In a time of great change, you need loan servicing software that thrives in change...

When people lose their income, they lose the ability to repay their debts.  With all the layoffs and everyone earning less money, there really is no recourse for lenders but to allow periods of forbearance, deferral, and modification.  Your loan servicing software needs to be able to allow for rapid review and modification of your loans.

Increasingly greater measures are being enacted to help slow the spread of the virus, and that has an immediate effect on the liquidity of any collateral on a loan.  You can’t foreclose and sell a house if there’s no way for someone to buy it.  Repossessing a car and selling it will be very hard if non-essential services are shut down and people that might have been buyers are also feeling serious financial hardship.  You can’t take the appliances from someone’s home amidst the outbreak without a variety of risk.

At this point, we’re all addressing the fact that the economic situation has changed beyond anyone’s ability to control it.  Our existing loan terms simply don’t mesh with the reality we’re seeing.  The contracts must be amended, the terms of repayment adjusted.  The nature of these adjustments is still entirely fluid.  The full impact of the virus likely still lies ahead.

In times of great transition, you want to know that your loan servicing software is backed by a company that constantly improves and expands capabilities.  You want to know that answers to your questions are just an email of a phone call away.  Moneylender Professional – loan servicing software that is always growing, backed by Whitman Technological – committed to strong customer support and rapid response to the changes in our industry.

Loan Servicing Software

When choosing a good loan servicing software system to manage and calculate your loans, you want to be sure you’ll be able to do manage your loans quickly and without errors.  With your first few loans, it’s no big deal to spend 10 or 20 minutes making sure the numbers are right.  Once you get ten or twenty or a thousand loans, spending twenty minutes per loan is no longer an option.

Moneylender Professional is loan servicing software built with a set of manual and automatic configuration mechanisms to allow you the fine-grain per-loan management tools you need to handle every situation along with a set of tools for bulk operations that might apply to many or all loans under management.  Developed under close guidance from the lenders that use it, every facet of Moneylender is built to make servicing loans faster and easier.

No loan servicing system would be worth much if lenders couldn’t use it to effortlessly produce supremely professional statements, letters, notices, payoff quotes, agreements, and payment coupon booklets.  Moneylender’s template design system allows complete flexibility of the contents, style, and arrangement of any letter or document you might want to generate.

AutoPay is a companion payment service that integrates directly with Moneylender to allow borrowers to make direct payments from a US bank account.  Using the AutoPay system allows borrowers to see their balance, due date and current amount due online at any time.  AutoPay really gives that official feel to any lender using Moneylender Professional to service their loans.

Moneylender Professional is loan servicing software that is well suited to lenders of all sizes.  Its reasonable licensing costs are far below those of comparable systems.  It’s capabilities are also quite robust.  Thanks to its reasonable price tag, Moneylender is used by hundreds of lenders globally with over a hundred lenders moving into the Moneylender system every year.  You’re in good company when you choose Moneylender, and your feedback is what has made the system so powerful.

AutoPay Gets a Higher Daily Volume

Our sponsor bank has granted us a new higher processing limit.  The first and fifteenth of the month are always big days for loan payments, and those two days account for roughly 50% of the total monthly payment volume.  The payments scheduled for March 1^st put is very close to our cap, and I reached out to the bank a few days in advance to let them know a temporary increase might be needed.

The bank raised the processing limit temporarily for the big batch on the 1^st of March, and later approved our application to make the increase permanent.  This gives us space to grow for at least six more months before another limit increase is likely to be necessary.

Since AutoPay first started as an Alpha trial program about eighteen months ago, we’ve processed over a quarter million dollars in over 600 payments.  There are well over a hundred borrowers using AutoPay to get online access to their loans and to make ACH payments directly from their bank accounts.

All kinds of weird shenanigans have happened with payments.  Typos in payment information, bank accounts that were frozen to closed, a solid number of NSF returns.  As each new issue arose, we adjusted the system to accommodate the problem and everything went quite well.

At the same time, we got tons of feedback and questions from borrowers and lenders that helped us to design and improve the system to cover all the various ways that people on both sides would need access and control over payment information.

We’re starting a final development cycle now, and the end result will be AutoPay out of beta and in full production.  This last push will include the addition of record history tracking.  Every payment will be marked with how it was created and who was last to edit the payment.  Was the payment created by the borrower, lender or because of a recurring payment setting on the loan?  When was it created?  Who modified it, and when?  This information will be visible to both borrowers and lenders.  The AutoPay mechanisms in the Whitman Tech store will get a makeover and rearrangement, so lenders will be able to review upcoming payments and other usage details in their online account.  Within Moneylender, the AutoPay windows will get a final workover to make sure they’re highly polished and easy to use.

Internally, our payment batching mechanism is getting a new layer of robustness.  A new mechanism will formalize the process of confirming every batch file .  This mechanism also ties each line of a batch file directly to the matching AutoPay payment record.  A smoother flow to the collection and release of funds will make it easier to review every transaction and catch any potential problems before each batch is processed.

Having gone through an Annual ACH Processor Audit cycle, we have some very cool metrics on our system, and these metrics will be extended to allow lenders to see their volumes and counts from their WTech store account.

We’re very excited to be so close to the finish line for the production launch of the AutoPay service.

If you own or service loans, get Moneylender Professional.  Total control, no compromises, reasonable pricing.  Enroll in the AutoPay companion service to give your borrowers access to their loans online and accept electronic payments from US bank accounts.