You should never choose loan origination software without analyzing it first. Here are 4 questions to ask about the loan origination and management software you’re interested in:
1. Is The Loan Origination Software User-Friendly?
No one wants to equip their team with a LOS that is difficult to use or hard to understand. When you are looking for a loan origination software to use within your company, be sure to consider features like:
- Automation capabilities
- Application Programming Interfaces (APIs)
- Configuration options
These features and more will simplify, accelerate, and improve each step of the origination process.
2. Will the Loan Origination Software Improve the Origination Process for My Team?
Your LOS should add huge improvements and advantages to the origination process. Look for software that features automation. Loan origination software that uses automation reduces the time it takes to collect and store customer data. It also minimizes human error in the process.
Further, improve processes by ensuring the software utilizes an API or Application Programming Interface. APIs work as a middleman for systems to communicate with one another, gathering info and inputting data into your program.
3. Can The Loan Origination Software Also Handle Loan Management?
Along with origination, your team and customers will benefit from software that handles all aspects of loan management. Check on the software’s capabilities in collections, reporting, data exporting, and all other components of managing the loan.
4. Will the Loan Origination Software Fit My Company?
You want to be sure your LOS will work for your company. Whether your industry involves auto finance, consumer lending, real estate, or retail installment, you want to know that your software can handle the aspects of loan origination and management that you need it to. Loan origination software that allows for configuration will align with any credit rules, regulations, or similar factors you set up.
absVision answers YES to these important questions for loan origination software.
Allied Business Systems offers absVision, a simple-to-use, full-scale loan origination and management software that meets all your lending needs. If you’d like to learn more or ask specific questions about its capabilities, talk to us today: 1-800-727-7534