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.
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.
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
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!
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!
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