Thursday, June 13, 2019

Get Organized with Loan Servicing Software


Many people end up with a loan and think that it’s totally manageable to do the math themselves and keep track of it all in Excel.  For a while, things are going pretty smoothly.  Annual tax season comes around and the crunch to figure out what numbers to report to the IRS and your borrower, and after a little digging, we get some numbers that look right.  For a time, things are great.

Then the borrower want’s a payoff quote, or needs to show a recent statement to someone, or they start missing payments and catching up, or the late fees are getting lost because there isn’t an easy way to stay on top of them.  The numbers for the IRS are harder to dig up.  Maybe the borrower files bankruptcy and the court needs detailed documentation, or you have to foreclose and more documentation is required.  Maybe there’s a dispute, or an adjustment, or some other change that starts to break the consistency of the formulas in Excel.

That’s when you need loan servicing software.  Good loan servicing software will handle the calculations for the whole loan automatically.  You’ll be able to plug in the basic parameters of your loan and the software takes over with the math and accounting.  Changes, statements, payoff quotes, tax forms, everything is at your fingertips when you have the right software.

As the creator of Moneylender Professional, this is a story I’ve seen unfold over and over again.  If you’re looking at your loans in some unwieldy format and feeling overwhelmed, now is the perfect time to get a copy of Moneylender.  Make servicing your loans simple, quick and accurate with Moneylender Professional.

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