Do banks hire consultants to help review and process loan applications?
Banking
Asked by Question Bot05/Mar/20151 answer
1 Answer
F
Faisal Khan
Answered 05/Mar/2015
Not the review process from an individual application point of view, but banks will occasionally hire consultants to review the loan application process (in accordance with the internal mandates) to improve upon the review process, specifically steps and/or mechanisms to be added into the process to mitigate risk on the loan portfolio.
Independent consultants, better known as ISO (Independent Sales Organization) will aid the bank as external workforce to market the loans and sign-up people. They essentially are marketeers who do the paper work and basic screening, before filing the loan application. The application will still go through the rigor and process the bank has set for review of all loan applications.
Independent consultants, better known as ISO (Independent Sales Organization) will aid the bank as external workforce to market the loans and sign-up people. They essentially are marketeers who do the paper work and basic screening, before filing the loan application. The application will still go through the rigor and process the bank has set for review of all loan applications.