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Our vision is to revolutionize and automate the loan servicing workflow of the global financial community.
4 Powerful Features of Shaw's Loan Servicing Software
Shaw’s loan servicing software offers many powerful features to make it easier for both lenders and borrowers. Our features highlight the importance of real-time enabled payments and processing, automated workflows, queue assignments, and pop-up alerts. Our software helps make lenders' jobs simple in multiple areas.
Here are four of the most powerful features of Shaw’s loan servicing software:
Real-Time Enabled
Everything happens in real-time with our software. For example, payments are applied in real-time, showing principal and interest splits to users and borrowers.Accounts are also handled in real-time. When an activity is applied to an account, the account is handled in real-time, moving it to the proper queue for its next treatment. Even backdating transactions happen in real-time as well. All previous transactions are unwound and reapplied appropriately and instantaneously. A complete, real-time audit of every field provides absolute transparency into how an account was impacted.
Real-time processing creates a better customer experience because it allows borrowers to make demographic or monetary transactions through a customer portal. Being able to make these changes in real-time means borrowers can see and understand the result of those transactions immediately.
Automated Workflows
Shaw offers automated workflows that make it easy for lenders to do their job. Workflows allow lenders to ensure accounts meeting certain criteria are managed exactly as desired. This is important because lenders want workflows to run smoothly with little else that needs to be done to perform specific tasks.Workflows ensure non-linear tasks are performed in an exact order. This guarantees valuable information or steps in a process are not missed, no matter what happens to the account. No longer does a lender need to worry about accounts slipping through the cracks.
Workflows can be created by business system analysts or system administrators allowing lenders to deploy new operational processes quickly.
Accounts can be in multiple workflows at once allowing operators to perform needed tasks and maintenance on accounts with multiple user requirements.
Workflows can help with compliance. Accounts in a workflow process may be delivered automatically to a manager's queue for approval, and then again in a later stage of the workflow. Spectrum workflows ensure that customer service representatives only take actions that are allowed based on the account status.
Queue Assignments
Shaw’s Spectrum loan servicing software provides an unlimited number of queues, and an unlimited number of queue criteria. This allows lenders to execute complex queueing strategies.Queues can perform automated activities. When an account meets a queue’s criterion it may enter the queue just for Spectrum to send the borrower a letter, for example.
Queues can be an added layer of security. When an account reaches a special status, that status may prevent it from finding other, common queues. This ensures that only the personnel who need to see it will see it.
Queues can help with compliance. Queues for different account types and statuses can be created on a per state basis. This allows users to understand which state they are working in, and further ensure those state regulations are being followed.
Pop-Up Alerts
Shaw’s pop-up alerts in our software help lenders in many ways. Lender-generated pop-up alerts allow lenders to alert users of special statuses. For example, a lender might see a pop-up that says, “this account requires a Mini-Miranda". The alert itself can contain the script the user must read.Pop-Ups aid in training of new users. New users can work queues with additional pop-ups, making them aware of valuable information with which a more experienced user might be more familiar.
Pop-Ups can help with customer service. For example, a pop-up can be quickly created for all accounts within a disaster zone. This would allow users to understand both the hardship of the borrower and the lender's policy towards borrowers in impacted areas.
Shaw offers these excellent features and many more. If you are curious about these features or any others that we offer, please reach out to us. We would love to answer any questions you have about our loan servicing software and how it can help you.
To learn more about Shaw Systems and our loan servicing software, contact us at solutions@shawsystems.com or at 713.782.7730. We look forward to hearing from you!