If you’re searching for loan origination and management software that can increase productivity and decrease frustration, look no further than absVision. Our software has rich features and capabilities to maximize your employees’ time and help put money back in your pocket. Further, if you’re in the consumer finance industry, it’s likely that you have a team of loan officers who approve or deny loan applications. In addition to the loan origination and management software you use, your loan officers have a direct impact on the efficiency of your loan process! Consider these best practices to help your loan officers increase efficiency:
Analyze & Adjust Your Current Processes
Analyzing your current processes from an efficiency standpoint can help bring to light any inadequacies. We encourage you to get your loan officers involved, too! They are the ones working in this department 40+ hours every week, and they likely have ideas that could optimize efficiency. Here are two ideas:
Create checklists that your loan officers follow while reviewing loan applications. If every loan officer is following the same checklist, there will be an increase in consistency and decrease in procedural errors.
Map out your current process so you can see if there are any redundant steps. By eliminating redundancy, you are freeing up time for your loan officers to be more efficient.
Provide Opportunity for Further Training
We encourage you to invest in your team by providing opportunities for further education or training. By investing in your team, you can maximize employee retention and satisfaction while simultaneously helping your company by employing highly trained team members. Having a trained eye assessing loan applications can avoid costly mistakes in the future.
Use Decisioning Software
Automated decisioning software might be helpful for the more straightforward loans. This can optimize time and eliminate human error. However, more challenging loans will need an assessment and judgement from a person, which he or she will be equipped to do since they are fully trained and educated.