Choosing loan origination and management software (LOS & LMS) is no small chore. This software can help your employees work more efficiently and your company be more profitable! Several features it should have include:
- Configurable decisioning rules
- Detailed financial reports
- Informative notices
Let’s dive into the details:
Your LOS should possess automation.
In the LOS world, consistency is a must for profit, returning customers, and safeguarding your reputation. Automation makes consistency possible! You will notice approval or denial mistakes are very low or eliminated completely once automation is introduced. Additionally, LOS software possessing the automation feature greatly reduces manual requirements, significantly decreasing inconsistency among loan officers.
Your LOS should deliver configurable decisioning rules.
Everyone’s financial situation is different! Your loan origination and management software should be able to create several decisioning rules based on different criteria. More than just pulling the applicant’s credit score, your LOS should consider their debt-to-income ratio, self-employed status, co-borrower stats, and more. This will enable your LOS to assess the applicant’s whole situation and make an informed decision before approving/denying the request.
Your LOS/LMS should provide detailed financial reports.
Goodbye, filing cabinets. Hello, electronic reporting! Because your applicant’s financial information can be stored in your LOS, it’s much easier to create detailed financial reports. Having this information all on in one place improves efficiency and decreases opportunity for costly mistakes.
Your LMS should send informative notices.
Helping your customers stay on track with their loan – whether they missed a payment or simply have an inquiry – is part of great customer service. Your loan origination and management software should be able to send informative notices with a simple click of a button. Help your employees work smarter, not harder!
Say hello to absVision, your premier LOS & LMS! Schedule a demo today: 1-800-727-7534