Why Your Loan Servicing Software is Falling Short
As a lender, your loan servicing software stands as a crucial tool in your toolkit. It manages loans and customer information, including balances, payments, interest rates, and late fees. If the software falters, it causes headaches for you and frustration for borrowers. This article discusses five ways your loan software may fall short and how Vergent’s lending platform can address these issues.
Understanding Loan Servicing Software
Loan servicing software, a type of financial software, assists lending institutions in monitoring their loans, including customer loans and associated payments. Features often include payment reminders, late payment penalties, and automation of payments. This software is instrumental in managing loan portfolios and providing insights into loan performance, catering to businesses of all sizes by automating loan management processes.
5 Ways Your Loan Software Might Be Letting You Down
Lack of User-Friendliness: If navigating your software feels like a chore, productivity loss and frustration are inevitable. Vergent’s platform stands out for its user-centric design, easy navigation, and comprehensive support resources, ensuring a seamless experience for lenders.
Limited Customization: Non-customizable software can hinder efficiency and effectiveness. Vergent takes the lead with its highly customizable features, offering limitless flexibility for tailoring loan products to specific needs. This includes options to choose data fields, their order, and various filters for quick and easy information retrieval.
Outdated Software: Outdated loan servicing software poses risks of data loss, missed opportunities, and increased costs. Vergent remains at the forefront of technology by regularly updating our software to comply with the latest banking regulations and incorporating user feedback to introduce new features and improvements.
Incompatibility with Other Programs: Seamless integration with other systems is crucial for lending institutions. Vergent’s powerful Application Programming Interface (API) ensures compatibility with various programs, making data transfer between systems more efficient.
Inadequate Customer Support: Difficulty in accessing customer support can be a significant impediment. Vergent’s loan servicing software provides multiple levels of support, including call support, ticket submission, a comprehensive knowledge base, training video library, and an online user’s guide, demonstrating a commitment to excellent customer service.
Choose Vergent for Reliability and Efficiency: Vergent’s loan servicing software stands as a reliable, efficient, and user-friendly solution, ensuring lenders can focus on their core mission of helping people secure the funding they need. With over 15 years of industry experience, Vergent offers top-of-the-line features at an affordable starting price of $1,000 per month.
Contact Vergent today for answers to your questions or to schedule a demo and experience firsthand how Vergent can elevate your lending operations.