Loan Servicing Software Updates

Loan Servicing Software Updates

shaw systems associates

There are several loan servicing software updates we’ve made in our latest release. These updates affect more than one of our loan servicing software products including: RETAIL, COMMERCIAL, COLLECTIONS, and RECOVERY.

Here’s what we’ve updated and/or added:

  • New chargeback status indicator and chargeback flag – A new chargeback status indicator and chargeback flag have been added to the software. While there may be other business needs for using the new software chargeback status processing, one example is the handling of loan disputes.
  • Updated payment dashboard features – This enhancement addresses the need to create a payment schedule on an account that is not tied directly to the account’s existing payment schedule. Currently in our software, a payment draft can be configured to occur based on dates specified on an account’s payment schedule. These dates can be adjusted by specifying lead days on the payment draft process control the payment draft is tied to. Payment drafts configured this way will occur the same way for the duration of the payment schedule and cannot be individually adjusted. The other way a payment draft can occur is to specify a single payment draft to occur on a specified date. This occurs only a single time and is not tied to any schedule.
  • Queueing enhancements – Several updates made including:
    • Enhanced sorting in Scan-a-queue: When multiple pages of results are returned, sorting is across all pages, not just the page displayed.
    • Improved navigation in and out of queue mode: When leaving scan queue for an item and then returning, the user is now returned to the same queue on the correct page of results. The queue remains filtered as it was when the item was initially selected from the list.
    • The searching/sorting feature was added to the Bulk Queue Re-assignment screen: In addition, a new field was added to that screen which enables users to pick the type of queue they would like to work to ensure only appropriate queues are displayed for reassignment.
  • Limit reason code types by input set – This modification lets the client configure a list of reason codes that are allowed for a given input set. Similar to the allowable transaction list that is currently appended to an input set, an allowable reason code list may be optionally appended to an input set definition.
  • Standardize all notes and comments within SPECTRUM activity entry screen – Within the software’s Activity Entry screen, the label “Comments” was removed and the labels now consistently reflect only “Notes.” Also when adding/retrieving/displaying notes by clicking the Notes icon on the page, all notes associated with the account are shown. The consistency of reflecting to “Notes,” not “Comments,” has been updated throughout the user interface.
  • Broken promises on account displays – This feature adds the Broken Promises list in a separate category on Loans, Shadows, Charge-offs, and non-SOR account display screens. Each broken promise is listed with the Promise Date, the Promise Grace Days, the Promise Broken Date, the original amount of the promise, the amount paid (if any), and the operator who took the promise.
  • Allow a follow-up time in the future – Functionality was added to allow for a follow-up on an activity to be set a certain number of minutes in the future and have that account pop up when working or scanning a queue. This functionality is helpful when collecting on accounts and there is a need to “snooze” the account for a certain number of minutes before getting back to working the account. A scenario would be a borrower saying, “Call me back in 15 minutes,” or hearing a borrower may be home from work in an hour.
  • Implement click-sort across multiple results sets in static screens – Functionality was added to support the Move Follow-up Items and the Scan Queue static screens.
  • New security views added – Several new types of security views were added.

*For a complete list of changes, please read the release notes which are available to our customers via Confluence.

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.