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How Shaw Software Helps Lenders with Repossession: Decision-Making Process
In this edition of Shaw's blog, we will examine how our software helps lenders with the decision-making process of repossession. This is the second of four blog posts in a series that details how Shaw's software helps lenders with the repossession process. If you would like to read the other posts in the series you can find it on our blog at How Shaw Software Helps Lenders with Repossession: An Overview and How Shaw Software Helps Lenders with Repossession: Assignment.Shaw’s Spectrum loan servicing software can help lenders with the decision-making process of repossession by making it quick and easy. Lenders do not typically have technology in place that allows them to consider all the variables involved in the repossession decision-making process. With our software lenders have access to all the information they need to make the best decision possible. Shaw's clients can automate the decision-making process while also adding control and visibility.
The decision to repossess is important because there is so much at stake. A company's reputation, all the expenses associated with the process, and regulation and compliance concerns that need to be considered. Spectrum allows much of the decision-making process to be automated, leaving our lending clients with the ability to target those borrowers who can be helped to avoid repossession.
It can be very complicated for lenders to decide to repossess. The decision-making process takes a lot of different factors into account. Factors taken into consideration during the decision-making process include things like:
Shaw’s Spectrum software makes the decision to repossess effortless. Spectrum helps lenders with the decision-making process by offering software that has highly configurable screens and workflows that streamline the process to ensure every single step in the decision-making process has been followed on every account. With Spectrum lenders can have multiple active assignments and track assignments separately. Spectrum allows lenders to easily access information and share information in real time.
Shaw’s software fully automates the process of sending right to cure letters to borrowers. It has rules that you can set and forget. In case repossession is needed lenders need this process automated. Also, Shaw offers an optional iRepo service. iRepo is a repo aggregator that uses algorithms to help find vehicles. The iRepo integration allows information to be sent back and forth to Spectrum in real time. Lenders can establish and configure rules in Spectrum and communicate directly with repo agents in the field.
Trying to decide as a lender whether to repossess or not is an important and complex job. Shaw can help provide the solution you need to make your job easier. If you’re interested in learning more about Shaw’s Spectrum loan servicing software, please email us at solutions@shawsystems.com.