Being a growing business is always a daunting position due to the amount of micromanagement it requires. Thanks to all the technological advancements today, lending became 10 times more streamlined than even 5 years ago. Loan origination software (LOS) is a relatively fresh cluster of business-oriented applications offering tools to manage, analyze and compile customer data.
But the majority of businesses are doing it manually still to this day. It affects profits the most as numerous phone calls and emails require not only time but additional employees too. Another point to make is that customers themselves tend to avoid companies with this ancient loan origination process. All the information needed to switch from manual to digital lending is below!
It is counterproductive for a business owner to do something just because without any real reasoning behind. We have read 10+ types of research comparing companies using manual lending and loan origination software to formulate them for you. The results of our analysis of the benefits LOS provides:
This all-around solution should be implemented in your company right now, you may think. But some of the major concerns are the cost and the time needed for employees to familiarize with new tools. From our consulting experience, small businesses should avoid buying expensive loan origination software solutions. Most of the tools offered by LOS can be recreated by an IT specialist.
«Knowledge equals money» is one of the more famous quotes about business, and digital loan organization directly relates to it. The analytics tools included in most of the packages are plenty, with the most prominent ones being:
Even if the more expensive software sells itself as an automatic analysis center it should not be taken as granted. Real analysts in a necessity for any lending business aiming to be profitable. Moreover, it is more cost-effective to have an employee and a limited LOS than an expensive LOS alone, studies say.
The number of such applications has grown immensely in the past 5 years, with thousands of offers of virtual shelves. There are no universal solutions, so it would be irresponsible to recommend just 1 loan app. Instead, look at the Top 5 loan origination software we have picked:
Most of them offer a free trial period or a demo version. Use these options to determine if the software fits your company. Customer support is available as well, so any questions can be asked directly instead of reading manuals. Take your time to learn the workings behind LOS. It pays off in no time!
In the rapidly evolving world of video surveillance technology, one name stands out for its… Read More
If you are in Tennessee and planning to become a real estate salesperson, agent, or… Read More
Lighting plays a crucial role in accentuating the beauty of your garden, turning it into… Read More
Mead Johnson's Enfamil formula has long been a trusted name in infant nutrition. However, recent… Read More
A Project Management Professional (PMP) certification is a major accomplishment in project management. Professionals who… Read More
Divorce law varies from state to state. Starting the divorce process largely depends on what… Read More