Is it more cost effective to have a loan origination software built in house or use external software?
Is it more cost-effective to have loan origination software built in-house or use external software?
Origination software may be a new term for entrepreneurs looking to join the loan management industry therefore to contextualise; origin software is essentially a platform for managing and automating different states of the loan cycle. If you’ve had a look through our software, you will realise that that is exactly what we provide to clients all over the world.
It is also important to note that origination software has many different branches such as
consumer loan origination software or bank loan origination software but it is safe to assume that the core of origination software tends to stay the same and the modules surrounding it are what give us the interfaces we are used to.
When it comes to software pricing, it can vary drastically depending on the years of experience and the complexity of the different software. No two will ever be the same as every company will want their specific modules and integrations.
As one can imagine, creating origination software is not an easy task and requires many skilled programmers working tirelessly for a number of years which racks up a substantial bill for anyone looking to enter the industry.
Because of the disproportional costs of creating your very own origination software and the amounts of documents one would have to fill, the licences one would need to get and the work hours that one would have to finance and put in there are suppliers, like us, that offer the software as a core package followed by specific module ad-ons which are relevant to you, your business and your clients.
Conclusively, if you are attempting to enter the market, it is best to stick to suppliers to benefit from their knowledge in the subject area, the years of expertise and the massive savings on time and cost if you were to build it on your own.
To find out more about our origination software, please schedule your free demo with one of our programmers HERE
Innovation Centre, Knowledge Gateway
Boundary Rd, Colchester CO4 3ZQ, UK +447494373733