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Our vision is to revolutionize and automate the loan servicing workflow of the global financial community.
Best Practices Selecting Loan Servicing Software
Loan servicing software manages and automates the tasks involved in servicing loans. The software is used by banks, credit unions, and other financial institutions that offer loans to their customers. It is essential to select the right loan servicing software based on each business’s specific needs, such as loan portfolio and loan servicing operations.
Assessing Your Business Needs
When assessing your business needs, you should consider the types of loans your business offers and the types of loans a vendor services. You also need to know the number of loans serviced to ensure a vendor can accommodate your volume of business. Other factors that need to be accounted for are the types of payments accepted, reporting requirements, and compliance regulations.
Key Features to Look For
Think about and ask the following types of questions regarding different key features when selecting the best loan servicing software for your business:
Other key features you want to look for and ask about are security, data protection, and customer support and training. You want to be sure that the borrower’s information is secure and protected and that customer support is offered every step of the way. You will also want to be sure the technology is in place to expand business volume and technology moving forward. For example, if there is new borrower data I can consume, what is the likelihood that the software will be able to accommodate the technology?
Selecting the Right Vendor
Selecting the right vendor makes all the difference in a business’s day-to-day experience with loan servicing software. Look for a vendor with many years of experience and a good reputation for providing quality software and customer support.
To get an idea about whether or not a potential vendor would be a good fit for your business, ask if they service peers of similar size and complexity in your industry. You may also want to know if they service lenders larger and more complex than you to understand their potential handling of your future growth. You will also want to ask about the vendor’s support and implementation process. Include contract terms and pricing information to fully understand what they offer.
Implementation and Adoption of Software
When considering all your vendor options and picking which is best for your business, you should take into account the implementation and adoption of the software. Be sure to ask about pre-implementation planning, training, onboarding, and post-implementation monitoring and optimization.
Selecting the best loan servicing software solution for your business is a big decision that should not be taken lightly. There are many different factors to consider and various features to think about. Shaw Systems understands this well, as we have been in this space for over 50 years. We will work to provide you with everything you need to know to make the best decision for your business. If you'd like to learn more about our loan servicing software, or how we can help you, contact us at solutions@shawsystems.com.