Banks, credit unions, and auto finance dealers may often wonder how they can choose the best loan servicing vendor for their business. You’ll want to be sure to select a vendor who understands everything about the lending cycle and whose associates have a lot of experience. Consider only those vendors who are well-established and have a continuous focus on the lending industry.
Take the following things into account when thinking about how to select a loan servicing software vendor for your business:
- Cloud-based or on-site hosting
- Web-based UI
- Your short and long-term business needs
- Comprehensive servicing functionality
- Easy to deploy and easy to learn software
- 24/7 technology and customer service support
- Proven track record
- Features and functions your business needs