System Introduction
Plexus has history to design and develop many automated system for the business operations of different industries. The diversity of our systems on the basis of their business knowledge has enabled us to meet the modernization needs of present era. Plexus has been honored to work for many of the market leaders of different industries. Considering the fact, it is always a complex task to understand their domain knowledge and intricate business activities. Plexus has designed a home Mortgage System after deeply analyzing the trend and requirement as well as the future aspects that would arise due to any statutory regulation or organizational benefit. Considering the dynamic needs of industry, our technical team had come up with a solution, which exploit the modern inclination of web based application design and used the strength of Oracle 10g database.
Solution’s Feature
Supports multiple property type for instance House, Flat, and Shop and others along with the diverse nature of processes like Construction, Purchase, and Renovation.
Supports calculate of profits in amortization schedule on the basis of fixed and floating rates.
Enables user to define different rates of all components engaged in amortization schedule.
Supports Islamic modes of amortization like Musharka and Murabaha.
Flexibility in managing the DBR and DER.
Solution automatically configures parameters of a new mortgage product.
System also has a facility that will allow administrator to add unlimited individuals in a single account without affecting its efficiency.
Report generation in PDf formats.
Vigorous security module, which restricts user to perceive irrelevant data.
A complete browser based application and enough flexible to be molded to any web based browser.
Solution is also geared with an MIS module with highly defined parameter that will result in offering flexibility to user and let them study the precise data of their desire.
Plexus had brought them a solution that provides complete automation of all business operations like, Customer Inquiry, Application Filing, Application Processing, Loan Approval & Rejection, Disbursement, Recovery Operations, De-centralized (Branch-based) Loan Accounting, and Integration with General Ledger System.
Customer Inquiry
Customer inquiry feature provide client a facility to fetch information from the walk-in customer regarding the amount they utilize and period of their repayment.
Application Filing
Application filling feature enables user to maintain a complete record of the following:
Lending Product
Applicant’s Personal Information
Mortgage Property
Lending Amount
Time Span of Re-payment
Application Processing
Application processing ability of system caters an organization to applicant’s income verification process. Moreover, it evaluates property and provides assistance in Work Cost Assessment and Valuation (incase of Renovation). It also generates Site Inspection Report, Credit Proposal, and Repayment Schedule (Musharika or murabaha based depending on the product)
Loan Approval & Rejection
With the help of this feature user can mark the status of any under process account by either approved or rejected.
Disbursement
This functionality lets user to merge multiple channels into one cheque. When user inputs information about Bank, Branch, Cheque No. and Cheque Date, the system itself will determine the amount. It also print Disbursement Voucher. Moreover, system maintains a separate provision Cheque Preparation and Cheque Issuance/Handover Date.
Recovery Operations
In this part system owns much functionality, which eventually benefits an organization by saving time and man power. Some of them are mentioned as under:
Post Date Cheques (PDC) Submission Advice for Bank
Manual PDC Status Marking
Auto PDC Status Marking
Record Collection if PDC Status is “Cleared”
De-centralized (Branch-based) Loan Accounting
This module allows user to manage the real time transactions in a customer’s account for instance, Debit Amount, Credit Amount, Amount Due and Default.
Integration with General Ledger System
This module facilitates user to automate the process of generating vouchers in the GL System under relevant account head.