Enterprise-Grade Loan Management and Servicing Software

Loan servicing software is the backbone of loan management. It's a set of tools that allow loan servicers to track, manage and service their loan portfolio from one central location. This software enables businesses to keep better track of loan processing documents.

Moreover, perform loan tasks faster, and provide a better customer experience. This can result in increased loan servicing volume – thanks to happier loan customers.

It also allows loan servicers to reduce costs by making the loan servicing process more efficient and accurate. This can lead to reduced staffing levels or lower loan volume. By saving time and resources, this software frees up loan servicers to focus on other business areas.

Common Features of Loan Servicing Software

There are hundreds of loan servicing software solutions available across various providers. They all have different features, but they may share some common functionality.

Here is some features a loan servicing software includes:

Loan Servicing

Loan servicing software allows loan servicers to manage loan tasks, such as loan payments and escrow processing. It is easy to stay on top of loan processing because this provides reminders for upcoming tasks. It also notifies borrowers about updates to their loans.

Loan Tracking

This feature allows loan servicers to store loan details (including property info, loan terms, interest rates, etc.) in the central system. This ensures that loan transactions tasks are done correctly.

Client Management

Companies can use loan servicing software to track loan customer interactions, assign loan tasks to the right loan worker. Also, provide loan customers with accurate loan information and communicate loan updates quickly.

Payment Management

Loan payments may come from a variety of sources, including loan servicing fees and property taxes. Loan servicing software can automate payment processing and reporting and provide borrowers with an easy way to pay their loans online.

Document Management

Loan servicing software helps companies manage loan documents. This allows you to easily store, organize and review papers and track who has access to them.

Analytics and Reporting

Loan servicers use this to help them know what is going on with their loans. They can see reports and analytics about their loans. This makes it simpler for customers to pay their loans on time. People can also see the status of their loans and make sure they pay on time.

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Benefits and Potential Issues of Loan Servicing Tools

Benefits:

• Help you complete your loan tasks more efficiently and reduce costs.
• Make you able to talk to your customers better.
• Make the process easier and reduce complaints.
• Reduce your risk of loan delinquency, increasing the number of loans you're able to service.
• Help you keep better track of your loan portfolio, which means a higher likelihood of having accurate records.

Potential Issues:

• Time-consuming to train personnel on the new software.
• Take some time to get used to using loan servicing tools.
• Need to change your loan processing workflow to integrate different loan servicing tools and systems.

Evaluating Loan Servicing Solutions

Before you buy a loan service, make sure you think about the requirements. Then evaluate options. Various aspects should be considered when selecting the best software for your business.

Here are a few things you can consider:

Review Loan Servicing Software Based on Real User Experiences

Besides looking at reviews from independent sources, you can also ask people who use the same loan service if they like it. This will give you a better idea of how well the tool works.

Also, check online forums and social media for people's feedback on loan servicing solutions.

Determine the Most Important Capabilities

There are many different loan management solutions. Before you choose one, think carefully about what your business needs to work efficiently with loans.

Seek Advice from the Team to Identify Any Problems

If you choose a loan servicing solution that doesn't fit with your company's workflow, it will be challenging for you to use the tool. It is always best to ask your team members about their opinions and experiences. Their feedback is an essential factor in selecting the right loan servicing solution for your company.

What Are the Deployment Options for Loan Servicing Software?

Loan servicing software can be deployed in the cloud or on-premise. It's important to think about how fast and effortlessly you can use the solution when choosing a deployment option.

For example, SaaS is more popular than locally hosted versions because it takes less time to set up and deploy.

Secondly, on-premise deployment is more secure and can run on your system, but it requires a lot of time to install and manage.

Best Loan Management and Servicing Software

PrismERP 

PrismERP has popularity for its loan management software service. It has several loans and investment options. This system enables you to manage your business's loan and investment portfolios while mitigating risk.

On top of that, PrismERP allows you to create a variety of various loan types for your business. With their management software, you can track and manage through the system.

There are many ways to get loans for homes. There are corporate loans, property loans, EMIs, LATRs, and project loans too. PrismERP is integrated with several browsers and operating systems.

With a user-friendly nature, this system interface enables you to manage your business. It also comes with a variety of features for loan management software systems. This includes calculation tools, graphs, charts, schedules, forecasts, budgets, and more.

Types of Service It offers:

• Personal loan management
• Monthly installment loan
• Smart investment facility
• Business loan management
• Legal documentation procedure
• Bank loan statement

TurnKey Lender

TurnKey Lender is cloud-based management that has enhanced automation technologies. They have AI-driven alternative credit scoring and emphasize user experience. TurnKey Lender has customers in over 50 countries, and the list is expanding every day. They are a global pioneer in the field of Unified Lending Management.

Artificial intelligence-powered technology enables businesses to issue quick and secure loans. It needs no involvement with a bank or credit union. More importantly, the TurnKey Lender lending process is not only fast but also highly secure.

An average borrower evaluation and risk assessment only take 30 seconds to complete. Thanks to the traditional and alternative borrower evaluation approaches. The system is with proprietary machine learning algorithms.

Types of Service It offers:

• Traditional and alternative lending
• SME financing
• Grant administration
• Money lending
• Trade finance
• In-house financing

The Nortridge Loan System

The Nortridge Loan System is a corporate lending software. It helps you develop new loan product lines, expand into new markets. Also, automate repetitive operations to increase productivity.

The software is safe and feature-rich enough to earn the trust of large, publicly-traded lenders. They update the software regularly so that you can develop and react to change to meet the needs.

Notably, the Nortridge is perfect for lenders to small and medium-sized businesses. The loan system pricing begins at $1000.00 per user per month. However, there is no such thing as a "free" version of the software. But Nortridge Loan System provides a risk-free 14-day trial period.

Types of Service It offers:

• Branch-based lending
• Auto lending
• Consumer lending
• Educational lending
• Commercial lending
• Online lending

LoanPro

LoanPro's loan management software features include real-time amortization, verification tools, and storage. The users can utilize queries to retrieve and change existing data from data sets. Additionally, the platform enables clients to manage multiple payment methods. Such as cash, credit card, and e-check.

LoanPro is the only lending platform on the market that enables users to access their database instantly. It has unique designs around its modern REST API. With that, they simplify the process of data entry and retrieval.

Moreover, their advanced functions are user-friendly. And they maintain the status of your loans whether you're at the office or on the road. It also provides cutting-edge technologies to help you do your job more efficiently.

Types of Service It offers:

• Personal loan management
• Commercial lending
• Residential lending
• Property loans
• Time-based loans
• Project loan management

Margill Loan Manager

Margill Loan Manager is a Windows-based loan service and credit management application. It handles personal, business, intercompany, student, vehicle, litigation, mortgages, and lines of credit.

Here, customers can create their fee schedules using Margill Loan Manager. Users can set up email and SMS alerts and reminders for late payment penalties. And seek documents from clients such as financial statements or proof of insurance.

Several report types, such as amortization tables, record lists, accounting reports, statements, and invoices, as well as a fashionable dashboard, are available to users. You can also export to Excel or PDF for mass dissemination to clients.

Types of Service It offers

• Amortization schedule
• Regular and irregular payments
• Interest-only loans
• Escrow management
• Automatic fees
• Electronic payments

FileInvite

FileInvite is a cloud-based platform for businesses looking to automate requesting information and documents from their customers. FileInvite is entirely free to use. It has a scalable subscription-based pricing plan, ideal for providing financial services like loan and mortgage applications.

FileInvite enables you to upload a secure file and share it with a recipient or group of recipients. These recipients will have 24 hours to download the file, after which the link expires. Users can include an optional message along with their request. They automatically log all requests for record-keeping.

FileInvite is perfect for making requests and sharing documents. You can track who has viewed the file and when it was shared, all within the platform. It's a convenient way to make your document sharing efforts more efficient.

Types of Service It offers:

• Interpersonal data collection
• Secure information exchange
• Business data integration
• Loan management database
• Document submission
• Organization of file transfer

Conclusion

Loan management and servicing software is a good investment for many loan companies. With loan management solutions, you can provide borrowers with an easy way to pay their loans online. You can also reduce your risk of loan delinquency, which can increase the number of loans you're able to service.

It is critical to consider your specifications before choosing loan management software carefully. Also, it is best to conduct an evaluation of various loan management options and speak with your team members before you sign a deal.

FAQs

What Is Loan Servicing Software?

A loan servicing software is a vital tool for any business, especially those in the financial industry. This software helps companies take care of their customers' loans. It gives you options for different tasks that make it easier to do your job.

How Does Loan Management Software Work?

It enables you to consolidate your loans into a single one. It also helps you save money. Paying back the loan reduces your delinquency rates, giving you more credibility with your company.

Is Loan Management Software Important?

Yes, it's very important. It will assist you in managing all of your loans and save you money by consolidating the debt into one easily manageable loan.