RETAIL Loan Servicing Software Updates

RETAIL Loan Servicing Software Updates

Retail Loan Servicing Software Updates

There are several RETAIL loan servicing software updates we’ve made in our latest release. Here’s what we’ve updated and/or added:

  • Enhanced overpayment processing – This enhancement provides for automatically posting of a payment to a loan account and posting the payment as an overpayment, which is automatically disbursed back to the customer. Check payments can be made on loans that have already been closed. This enhancement allows the file adapter to post these transactions by automatically re-opening the loan and posting the transaction in order to avoid manual transaction entry. This modification is applicable to RETAIL loans.
  • Enhanced promotional pricing functionality – Expanded functionality was added to the current implemented Rate Promotion process. This expansion encompasses additional fields on the loan to provide more transparency of the accrual rates during the promotion period and additional processing for accounts that become delinquent or SCRA-eligible during the promotion period.
  • Service fee criteria moved from the process control to the loan level – To accommodate greater flexibility with service fee functionality, the Service Fee Computation Method and the Service Fee Percentage were moved from the process control level to the loan. This allows service fee assessment criteria to be loaded at the loan level instead of defaulting from a process control at boarding.
  • Get loan details web service – This web service requires the account number as input. Our RETAIL loan servicing software looks up the account and creates a transaction against the loan. The transaction is marked as an internal transaction; therefore the transaction will not show on the account summary but is still available for online searches and saved to the database. The transaction is marked to send an outbound message via Rabbit MQ and the full loan detail information is available for the message.

Interested in our loan servicing software? Shaw invites you to experience the knowledge, service, and expertise that others have known since 1967 at Shaw Systems. Please don’t hesitate to call us if we can be of assistance. You can reach us at 713.782.7730 or solutions@shawsystems.com.