What is loan management software?
An online loan management software, such as LoanPro, utilizes turnkey technology that is backed by strong encryption, wherein lenders seek out borrowers of a higher quality. Borrowers, in turn, can gain access to credit in a very convenient and secure manner. A well-oiled loan management system that reduces risk, eliminates human error, and enhances customer experience is why online loans are gaining widespread popularity in the lending industry.
Any loan management software worth the investment should meet certain criteria to earn the trust of both borrowers and lenders. Those who are unfamiliar with loan management software should review these major criteria before purchase.
Proper utilization of automation
A good loan management software will harness the power of automation to reduce the amount of time spent completing menial tasks. An automation software system should be able to analyze and track data based on which borrowers are using the lending program. This way, lenders can forecast the future of their businesses.
With online loan management systems like LoanPro, updates on events that occurred over the lifespan of a loan will be sent directly to you via email or text message. You can also customize your settings. If you’d prefer to set-up automatic payment methods, you can adjust these settings online or contact your lending company directly.
Eloquently-designed
Remember, time is money. Unless your loan company is incredibly tech-savvy, you’ll need to locate a loan management software that’s user-friendly, even if the backend of the software may be more complicated. As you compare and contrast loan management software providers, note that your software should never lag and should always provide an excellent user experience for all staff involved. This loan management software should also be customizable and should comply with the standards of your business, target consumer, or current borrower.
Loan management software offered by cloud-based servicing solutions like LoanPro provides real estate loan software that allows users to customize document templates to streamline printing-related tasks. You can even personalize the workflow of the program itself, in accordance with your company’s long-term goals.
Excellent customer service
Even the most efficient loan management software may require troubleshooting. Great loan management systems put borrowers in contact with lenders in a timely fashion and prioritize customer satisfaction and quality assurance.
Shorter processing times
One of the primary reasons customers opt to use a loan processor is for time-efficient processing. Unlike other methods, customers won’t have to wait in a line to process a loan. Instead, customers can simply go online, fill out some forms, and move on with their day. Any decent loan management software can be used in easy steps.
LoanPro takes this user-friendliness to a whole new level. This particular loan servicing solution allows customers the freedom to pay entirely in cash.
A sufficient data backup policy
Having your servers crash when you’re trying to run your business and process loans is a worst-case scenario. When reviewing different loan management systems, be sure to check out their data backup policy to ensure that they have several servers in the event of an unexpected crash.
LoanPro operates with standby databases in real-time. These databases automatically sync to multiple zones, even if the database itself is being managed in a single location. These loan management services also perform daily backups across multiple facilities.
Once these backups are completed, the loan management software confirms that the data has been stored successfully. All of the data stored in these files and uploaded to LoanPro can be retrieved up to the last 100 revisions of that document, image, or file. All retrieval protocols are currently based on Amazon’s product line, which is always subject to change. Thus, be sure to stay updated on their current policies.
Safety concerns should be addressed
Loan software programs should always be mindful of security protocols, especially when an increasing percentage of processors on the internet today scam their innocent customers. All legitimate loan management systems should mention how they plan to use data somewhere in their policy.
While LoanPro and other loan servicing solutions may use public data to improve their product line, LoanPro will never sell any sensitive information to a third party, so you’ll never be bombarded with random spam. The policy on a loan management software’s website should encourage users to educate themselves on their rights regarding their personal information. Don’t expose yourself to loan management software scams. Choose the right loan management software for your lending company.