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Our vision is to revolutionize and automate the loan servicing workflow of the global financial community.
Top 5 Shaw Spectrum Software Product Features
Shaw’s Spectrum loan servicing software has a wide range of product features available to clients. We want to highlight five of these features, as shown below.1. Versatility of lending product
Spectrum offers a lot of versatility when it comes to our lending product. Clients can manage many diverse types of loans, including simple and complex loans. Spectrum manages everything from simple interest loans to revolving and non-revolving lines of credit, multi-stage loans, and precomputed loans.
2. Complete servicing lifecycle
Spectrum allows lenders to effectively manage loans in various stages of the loan servicing lifecycle. Clients can manage a loan using Spectrum servicing software from the time the loan is boarded to when it reaches maturity. Our software gives clients a full view of the lifecycle of each loan and accounts for everything needed to manage it effectively. It also allows for loan management of both collections and recovery. Clients can rest assured if an account is in collections Spectrum will provide the right tool to make their job as simple as possible.
Spectrum also offers these servicing features:
3. Workflows
Workflows allow the user to view the full picture of account information easily and all on one screen. Spectrum allows lenders to view transaction history along with all account information. Lenders can attach documents to transactions and can see the document later right in the system. They can also reverse transactions in one click and see a summary of details. All previous search details are shown in the searches tab. Spectrum has many helpful capabilities, like the ability to snapshot fields and put them directly into a transaction. Our workflows are unlimited and highly configurable to meet each unique client’s needs.
4. API driven architecture
Shaw Spectrum has an API driven architecture. In an API driven architecture, functionality available in the UI can be called via API. The APIs are the business logical components of the system. API architecture allows for an interface to be built that exposes backend data and application functionality for use in new applications. With an API-first architecture, you can create applications that are modular and reusable. This means that everything can be made easily accessible via APIs. Shaw’s Spectrum software utilizes API-first technologies, making it easier to manage loans.
5. Loan servicing automation
Loan servicing automation is critical so clients can save time and money streamlining as much as possible. Automation also helps clients comply with regulations and differentiate special situations on loan accounts. For example, when someone has filed for bankruptcy, a user can mark the person’s account so they are no longer contacted, and you cannot take payment from them anymore. This is important because borrowers who have filed for bankruptcy are not supposed to be contacted for collections legally.
Another example of a special situation is marking an account for SCRA (Servicemembers Civil Relief Act). This shows that a borrower is under special protection regarding their loan accounts because they are actively serving in the military, and different rules apply to them.
Loan servicing automation can also be utilized when pulling information from or sending information to credit bureaus and sending cease and desist letters when needed.
All these features and more are available in Shaw’s Spectrum loan servicing software. These are just the top five that we would like to highlight that can make a big difference in managing loans. If you'd like to learn more about our loan servicing software, or how we can help you, email us at solutions@shawsystems.com.