As markets change, lenders and originators who are best suited to adapt their business
remain the most competitive. InRule provides a window to look into the IT applications
that support the business, allowing underwriters, claims managers and other business
users to create and maintain the rules, calculations and logic that drive the competitive
mortgage business today.
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What is a 'rule engine'?
InRule helps improve business agility by externalising and automating complex decision
logic and calculations. More simply, any IT application has complex rules often
deeply embedded in the code. The InRule approach is to take these rules out of the
application into a rule engine, where the logic and calculations are executed. Better
still, these rules are then able to be modified by non-IT people.
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Why is it relevant to mortgages?
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- Lenders and originators often need quick answers in a highly competitive
lending environment. InRule helps automate traditionally manual activities and is
able to work with disparate systems.
- Financial Services firms need to get new products and services out
to market quickly. By giving control of system logic to the people who best understand
these new offerings, systems are implemented better and faster.
- Financial Services systems need to perform complex calculations
quickly.
- Control costs through automating routine tasks. • Reduce risks by
promoting consistency between rules and business conditions.
- Increase speed and flexibility by getting analysts closer to the
rules that systems use.
- Provide a framework for rapidly developing dynamic customer facing
systems.
- Make the logic in calculation intensive applications easier to create,
manage,and embed. Expedite eligibility, rating, and product selection decisions.
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How does it work?
Developers and business analysts share a common rule catalog and server. Developers
code applications to execute the rules (eg; rating calculations) based on data that’s
input by end users. Underwriters use the irAuthor tool to make changes to the rates,
logic, or calculation methods, and test the rules using the in-built irVerify tool.
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Some Examples?
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Eligibility
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Preliminary considerations required to enable decision in principle
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Application details verification
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Avoidance of costly and time-consuming application details errors
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Product selection
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Selection of products based on eligibility and DIP information
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Document verification
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Checklist that all relevant documents have been requested/provided
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Identification of training needs
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Understanding of where further training for operations staff may be required
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Real-time context specific help
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Ability to provide help at specific junctures in the mortgage application process
to operations staff
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Web services
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Interact with third party data sources from within rules
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Revision promotion
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Promote new rules from test to production environments
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Rule Versions and Historical Data Analysis
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Create dated versions of rules. Run historical data through for as-of results
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BPM Integration
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Integrate rules with existing or new business process management systems.
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Audit Trail
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Archive the results of every decision for compliance auditing purposes
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Who Uses InRule?
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First Again is the creator of The AnythingLoan, a competitively priced "unsecured"
loan for customers with excellent credit. The benefit for customers is that they
get a loan with no hassles and no high rates where everything is done online and
funding is sometimes completed the same day
First Again's key requirements centered around managing the varied state-specific
regulations that change frequently, ensuring privacy while preventing fraud and
keeping operating costs low. InRule helped deliver FirstAgain's "Revolutionary"
new product by providing the following benefits:
- Agile application enablement - changes in variables can be reflected
quickly in the application and change control occurs efficiently and securely
- Reduces the burden on IT by saving several months of multiple-developer
efforts and eliminating the need for recompiles
- Allowed FirstAgain to focus on their core strengths of product innovation
and exceptional customer service
 Founded
in 1980, MortgageFlex Systems, Inc., USA, Jacksonville, Florida, is a leading provider
of innovative software and systems solutions for the lending industry. The LoanQuest
product platform includes web-based B2C and B2B access, Point of Sale access, a
full-featured LOS, an advanced Secondary Marketing system, and a web-based Servicing
and REO system. InRule is embedded in LoanQuest .NET.
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Try it yourself
Download the software. It's simple to install and you can try the example applications
including a simple rate calculation program.
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