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Secure Your Company Loan Accounts - Help for Loan Review Software

Loan review software

Loan review software can be of massive help in a company, especially when you consider the scope of all the loans and commercial credit the typical business has to manage. Without this loan software, you could end up having to hire a bunch of full-time accountants or auditors solely to process those loans and keep your credit up to date. That is exactly what many companies do – eventually causing them to hemorrhage money due to salaries, benefits, equipment and training.

Loan review software, however, will cut all that unnecessary overhead by streamlining the data into a package that is light and easy to work with. Here’s what you can expect from quality software that gets the job done:

 

Import information from your core system

The very first thing quality loan review software can do is quickly pick up the credit information you have stored away in your computers, whether in excel format or in another commercial accounting application.

This is a massive time saver on your part since the software will automatically sort out the relevant information it needs to produce the results you need to see at a glance. You can just move data with a few clicks and sit back while the software digests the information you just fed to it.

Review the quality of loans to pick from

Companies both big and small need to be very selective with the loans they target to review.

Good review software will not only show you a better picture of your loan portfolios you have in your files but will also show you weaknesses that will warrant further scrutiny.

You may get a good deal on the acquisition of servicing or purchase of a correspondent portfolio, but you want to make sure that your organization has not overlooked one tiny detail on the portfolio like the collateral type or the reputation of the lender.

Quick sample selection

Good loan review software has the option where you can input the criteria that are absolutely vital for your company’s purposes – loan grade, loan origination, markets etc.

The software will quickly spit out a list of candidates that best match the criteria you outlined.

You can then narrow down your efforts to these few candidates; spending more time on the loans that matter instead of wasting time on others that really don’t warrant closer scrutiny.

 

 

Remote access and sharing

The ability to quickly add data to and share information from your loan review software is important – even when you’re on the road or in a different location. Remote access to your software will allow you to update information from afar; greatly reducing time and transport expenses from going to and from various vendors.

The ability to quickly share the results of the review software with colleagues is also an important aspect as it will significantly boost productivity as a whole. Keep these bits in mind and you’ll know just how important loan review software can be in securing your company auditing and quality control needs!

Essential Elements of Loan Audit Software

Loan software, loan quality

Loan audit software can make auditing so much easier, from quickly calculating monthly payments to easily spotting discrepancies between what the banks are asking for and what you are only obligated to pay. Software like this can mean the difference between paying thousands of dollars in missed possible repurchase demands or regulatory violations that you could have avoided with proper auditing.

Yet what exactly defines good loan audit software? Here are some of the more important traits you need to look out for:

Trial Period

Never, ever pay for a loan audit program before testing it for a week or two, which is why the very first thing you need to look for is a trial period. You need to be sure that the software you plan to use can actually work before you fork over money. Such a trial will allow you to see whether you can work with the interface of the software, evaluate the complexity of the program and determine the features that you may or may not need. It is highly recommended to pick software that does not ask for your credit card so that you won’t be slapped with hidden fees after the trial expires.

Workable Interface

Remember what we said about the interface of the software? You will want to pick a loan audit program that you can intuitively use and provides easily-read information on your computer screen. This means non-stylized fonts (preferably Arial, Calibri or Verdana), color-coded sections and large, visible buttons that you don’t have to squint to find.

Import data

Your loan audit software must be able to quickly and regularly pull data from the various sources you work with and be flexible enough to handle the varieties of sources that every institution must deal with. A program with this feature will allow you to check if the organization is working with the proper interest rates, fees, discounts on rates, monthly terms and similar items. This ability to import data is a non-negotiable must since your loan auditing software needs this data to help you work on improving loan quality.

Guaranteed customer support

This is another non-negotiable aspect of loan audit software since you will rely on the program to manage your debt. The ability to talk to someone and fix any problems you encounter down the road is a must, especially when you’re new to the program and need a little help learning the ropes. Even experienced users need customer support to clear up payment concerns and technical problems on various computer operating systems.

Keep these bits in mind and you’ll be able to pick auditing software that will help raise loan quality, avoid overpaying and get a better understanding of how your loans are doing!