Save time and improve business procedures with workflow rules and automated loan processes.
Leverage smart, rules-based workflows and automated loan management tasks to handle mundane business operations more consistently and efficiently.
Efficient workflow management is essential for optimizing processes and ensuring every crucial step is executed without oversight. In efficient loan management, streamlined workflow systems automate both front-end and back-end tasks, encompassing origination, restructuring, workout, foreclosure, repo, audit control, and bankruptcy procedures. By handling these tasks independently, valuable time is saved, and the risk of human error is minimized.
Vergent offers customizable origination and servicing workflows designed to streamline loan application submission, credit approval, verification, and funding processes. Our platform also boasts a comprehensive array of built-in servicing features, leveraging advanced LMS workflow automation capabilities. All of this is accessible through a centralized, user-friendly module.
With Vergent, ensure the accuracy of crucial data points like address, employment, income level, and bank information through our intuitive dashboard interface.
Advantages
- Streamlined automation of both front-end and back-end tasks.
- Graphical user interface facilitating rules-based workflow definition.
- Enhanced operational efficiency.
- Improved accuracy in task execution.
- Tailored customization to suit specific business requirements.
- Comprehensive audit control for accountability.
- Consistent validation of customer information through Workflow.
- Flexibility to create diverse Workflow criteria to meet unique business needs.
- Efficient management of underwriting requirements using Decision Engine capabilities.
- A progressive transition towards fulfilling complete online loaning requirements.
End-to-End LMS Automation: Why Origination and Servicing Workflows Belong on One Platform
Having servicing and origination workflows siloed on different platforms means data must be exported, reconciled, and re-imported at each stage. This means there’s a heightened risk of delays, errors, and compliance gaps. Vergent’s end-to-end platform connects the origination workflows directly to servicing, collections, and reporting. Loans move from approval to funding to first payment automatically inheriting the correct servicing workflows without manual configuration.
The unified approach Vergent offers means any changes to compliance rules or product configurations are propagated across all workflows at the same time, rather than requiring updates across multiple disconnected systems. As a seven-time Inc. 5000 honoree, Vergent has scaled this architecture across hundreds of clients in consumer lending, online lending, auto finance, and small-dollar lending.
Full Audit Trails and Compliance Benefits Built Into Every Workflow
All workflows built into Vergent LMS generates a full audit trail. This includes who triggered each step, what data was processed, and when decisions were made. Examiners then have full traceability that they can’t get with manual processes. This feature is especially important for multi-state lenders who face overlapping federal requirements such as TILA and RESPA alongside numerous state-level regulations for licensing, disclosures, and consumer protections. Our configurable decision rules make it possible for lenders to implement steps and verifications to ensure their compliance with state regulations including usury and fee limits.
Our platform is backed by SOC 1, 2, and 3 certifications, ensuring the underlying workflow automation infrastructure meets enterprise security and data integrity standards. In addition, automated compliance workflows reduce lenders’ internal burden for audit preparation by maintaining documentation in real-time with AI-driven automation.
What Our Clients Say
A Payment Collection System Built by Experts
The Vergent LMS provides purpose-built workflows tailored to accommodate a diverse range of functionalities. Navigate seamlessly through step-by-step processes, accompanied by a comprehensive audit trail, all complemented by integrated Decision Engine input for enhanced support.
Here are just a few areas where workflow is beneficial:
- Loan Origination
- Document Requirements
- Welcome Calls (New Customers, Live Checks, & More)
- Servicing Activity & Calls
- Collections Activity & Calls
- Self-Service Profile review/update (future development)
- Repossession Process Flow (future development)
- Daily Branch Closing Process (future development)
Get Started with Vergent’s LMS Workflow Automation
Vergent’s founders, Scott Putnam and Terry Freeze, designed Vergent because they weren’t happy with the cumbersome legacy systems they were forced to work with in their lending operations. Because this software was developed by lenders for lenders, you can be sure it was made with an understanding of your specific pain points when it comes to workflows.
We offer personalized demos tailored to your specific workflow needs so you can see for yourself how Vergent LMS can help you. Whether you’re focused on improving origination speed, collections efficiency, compliance documentation, or multi-branch standardization, Vergent LMS can provide the answers you seek. Implementation includes 24/7 client support and a dedicated onboarding process that maps your existing processes to our configurable workflows.
Advance Your Potential with a Software Designed for You
Intelligent Lending. Simplified.