Loan Servicing Software Features

Loan servicing software was designed as a way to provide the numerous lending companies in the world with the ability it needed to grow and expand its business. In order to handle a large influx of clients and money they need to find a way to keep track of all the money that they have loaned and how much of it has been paid back – with interest of course.

The biggest feature that this software provides is a client list. It will be able to keep track of every client you have or have ever had. Under this list it will store all of their personal information including; address, phone number, and any other personal contacts. When a person calls asking about their account you can simply type in their name and all of their information will appear.

Under their name you will also be able to keep track of the amount of money that they have borrowed. When you are processing their application and putting everything into the system you will record the amount that they borrowed and how much interest it will have. Every time that they come into pay you the software will immediately show you their monthly payment and add any late charges if necessary.

With these features it makes processing payments and taking on new clients easier than ever. There is no need to rely on a calculator or other programs to keep track of it all and to make the payments necessary. Just this one program will be able to do it all for you.

Remember that there are various types of programs that work for different types of lenders. It is important to look through them and find the right program that works for your business and help to improve it. Whatever program you choose make sure it has a good amount of security restrictions around it. This will prevent people from tampering with the accounts.