FAQs
Frequently asked questions about Shaw Systems loan managment software
What is Shaw Systems?
We produce loan servicing software. Shaw Systems provides a loan management platform, using our API’s to consolidate your servicing, collections, payment processing, lending CRM, and more into a single platform.
How is Shaw Systems different from other loan management software?
For over fifty years, Shaw Systems has been the leading provider of loan servicing systems. Unlike other software companies, we have always focused solely on servicing. This focus allowed us to create the most in-depth loan servicing software on the market.
Will I have access to my data?
Yes, Shaw Systems offers out-of-the-box reporting, drag-and-drop custom dashboards, and a fully open API, which means you can access your data at any moment. Almost all of our finance clients require access to real-time production data too. In Shaw’s single-tenant cloud offering, we provide secure and complete access to real-time production data.
What does converting to Shaw Systems look like?
Shaw has been performing conversions of live portfolios for decades. We’ve converted from every off-the-shelf and home-grown system under the sun. We know how to access your data, map it properly to a modern system, and create custom migration tools to automate the conversion to perfection. Our team of loan migration experts have handled hundreds of migrations and will be there with you every step of the way.
Can I try Shaw Systems before I buy?
By providing example loan data, we replicate the exact structure of your loan products to demonstrate how the system’s configuration can automate processes and keep you compliant.
Is Shaw Systems software secure?
Yes, our software is secure. We hold SOC 2 Type 2 certifications, which are renewed annually. These certifications require that we follow secure practices in code, hardware, and company operations. Shaw Systems also utilizes the latest in SSL, encryption, and security frameworks to make sure that all the data we host is always secure. Every single activity in and around the systems is tracked and logged so you can see who did what to the fraction of the second.
Does Shaw Systems do loan origination?
Being the North American leader in loan servicing software, an interface to your preferred originations system is part of 100% of our projects. We know very well how important the underwriting process is to your lending business, and Spectrum, our 3rd generation of loan servicing software was built with the ability to utilize any originations system your business is using today.
How much does Shaw Systems cost?
It depends. Shaw Systems subscription based pricing is designed to encourage you to use the system to its maximum potential without being worried about being nickel and dimed by technical metrics like API usage. You pay by the loan, so when the assets in your portfolio grow, so does Shaw. We’re tied directly to the health and success of our clients.
Can I make payments with Shaw Systems?
Yes, PCI and DSS compliant Secure Payments are directly integrated with different payment processors.
Can the Shaw Systems platform automatically notify borrowers?
Yes, our system can automatically generate statements, payment reminders, through a variety of formats. We have experience interfacing with dialers, omni-channel communications vendors, statement and letter printers, email services, and customer facing portals. Your borrower’s communication preferences will be tracked in Spectrum, and we’ll be the communications hub for your borrower.
Does Shaw Systems support electronic signatures?
Yes, Shaw Systems has an integration with DocuSign.
Can Shaw Systems handle loan configurations with different terms, down-payment amounts, interest rates, early payoff, term modifications, etc.?
Yes, Shaw Systems software is highly configurable. Custom workflows and rules can be created and applied across your entire account, per portfolio, or all the way down to a single loan. Even when the loan is live, changes can be made to meet complex needs; accommodate hardships, change due dates, create custom schedules, modify rates, and more. With Shaw, you’re in total control of the lending products you offer. Create them completely on your own without help required from Shaw. Test them in your TEST environment and deploy them into Production to easily answer the business’ lending innovation.
Does Shaw Systems support electronic signatures?
Yes, Shaw Systems has an integration with DocuSign. Shaw works with each client for automating the creation of physical/electronic documents.
Is Shaw Systems software secure?
Yes, our software is secure. We hold SOC 1 TYPE II and SOC 2 Type 2 certifications, which are renewed annually. These certifications require that we follow secure practices in code, hardware, and company operations. Shaw Systems also utilizes the latest in SSL, encryption, and security frameworks to make sure that all the data we host is always secure. Every single activity in and around the systems is tracked and logged so you can see who did what to the second. Shaw Security operations partners with Arctic Wolf to provide state-of-the-art cyber monitoring and security.
How is Shaw Systems different from other loan management software?
For over fifty years, Shaw Systems has been the leading provider of loan servicing systems. Unlike other software companies, we have always focused solely on servicing. This focus allowed us to create the most in-depth loan servicing software on the market. Our solution manages every aspect of the account servicing life-cycle through contract management, payment processing, customer service, delinquency management, recovery, and placement.
What is the average Time to Value (TtV) after go-live?
All of our clients will notice immediate benefits enhancing performance and lowering operational costs.
What type of reporting does Shaw support?
Shaw provides industry standard daily, monthly, yearly, on demand and client-specific reports from daily snapshot and production databases. Every client has a daily data warehouse file and some clients have real-time production data replication to a reporting database. All Shaw clients have custom reporting leveraging existing reporting tools interfaced to Spectrum data or by changing existing standard reports and having them produced automatically based on their chosen frequency.
Does Shaw support Workflow automation?
Yes. We typically deliver over 700 workflow process forms within our standard consumer finance configuration. Spectrum tools handle process flows which are automatically initiated, linear and branching.