If there are two things businesses wish they had more of, they are time and money. Luckily, companies that provide consumer financing to their customers can increase both by utilizing exceptional lending software.
A superior LOS that increases accuracy and efficiency boosts the number of loan applications you can process. This, in turn, improves the number of loans you can originate and manage, which can expand company revenue exponentially.
Time is money, so let’s look at how loan origination software can promote efficiency, thus increasing your bottom line.
How Does Loan Origination Software Save Time?
Comprehensive loan origination software relies on several components to streamline the lending process, from application to management, for your team and your clients. One leading feature of loan origination software that saves time and money throughout the life of a customer’s loan is the integration of responsive APIs.
APIs, or Application Programming Interfaces, are mechanisms that allow your lending software to communicate with other software to share and evaluate pertinent information. APIs are crucial to streamlining every phase of the life of the loan, as they help lenders avoid the time-consuming effort it would take to create and manage loans without them. APIs also save time by assisting with accuracy, which diminishes errors often made through traditional lending methods.
APIs often involved in lending software include:
Onboarding APIs help in the decisioning process by quickly gathering client information and presenting it to the lender. An onboarding API streamlines the processes for completing loan calculations, estimating loan durations, and transitioning the customer from applicant to borrower.
Underwriting APIs collect and process a borrower’s credit data, allowing you to make faster decisions with increased confidence and helping you minimize risk.
Loan Fulfillment APIs
Loan Fulfillment APIs maintain a borrower’s information for billing and payment processing throughout the life of the loan. These APIs ensure accurate debits and credits every billing cycle.
Loan Collection APIs
Loan Collection APIs provide borrower information to collection agencies if payments stop and the account defaults. These APIs help you mitigate loss and recover debts.
From the decisioning phase to receiving the final payment, APIs help you manage loans without the headache of time wasted manually completing necessary tasks or correcting errors.
Are you ready to see how time-saving and cost-effective loan origination software can be? Speak to ABS about absVision.
absVision is upgraded, powerful lending software with robust capabilities to suit all your consumer financing needs. Save time and earn more by speaking to our experts today: 800-727-7534