Loan software, also known as loan management or lending software, automates and manages the loan lifecycle from origination to servicing, from processing to collections. The scope of loan software includes loan refinancing, restructuring, and disbursement; credit scoring; and account processing. Because loan software automates the loan portfolio cycle, typically electronically, the software gets rid of a paper workflow, as well as minimizes error and effort when tracking and reconciling loans across enterprises and stockholders.
Loan software offers a holistic view of borrower transactions on a single platform, regardless of the type of loan, size of business, or industry regulations. The unified platform stores loan data, integrates with existing automation tools and other resources, and scales when necessary. The software manages documents, contract creation, and execution of loans, as well as provides performance analysis to maximize the user’s financial and operational performances. Loan software is designed to control risk, better customer interaction, configure loan products, lower operating costs, provide analytics, and create dashboards and reports. Loan software can either be deployed in the cloud or hosted as a software as a service. It integrates with CRM and BPM software to create efficiency.
To qualify for inclusion in the Loan category, a product must:
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