St Cloud, MN, June 21, 2005 - 401kLoans, LLC today announced a number of TPAs are operating its Loan Origination and Documentation System (LODS). The product offering delivers added functionality TPAs need to stay competitive while managing the compliance risks associated with loan origination administration.
Ken Ingham., president and CEO at Ingham Group, stated, "We choose LODS because we always want to make it as easy as possible for our clients to work with Ingham Group. Participant loans are a part of the business we all would like to forget about but for obvious reasons can't. 401kLoans really knows the business and helped us streamline our loan processing and improve upon our compliance requirements. We needed help with both of these areas and 401kLoans was the solution."
The Loan Origination and Documentation System (LODS) offers a complete, on-line experience for the participant, as well as the service provider. E-commerce best practices are paired with electronic signature capability to take the industry beyond paperless loans, to the virtual loan. Loan application, review, and closing are all completed on-line while providing the applicant with the important disclosures and documents required by federal and state law.
"Profitable growth, customer loyalty, and outperforming our competitors are three things we analyze constantly and LODS helped us achieve each of these. We knew we needed to improve our loan processing. It was costly for us and frustrated our clients. When we learned of 401kLoans we knew it was a perfect fit," noted Goldleaf Partners, Director of Operations, John Olsen . "And our clients love using it," he added.
401kLoans CEO Scott Warzecha added, "We are extremely pleased with the feedback we are receiving from the early adopters of our software. Executives are concerned with exposing their clients to compliance issues related to participant loans and managers are looking for ways to improve efficiencywe're proving to be what they're seeking."