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CRIF Lending Solutions Blog

Expert Insight. Forward thinking. Trusted perspective.

Why Dynamic Mapping is So Important for Loan Software-Core System Integration

As many of you are aware, streamlined and user-friendly core system integration for your loan software is critical if you want to maximize speed and consumer convenience. August’s three-part series detailed 12 of the most important things to consider when trying to optimize your core system-loan origination system integration.

In last month’s webinar, our team explained why dynamic mapping is also very important for getting the most out of your core integration – specifically for Symitar core systems. Most interfaces available today are designed to push or pull information between platforms by using a static, hard-mapping approach. As a result, transactions used to create new accounts are rigid, meaning there’s no flexibility to include more or less data depending on the application. If an application was originally configured to require 30 fields, then that’s going to be the case every time.

To make changes in a platform utilizing hard-coded logic, users must submit a request to the software provider. This type of service request can take months to complete and approve, and it might also require additional fees.

What is dynamic mapping?

Dynamic mapping is the antithesis of hard-coded logic and puts more control in the user’s hands. Users decide which data to import or export as well as where it is sent. For importing purposes, users dictate which data to pull from a core system to populate various application fields in the loan software. For exports, this means that users get to decide which fields in the loan origination system map to certain fields or records in the customer/member account.

One example of when this is very useful is for approvals. If an institution’s underwriter approves a loan and the underwriter’s ID from the loan software needs to be mapped to the approval-code field in the core system, then it’s easy with hard-coded logic. However, requirements often vary depending on the institution and may call for the underwriter’s ID to go to a different field. Dynamic mapping allows for this level of customization.

It also allows users to capture more data for certain records, as opposed to default mapping. Dynamic mapping allows for creating more robust and complete records. “In my five and a half to six years of working with customers in Symitar, I have yet to come across two customers that set up their accounts exactly the same way,” John Cosgrove, senior business analyst and compliance officer for our ACTion team, said during last month’s webinar. “Sure, certain records and fields are used commonly such as [basic name and demographical information]. But when it comes to more of the Symitar-centric fields that you don’t actually get from the application in [any loan origination system], that’s where dynamic mapping can really shine.”

With more complete records, users don’t have to complete so much manual data entry. Another benefit is that conditional logic can be used with dynamic mapping to control when subsets of information are sent to the core system. For example, some institutions only want to create loan pledge name records under the customer or member account whenever a cosigner is present on the loan. Some may even want a different party on the application. With dynamic mapping and conditional logic, you can tell the system what kind of fields you want from the loan software and pushed to the core system. In certain instances, if it’s a vehicle loan where tracking records are needed to store collateral information, then you have the ability to configure the fields that need to be mapped.

Moving forward

When it comes to speed, accuracy and convenience, dynamic mapping is essential for any financial institution looking to maximize benefits of its loan software-core system integration. Our ACTion team has developed the industry’s leading dynamic mapping functionality for integration of our ACTion platform with Symitar core systems. For more information on how dynamic mapping works, including a demo, please click the button below to request a link to our webinar recording.

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Photo Credit: Kenneth Lu

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Complimentary Webinar: Learn How SECU Achieved Smart Growth for its Indirect Lending Program

Please join James (Toby) Smith, Vice President of Lending for SECU, and Dave Bazeley from our CRIF Select team Tuesday, Oct. 24, at 2 p.m. ET for a complimentary webinar where we will explain how SECU increased application volume from 955 to 2,088 applications each month and funding amounts from $101.5 million to $238.8 million -- all within the first year.

“It really helped us transition from exponential growth to smart growth,” Smith said. “CRIF Select’s expertise played a tremendous role in that process.”

Register  Today!