

About Factual Data

Factual Data offers a diverse portfolio of consumer credit and verification services vital to the mortgage lending community and their consumers. Operating a proprietary platform with direct connections to the GSEs and a deep roster of interfaces with leading LOS and POS systems, Factual Data has the technical ability and expertise to stay at the forefront of the digital mortgage ecosystem and emerging technologies. For information, please visit www.factualdata.com and follow us on social media at LinkedIn.

About Newgen Software Technologies Limited

Newgen is a leading provider of low code digital automation platform. Globally, successful financial institutions, insurance, government, and shared services organizations rely on Newgen’s industry-recognized products and applications—to manage their processes (BPM), content (ECM), and communications (CCM)—for connected operations. From customer onboarding to service requests, from loans and deposits to underwriting, and many more, Newgen’s industry applications transform business-critical operations with agility. Newgen’s cloud-based platform enables digital transformation initiatives for superior customer experience, optimized costs, and improved efficiencies.