Loan software for lenders is designed to help you manage your loan portfolio. It gives you a centralized location where you can access your loans, view past and present payments and manage loan payments. With this software you will be able to give accurate, complete and timely responses to any communication from your lender. The benefits of this new loan software for lenders are several. For instance:
*Ease of use – This new loan software for lenders is easy to learn, use and maintain. Your lender will provide a tutorial to guide you through the steps of using this software. You will have a simplified management system where all your communications with your lender will be in one place. You will get quick answers to most common questions as well as being able to manage loans in an effective manner.
* FSA Compliant – Your loan software for lenders is compliant with the regulations set out by the Financial Services Authority. This is important if you want to continue doing business in the UK. The FSA has been a great supporter of the loan management system in the UK. This ensures that you will not lose your processing status or other fees because of non compliance with their regulations. This helps you to avoid unnecessary actions such as the closure of your account.
* Enhanced functionality – Most loan software for lenders come with some type of user experience improvement. For instance: advanced search functions that allow you to refine and limit your loan applications by choosing the appropriate category. If your credit unions have been accepted for membership, you will find improved functionality when it comes to creating, managing and organizing your portfolio. You will also see more options when it comes to servicing your loan applications.
* Process automation – The loan software for lenders that are able to provide process automation systems make your work much easier. This means that it is possible for you to automate the entire process. This includes: application approval, loan origination and servicing, and credit card authorization. This will make your work faster and more efficient.
* Electronic Asset Tracking – Real time analytics is important when it comes to providing valuable information to your loan officers. With electronic asset tracking, your lender can get real-time data on borrower activity including: number of borrowings, number of repayments and the amount of credit card transactions. This helps in improving your lender’s loan software for lenders functionality. The data provided can be used for your loan processors and to determine eligibility for new borrowers.
* Integrated loan management software – The Internet based loan management system will provide access to all your loan processing applications, your credit unions, and your banking infrastructure. This is in comparison to the traditional network based management software that has to be centrally located. The integrated loan software for lenders will help you to get real time quotes on all your loans. It also helps in managing the accounts and interest payments of the borrowers. It also allows for multiple loans to be processed at the same time which will save a lot of time.
* Smart Analytics – Real time analytics is very critical for any lender. This is because all your activities are captured with the help of smart analytics. The data from the smart analytics will be used to: reduce loan processing times, improve your customer service, increase your profitability, and improve the lender profile. The loan management system needs to include real-time analytics, or else the benefits provided by the software will not be fully realized by your lender.