Lending has become increasingly difficult during the recent recession hitting mortgage / bridging lenders both for short and long term lending. So the question is can the right back office loan software help you increase productivity, reduce costs and above all make a profit?
A lot of lenders are cutting back on staff to keep overheads down; this unfortunately means that the processing time for applications and prospects is increased. However with the right lending software you can decrease your processing time a hundred fold by automating the tasks that should be automated.
An example of this is a short term bridging lender that moved all their quotation systems online, so prospective clients and brokers are able to input information into an online quotation form and receive a quote in a matter of minutes and from that even a deal in principle. The client information and quote is automatically put onto the companies system with no manual input needed .
The bridging lender chooses to have the deals authorized first but once authorized all of the documents are automatically generated and sent out to their client, the documents and notes are also then attached to the system automatically and the task system updates tasks to do on that client.
The particular lender uses a mortgage loan Software system which integrates with their website online quotation form, broker portals and even price comparison sites, they use an advanced rating engine that integrates their product matrix with all these different aspects and enjoy the benefits of being able to easily update it.
Payments can be made easy to the client with the best back office software having commissions, BACs, credit / debit and payment modules which can be automated depending on the clients request.
Another key example how the right bridging loan software can help your business is the work flow, having your software work for your bu siness rather than your business work around your software. A company should have their software work the way they want their business to work, automating the tasks that are repetitive and increasing productivity and inevitably profit.
The conclusion to this article is that risk management software companies that want to move forward to the next level will need to be innovative with how they sell and have the proper backing in regards to their Mortgage loan software to be able to compete in this ever increasing difficult market.
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