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!