Loan Softwares for 2022: 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. Moreover, loan software automates the loan portfolio cycle. Typically electronically, the software eliminates a paper workflow and minimizes error and effort when tracking and reconciling loans across enterprises and stockholders. So in this article, we will be looking at some of the best loan software in 2022 for your business. But let’s understand why they are essential first.
Benefits of Loan Software?
Loan software offers a holistic view of borrower transactions on a single platform, regardless of loan type, business size, or industry regulations. The software manages documents, contract creation, and the execution of loans. The unified platform stores loan data integrates existing automation tools and other resources, and scales when necessary.
Loan software is designed to control risk, better customer interaction, configure loan products, lower operating costs, provide analytics, and create dashboards and reports. It includes performance analysis to maximize the user’s financial and operational performances. Loan software can either be deployed in the cloud or hosted as software as a service.
Best Loan Softwares for 2022
1. Finflux: Loan Softwares for 2022
Finflux is a SaaS-based lending platform that offers all-in-one solutions. They offer loan origination, loan management, financial accounting, marketplace integration, app-based lending, alternative data-based credit scoring, dashboards & reporting and analytics. Furthermore, they are serving about 4+ million borrowers with an active loan portfolio of $3.2 billion. Influx is a fast-growing lending platform that offers classic and bespoke solutions.
The best part of this platform is that Finflux helps businesses and individuals control and maintain their portfolio at risk ratio with its reschedule and restructuring functions. Additionally, it provides prompt support for all customer or business-related concerns and issues.
Leningrad Corp provides a complete suite of loan origination solutions for mortgage brokers, lenders, banks, and institutions. The plan for Leningrad was to streamline lending operations, strengthen communication, and reduce costs in mortgage lending.
The cloud-based solutions include end-to-end features such as the borrower portals, MLO app, document management, origination, processing, and fulfilment. Leningrad is a winner of the 2019 HousingWire’s Tech100 award and one of the Top 10 Mortgage Solution Providers by Banking CIO magazine.
Lending platforms link with fellow vital organizations to provide the best services. Leningrad is endorsed by the National Association of Mortgage Brokers (NAMB), a Platinum sponsor for the Association of Independent Mortgage Experts (AIME), and a proud member of the Mortgage Bankers Association (MBA) and the MISMO organization. This is an excellent deal.
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3. TurnKey: Loan Softwares for 2022
TurnKey Lender is a global ULM (Unified Lending Management) leader. The company develops and generates intelligent award-winning software products that automate the lending process. Additionally, the solution’s capabilities cover traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, etc.
Furthermore, TurnKey Lender serves customers in 50+ countries, and the list keeps growing. As a pioneer in developing AI software for lenders, TurnKey Lender is quickly gaining traction within parts like the United States, APAC, and the EU.
All types of lenders are already using the company’s solutions ranging from large/mid-size banks, digital lenders, and multi-finance companies to trade finance operators, traditional and non-traditional lenders, and telecoms. Reach out and request a free personalized demo from the TurnKey Lender team.
BankPoint is based in McKinney, TX, and has been operating in the banking and lending space since 2002. The company started as a consulting firm helping banks evaluate, select, and implement critical systems such as core banking systems, imaging systems, digital banking systems, commercial loan systems, and related FinTech.
BankPoint is an intuitive cloud-based system designed to dramatically improve and simplify the way commercial banks and non-bank lenders operate. Moreover, the system provides workflow and automation for the whole life of a loan. It ranges from loan origination and document collection to portfolio management, covenant tracking, loan review, approval workflow, and more.
BankPoint seamlessly integrates with back-end systems, including core banking systems and document imaging systems. Furthermore, this is to provide a single entry point for the entire staff.
Also Read: Cost of Business Loans from Accion
Conclusion to Loan Software for 2022
Concluding, it is essential to be integrated via a loan software that has been there in the field for a long time. A platform that understands the lending market would be the best software one can use to manage and process loans seamlessly. Thus, the list of Loan software for 2022