Manual vs. Automatic Loan Calculations and Management
There's a huge commitment of authority whenever you automate something. A simple example would be the transmission in a car. With a manual transmission you can personally optimize the torque and fuel efficiency of your drive at the expense of doing extra work to choose throughout the drive which gear best suits the current situation. With an automatic transmission, the decision about how much torque the engine needs to produce is handed over to the routines created by the engineers that made the car. More thoughtful, tested, adaptive routines can make the car more efficient or give better performance or both. If the automatic transmission is rough or inefficient or unaware of the kinds of roads you usually drive or your driving style, the experience can be unpleasant. When you choose an automatic transmission, you're putting your faith in the car maker to build a system that can shift the gears at least as well as you would have.
Loan servicing software is like that, too. It's no small commitment to choose a loan servicing program to manage your loans. If the engine can't do the math the way it need to, you will see limited benefit from the system. If only some of the calculations can be automated you may find yourself having to maintain data separately from the rest of the records. If you want to do something with the data that isn't built in, it may not be possible to extract the data in the format you need. It's no small step to put your loans in one servicing platform, to the exclusion of all others, and also to the exclusion of doing things manually.
I take this responsibility very seriously. Building a platform that can host your loan data and fully automate as much as possible is my goal with the Moneylender system. I want the solution to be turn-key for every lender. From creating and on-boarding loans to payoffs and taxes, the platform needs to know what's happening and accommodate it all seamlessly. Just like the transmission in my wife's car will shift up when going down a steep hill to keep from gaining too much speed automatically, my software needs to recognize what's happening on the loan before the user does, and provide the right responses for the user to interact with.
Taking the plunge to a loan servicing platform is a commitment. We promise to back up our side of that commitment. To automate properly and efficiently, to be responsive to your needs, and to provide ongoing enhancements. Our software is designed around the feedback we get from our users. Be a part of the conversation. Call or email us with comments and questions. We're listening.