subject: A Flexible Approach to Loan Servicing [print this page] If the recent downturn in the financial services industry has taught us anything, it's that flexibility in the servicing of loans is critically important. Whether it's a large bank servicing a portfolio of complex commercial loans or a small, non-traditional lender servicing a set of consumer loans, it's equally important to be flexible enough to respond to changes quickly. While there are many loan servicing software products that can improve the operational efficiency of the loan management process to a degree, if the system is not flexible then the lender will not be able to adapt to today's mercurial marketplace.
The most important component to flexible loan servicing system is easy access to decision-critical data. If the lender can't quickly generate reports on delinquency notices, balance activity, account balances, or the hundreds of other critical loan portfolio data characteristics, then its impossible make informed decisions on how to manage loans and increase revenue.
Pursuing new business opportunities often requires investing in a variety of loan types; everything from commercial and consumer to mortgage and development. Therefore it is important for loan servicing software to be flexible enough to support a variety of loan types seamlessly. That flexibility also needs to carry over into integration with general ledger accounting systems, core processing systems, and documentation and origination systems.
With the right loan servicing system, lenders don't have to struggle to keep up with the rapidly changing financial industry. The right technology can make the servicing of any type of loan seamless.
A Flexible Approach to Loan Servicing
By: Alex Johnson
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