How Software with Complex Automations for the Lending Industry Pays for Itself
When we consider a purchase for anything, we're always looking for justifiable means. We want to ensure that we are getting the very best, especially when we are looking for something as crucial to the success of our business as loan software. Automation and workflows that allow you to save loads of time and money are the golden nuggets of lending software.
It's critical to understand just how much the time spent on servicing a loan portfolio without lending software with automation goes against your salary. You want to ask yourself, "Is your lending software costing you too much?" And, "Are you tired of outdated and expensive software that doesn't meet your needs?" Automation in lending software will beautifully fill these holes and will end up paying for itself, over and over -- and here's how.
Configure, Schedule and Streamline Your Many Processes
The Nortridge Loan System (NLS) is an automated workflow management software that streamlines the front- and back-end tasks in your company.
There are several different processes that can be automated and configured in the NLS system. The main ones are: scheduling and sending daily accruals, processing ACH and credit card payments, credit bureau reporting, communication with your accounting software, automatically checking which of your borrowers filed a change of address with the postal service and updating the system all by itself with the new contact information. You can also process credit disputes, detect bankruptcies, disburse ACH payments to vendors and others, and so much more.
Within the dropdown, for each of these processes, you can view logs and see all the ones that have been scheduled for a variety of different purposes, when they last ran, what the results were and when they will run again.
Schedule a Demo to See All of This for Yourself!
Nortridge has been a valuable resource for many businesses and organizations over the years. We are excited to offer this software that will help automate your lending processes. If you would like to learn more about NLS, contact us to schedule a demo today.
The Benefits of Lending Software with Automation are Many
The lending process is a long and tedious task that can be simplified with lending automation. Turning small, manual tasks into automated ones is a great help to banks and lenders alike. The following list includes just some of the benefits that come along with this type of automation:
Use Rules-Based Workflows
Loan software with workflows automates repetitive tasks, helps to reduce errors and increases efficiency. Rules-based workflows can also help to ensure that all relevant data is captured and provide a consistent and auditable record of all loan processing activities. As a result, they can help to improve compliance with regulatory requirements.
Loan software with automation helps with audit control in a number of ways. First, it can help to track and monitor the health of each of your loans. This information can be used to identify any areas where the process is falling behind or where there are potential risks. Second, loan software automation can help to ensure that all required documentation is collected and stored in a central location. This makes it easier for auditors to access and review the information they need. Finally, lending automation can help to create an audit trail. This can be used to identify any changes or discrepancies during any part of the lending process.
Improve Customer Service
When it comes to customer service, speed and accuracy are crucial. That's why more and more businesses are turning to lending software with automation to help them streamline their operations. Lending software with automations and workflows can help businesses keep track of customer contact information and loan payments. In addition, it can automatically generate customer statements and send out reminder emails or text messages. Because of all of this, businesses can provide a higher level of service while reducing the amount of time and effort required to manage their lending operations.
Side note: While it's nice to leave the office knowing the system has it all covered, it's important to understand that software automation is not a complete set-and-forget kind of thing. Daily, you should make it a point to monitor the processes that are working in the background for you.
Identify Potential Risks
Lending software automation helps lenders identify potential risks before they become a problem. It does this by monitoring borrower behavior and credit data. By tracking this information, the software can flag any changes that may indicate financial difficulty. For example, if a borrower suddenly starts missing payments the software will notify the lender so that they can take action. This helps to protect lenders from losses and helps borrowers get the support they need to stay on track.
Reduce Human Error
Automating key processes within the lending process, such as data entry and verification, can help to eliminate many of the errors that can occur when these tasks are carried out manually. Because automation also helps to speed up the overall process, it makes everything run more efficiently and reduces the chances of mistakes being made. Ultimately, by harnessing the power of automation, you can help to make the lending process simpler, faster and more accurate.
Stay in Compliance
Lending software with workflows and automation helps lenders stay compliant with government regulations by streamlining the lending process and providing borrowers with clear, up-to-date information. By automating tasks like document processing and loan underwriting, lenders can be sure that they're collecting all the required information from borrowers.
Automate Your Lending Processes with NLS
If you are looking for a way to automate your lending processes and see it start paying for itself, contact us today! We would be happy to schedule a demo where we will show you how NLS can help make your life easier. With our software solutions, you will be able to quickly and easily lend money to your customers without all of the hassle. Let us take care of the technical side of things so that you can focus on running your business. Thanks for reading!