Lenderfit: Upgrading Loan Software
Updated: Nov 1, 2019
To upgrade or not, a classic dilemma! Do you suffer the pains of transition and the impending costs of upgrading software now, or stick with what is at least functioning but has so many third party hacks that you need a Ph.D. in how to manage the system?
While there are many Loan Origination Systems (LOS) that attempt to do it all, Lenderfit focuses on creating the most impact by marrying lender and client needs to a customizable digital platform with a robust front-end solution. For some, our platform is all that is needed. For others, Lenderfit it the perfect way to optimize an existing LOS.
As a Lending organization you likely fall into one of three scenarios:
You recently paid a significant amount of money for a new LOS.You
want to update an old system, but are nervous to change what seems to be working — and nervous about the cost of implementation as well.
You’ve gone far too long without implementing any solution at all.
If you’re a loan officer, you’re intimately aware of the flaws regarding all of the above! The new system is nice but still lacking, and working with old or insufficient software is even more frustrating. You look at all of the apps that exist for everyday life and wonder why the technology you’re using at work is so old.
If you’re a COO or CTO, it’s clearly one of the more difficult decisions to make. There are onboarding challenges, questions around compatibility and the unknown of whether or not a solution will result in the improvements you desire. Will the number of loan packages per loan officer increase with fewer errors? Will it result in increased application to close ratios and overall portfolio growth?
Lenderfit makes the decision to upgrade far easier by focusing on essentials. Robust front-end solutions for small business lending are uncommon due to the time and expense associated with development and maintenance. While core back-end solutions are important, to say the least, there’s far more leeway when it comes to bugs and inefficiencies for internal software versus client facing.
“Every loan product on Lenderfit includes automated reminders via email and SMS along with the ability to automatically confirm that documentation has been received.”
We’re focused on eliminating the challenges by offering an intuitive tool for loan officers and applicants alike. Every loan product on Lenderfit includes automated reminders via email and SMS along with the ability to automatically confirm that documentation has been received. Clear checklists with visual cues and the ability to provide document explanations, like the ones on Lenderfit, result in increased production of accurate loan packages.
In fact, Lenderfit may actually be all that you need. Individual and team dashboards provide real-time progress updates and easy collaboration structures. Smaller teams must be nimble, and progress shouldn’t stop simply because someone is sick or on leave. You need practical tools like SMS to reach busy customers, and your customers need a shared checklist that communicates exactly where they are in the application process.
With Lenderfit, Lenders gain access to a versatile software solution that will delight both employees and borrowers. If you’re interested in getting more out of existing software, enhancing a new purchase, or leveling up with Lenderfit as a stand-alone solution, we’d love to hear from you. Visit us on the web at www.lenderfit.io to sign up for additional information!