The LightBox Collateral360® and Baker Hill NextGen® integration: A Powerful Way to Streamline the Loan Origination Process

An integration between LightBox’s Collateral360® and the Baker Hill NextGen® loan origination platform will allow better communication, streamlining the loan process by eliminating redundancies and opening the door to a range of synergies and automations that benefit end users.

• Integrating Collateral360® with NextGen helps users avoid redundancy, prevent potential errors, and save time
• Managing loan and property due diligence on a single dashboard promotes synergy within a lending institution by providing individual stakeholders in a real estate transaction with high level insight into what is being worked on and by who, current status, and expected due dates
• Additional LightBox API’s connecting to ASC.gov help validate appraiser licenses and integrate with third-party vendors, allowing users to order flood evaluations and site inspection/asset verification without navigating to another website, calling, or sending an email. Order with a few mouse clicks

The integration of Baker Hill NextGen® and LightBox Collateral360®—a web-based application that helps lenders manage critical processes, risk, and compliance—will help both platforms better communicate with each other and facilitate the loan origination process.

Previously, banks using Baker Hill NextGen® or other solutions would start by gathering information and entering it into their systems. When they reached the due diligence portion of the loan process, they would manually re-enter all of this loan, property, and account information into the LightBox platform.

The integration streamlines the process by eliminating the need for duplicate data entry that can lead to errors. This is a major time-saver, because staff working on loans enter certain basic information, much of which overlaps, thousands of times. Making the process more efficient is a huge step forward—it eliminates a range of potential problems and creates major efficiencies. Banks increasingly want to deploy technologies that have this ability to “speak” to each other.

LightBox also offers APIs that can handle tasks typically tied into a bank's internal processes, such as checking the status of an existing order and alerting loan staff either via internal systems or on Collateral360® about any updates. Such automation saves further time and helps the bank close the loan faster. In addition, customers can significantly improve loan management workflow by performing tasks from a single dashboard. Collateral360® offers streamlined invoice management, customizable online review memos, trigger on status, automation of services, and task management-routing rule automation.

Collateral360® and our loan origination software APIs are designed to work with any system. Baker Hill and LightBox customers should contact their respective representatives to inquire about an integration and schedule a tandem demonstration.

Customers interested in Baker Hill’s loan origination platform can find out more at the company’s premier industry event, Prosper, set to take place in Scottsdale, Arizona, from April 23-25. Attendees will gain perspective on the status of the banking industry and where experts anticipate it will go in the coming months. Discover how to work with Baker Hill NextGen®, identify best practices, and explore a range of financial industry topics.

Future blogs will provide more detail about how LightBox data can benefit customers during the loan origination process.

Author Bio

Manage all your property due diligence and compliance from a single dashboard. From appraisal procurement and environmental reports to flood certificates, tax monitoring, and more, Collateral360 is a web-based application helping lenders better manage critical processes, risk, and compliance. As a compliance tool, Collateral360 allows lenders to build their policy into their workflow, ensuring each loan is managed to credit and risk policy.