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Loan Servicing Software
Modern-day bankers and lenders have increasingly turned to computer software programs in an effort to organize and automate the complex and often repetitive process of loan servicing. While it is true that every loan is different, the basic servicing functions are relatively static and any deviations from the norm can ideally be dialed in to the loan servicing software. It can also be stated that as more and more bankers and lenders turn to loan servicing software to manage their loan portfolios, the more important it is for those who have not taken the plunge to “get with the program” in the interest of compatibility and interactivity.
By organizing and actively controlling large or small loan portfolios, loan servicing software frees up bankers and lenders to pursue new opportunities instead of becoming bogged down in simple management functions. What's more, the application of loan servicing software is a very cost effective method of managing loan portfolios of any size. The best loan servicing software packages can handle a wide variety of loans and offer a range of flexibility options when it comes to reporting and generating remittances from investors. The user can choose from dozens, even hundreds in the better quality packages of off the shelf reports that can be quickly and easily customized for each individual loan. Loan Servicing Software Features Most loans fall into three categories:
Loan servicing software has built-in features that can effectively service all three major loan types, and in some cases other, less common types of loans as well. Aside from the typical prime function of recoding, tracking and importing borrower payments, the software will pay various impounds and escrows as required. Of course, interest rates are always in flux and one minor rate change will affect many borrowers. Loan servicing software usually has a handy feature that composes, sends, and prints customized Rate Change letters for every relevant borrower. Automating Collection As any lender knows, the process of collection is the necessary other side of the coin when it comes to loans, and is at the same time one of the most problematic. Automating the collection process through the use of loan servicing software speeds up the collection process by printing Payment Reminder letters in a timely manner, and includes an Instant Payoff Calculation that makes it easier for borrowers to pay off a loan in the exact amount. Some programs take the stress out of collections by enabling online follow-up with late payers and precisely monitoring the state of a borrower's payments and alerting the user when specific measures need to be taken. All in all, it can be said that a good loan servicing software program is the lender's best friend by providing relief from stress, increased productivity and substantial savings in time and money.
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