Please check your network connection and .

Best Loan Servicing software

Finding the best Loan Servicing Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What Is Loan Servicing Software?

Loan origination and servicing software, also known as commercial loan servicing software for private lenders, is a software solution designed to help lenders and microfinance institutions improve their operational productivity. Loan processing software for private lenders enables you to manage your customers in different geographical locations through a unified platform. It not only simplifies loan management processes, but also enhances customer experience, and helps you make better evaluation decisions.

From lead management, loan document collection and organizing client data for underwriter, to evaluating potential borrowers’ viability, finalizing details, and keeping tabs on loan repayment, commercial loan collection software for private lenders supports a wide array of procedures.

Loan origination and servicing software are known for their cost-effectiveness, scalability, agility, and flexibility. Besides managing the different aspects of the loan portfolio, the best loan servicing software for private lenders eliminates the possibility of human error and provides a better user experience.

Nowadays, loan collection software is highly preferred by financial institutions and lenders for enhancing the efficacy and transparency of their money-lending solutions, and for improving the accuracy and speed of loan applications.

Features of Mortgage Loan Servicing Software for Small Lenders

Commercial loan underwriting software offers a suite of valuable features for enhancing customer service and boost operational efficiencies. The best loan servicing software for private lenders offers the following useful features:

1. Data Security:

Loan collection software for private lenders should be capable of protecting sensitive customer data. A fully-featured commercial loan tracking software comes with robust user security, network security, and physical security features to keep data loss and cyber attacks at bay. It also grants you the power to choose who can access your confidential data.

2. Contact Management:

Loan origination and servicing software offer contact management feature to help you reinforce your business relationships. This feature offered by mortgage loan servicing software for small lenders also helps you fine-tune client communication, and respond to potential clients faster.

3. Client Management:

This feature in loan origination software allows you to evaluate if a prospective borrower is eligible for a loan. Commercial loan collection software also enables you to carry out credit checks seamlessly to ensure if a potential client can handle borrowing money.

4. Online Payment:

Loan collection software for private lenders gives you the power to collect payments online within the loan collection software.

5. Loan Calculator:

This feature offered by mortgage loan assistant software for small lenders automatically calculates a borrower’s monthly EMI payments and the total interest paid by the borrower over the loan duration.

6. Bank Integration:

A good loan origination and servicing software system comes with a bank integration feature to facilitate a smooth lending process.

7. Mobile Application:

The best loan origination software comes with an integrated mobile application to simplify the collection process. Millennial customers prefer simple and easy to use platforms for managing loan history, interest rates, and other loan processes. Therefore, more and more lenders are embracing loan application software with an integrated mobile application to help borrowers manage their loan terms.

8. Document Management:

Gone are the days when money lenders used to maintain separate files for each loan customer. Mortgage loan servicing software for small lenders offers strong document management features to help you store, search, systematize, and recover loan-related documents with ease. This feature offered by the best loan servicing software for small business helps you track a lost document effortlessly.

9. Guarantor Management:

The loan origination and servicing software offer a guarantor management feature to help you access guarantor information as and when required.

10. Third-party Integration:

A high-performance loan underwriting software is compatible with all types of third-party solutions. This feature offered by loan origination and servicing software saves time and eliminates the need of manually exporting or importing data.

11. Investor Tracking:

With an efficient loan underwriting software for private lenders, you can keep a tab on investor allocations as well as investor certificates. At the same time, you can also track the total amount of capital invested.

12. Multichannel Communication:

The best loan tracking software offers this feature to enable you to create different notification templates for your clients. Multichannel communication feature enables you to send alerts and notifications to your clients via text messages, phone calls, as well as emails.

13. Credit Risk Assessment:

A comprehensive commercial loan application software systems offer a credit risk assessment feature to keep deceptive activities at bay. Loan collection software collects the prospective borrower’s data, and analyzes the same, thus automating the credit approval process.

14. GPS-based Location Tracking:

The best loan servicing software for small business come with a real-time GPS tracker to track collection agents easily.

15. 24/7 Technical Support:

Loan underwriting software for small business offers round the clock high-quality technical assistance to its customers. A highly proficient technical staff is assigned to resolve your queries and complex problems.

These are some of the impressive features offered by the best loan origination software for enhancing your money lending experience, and to make the process trouble-free. Apart from the features listed above, commercial loan servicing software for private lenders also offers certain basic features such as a built-in credit scoring tool, cross-browser compatibility, and multi-device compatibility. These handy features offered by loan assistant software not only simplify your tasks but also help you provide your clients with the best of your services.

Benefits of Using The Best Loan Servicing Tools

Commercial loan application software offers multiple benefits to financial institutions, money lenders, and debt collectors. Here are some of the remarkable benefits offered by mortgage loan tracking software for small lenders:

1. Reduces Paperwork:

When a physical document is misplaced or lost, it becomes extremely difficult to trace the lost document amidst countless physical files. Moreover, manually creating and managing files consume a lot of time and take more manpower for completing even the simplest errand. Mortgage loan processing software for small lenders helps you embrace paper-free practices so that you can eliminate all the challenges caused by paperwork. It facilitates quick and easy tracking of all documents and also saves time, thus, enabling you and your team to focus on more important tasks such as customer relationship management.

2. Mitigates Calculation Errors:

Loan underwriting software for private lenders maximizes automation and reduces the margin of errors to a great extent.

3. Multi-Currency Support:

The best loan assistant software offers multi-currency support to help you deal with loans in the currencies needed. This is a noteworthy feature for lending businesses that operate in multiple nations.

4. Boosts Revenue:

Mortgage loan processing software for small lenders helps you identify risks and keep tabs on the overdue loan amount. It also helps you devise strategies to handle emergencies efficiently. Since loan tracking software for small business enables you to work competently, you gradually witness a dramatic increase in your revenue.

5. Enhances Transparency:

Loan tracking for small business offer a unified platform for adding, storing, modifying, and managing borrowers’ information in the form of a database, which in turn, helps you track progress and analyze the stored data in the future. It helps you maintain transparency not only within your organization, but also between borrowers, regulators, and investors.

These are a few reasons why finding an efficient loan tracking software is essential for your business. If you want to grow and transform your financial institution, and add massive value to your business model, you should consider investing in a high-tech loan underwriting software for private lenders right away.

Countless loan underwriting software solutions are available in the market today. However, before investing in a loan application software for small business, make sure you pick one with a simple, intuitive, and clean user interface to make your loan management task easier.

Be sure to ask yourself the following questions when considering the purchase of commercial loan servicing software for small business:

  • Which specific features do you want in your loan origination and servicing software to advance your business processes?
  • Who will use the loan tracking software?
  • What is your budget for the new loan servicing software for small business?
  • Does the loan tracking software for small business support your long and short-term business goals?
  • Does the mortgage loan application software for small lenders offer reporting, credit scoring, and analytics tools?
  • Does the loan processing software for private lenders offer human customer service?
  • Does the vendor provide comprehensive training?
  • Does the vendor offer a free trial period so that you can assess the loan origination and servicing software before making the final purchase decision?

Asking these questions will help choose the best-fit software for your business. Here are a few more ways to find out if a loan origination software is really effective or not:

  • Read customer reviews about the commercial loan assistant software on reputable software review websites;
  • Do a bit of online research to find out if the loan origination and servicing software you are planning to purchase has bagged any prestigious industry awards.
  • Make sure the software is easy to install, learn, and use.
  • Make sure if your loan processing software can be customized according to your business requirements.
  • Find out if the loan underwriting software can be integrated with your ERP or CRM software.
  • Find out if the vendor offers a free software demo.

Last but not least, do not count on advertisements and information available on the vendor’s website when making a purchase decision. It is advisable to choose a commercial loan servicing software for private lenders that is versatile enough to work with different types of loan products.

A high-performance commercial underwriting software system is an asset for your business; therefore, you should carefully choose the best loan servicing software for small lenders by adhering to the tips mentioned above.

Showing 1 - 25 of 87 products

#1

TurnKey Lender

Visit Website

#2

AutoCloud

Free Demo

#3

LoanAssistant

Free Demo

Karan VasitaBy Karan Vasita | Last Updated: October 23, 2020

Cookies Policy | This website uses cookies to ensure you get the best experience on our website. Got it