A comprehensive loan management software can improve the quality of services and productivity, as well as help lenders make their operation more agile and transparent. This leads to operational costs reduction and better customer service. But it works even better if it’s enhanced with software that simplifies the convoluted accounting processes. It could prove to be one of your most important decisions.
A more streamlined and efficient lending process, saving you time and allowing you to focus more on growing your business. It would also mean happier customers whose loans are approved faster and with less hassle.
Let’s discuss about the top processes that Lender can automate and optimize for your lending operation.
- Loan origination: Lending software automates every step of origination, from application submission to risk evaluation, and from approval/denial to disbursing the funds.
- Loan processing: Although you’ll want some human involvement in the processing of the application, it’s best to automate as much as possible. This allows you to make better decisions based on automatic customer evaluations.
- Collateral management: Lending software covers the different collateral types that can be pledged as security for loan repayment, their valuation, and revaluation.
- Loan reporting: Lending software keeps you up-to-date on the status of each borrower, their loans, risks, and history.
- Regulatory compliance: Lending software controls the borrower’s quality, collects all the required documents, and keeps your business compliant from the start.
- Risk evaluation: Advanced solutions using machine learning and data make it possible for you to make the most accurate decisions possible.
- Underwriting: You can automate your underwriting with a credit scoring model that reduces credit risk and improves portfolio yield. Also, you can add your own scoring criteria to the software that customizes approvals based on your business needs.
- Account management: By updating customer information automatically every time there is a change of information or an overdue payment, account management is much easier.
- Signatures: Everyone’s already used to signing documents online, so you could automate the signing of the documents by integrating the software with e-signature platforms.
- Payment alerts: You can automatically send alerts to your customers about upcoming or overdue payments. You could also get alerts when there is any potential for bad debt.
Here we provide the list of top 10 loan software’s.
Encompass 360 is Ellie Mae’s all-in-one integrated solution that covers the loan lifecycle and provides one system of record so you can close compliant loans
2. Floify
Floify is an automation solution for the mortgage industry that streamlines the loan origination process by providing a secure communications and document management portal that is shared between lenders, borrowers, real estate agents, referral partners, and other loan stakeholders.
3. LendingPad
LendingPad Corp provides a complete suite of loan origination solutions for mortgage brokers, lenders, banks, and institutions. LendingPad is designed to streamline lending operations, strengthen communication, and reduce costs in mortgage lending.
TurnKey Lender is a global ULM (Unified Lending Management) leader. The company designs and develops intelligent award-winning software products that automate the entire lending process.
5. Snapdocs
Snapdocs is a digital closing platform that connects lenders and settlement so each can efficiently manage their closings and offer a referral-worthy experience for their shared customer, the borrower.
6. Calyx Point
Calyx is an established provider of compliant mortgage software solutions used by banks, credit unions, mortgage lenders, and brokerages nationwide.
Automation is the driving force for all businesses in the modern era. Organizations need to prepare for the change right now. Lenders should start focusing more on automating the process of origination and should using loan management software.
Looking for more information on integrating Encompass 360 with Velocify or need help in integrating right technology, leave us a message.
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.
