Client

Client has been helping lending institutions for the past 36 years by providing best loan management softwares to reach their short & long term goals .Their mission was to provide outstanding value and service to their clients with high-quality, cost effective consumer finance solutions.

Challenges

Client requirement was to have updated loan management software with all features to fulfill the necessities of the loan servicing agencies / organizations. All the loan servicing aspects should be covered in the software application starting from the customer loan application creation to loan disbursement and management. With provision to create different user group’s .Customer should be able to submit their loan application from online interfaces and as well through traditional paper application. All the customer details should be maintained on the application and when an existing customer applies for a loan, all his/ her details should be auto filled. There should be provisions for pulling the credit bureau reports from the different APIs and based on the report details, customer should be able to make their payments through different tender types like, cash, card, check and ACH. All the customer details, applications, loan payments etc needs to be maintained on the system and the users should be able to view the history of these details at any time.

What We Did

We developed loan management software with all required features to fulfill the needs of different clients for managing their loan related details. There may be different user types with different level of rights on the application like superadmin, company admin, branch admin and branch user. Customers can provide their application data through online application or through a traditional paper application. Online application links would be provided on the secured website for clients. Branch users would feed the customer details and provide account numbers to them. After adding the details, verification of the application would be done by pulling different credit reports from the third party interfaces. After reviewing the reports, status would be provided to the applications like approved, counter, denied and etc.

Branch Users can save the completed application of customers and it will be listed in the application queue. Branch admin will be able to do the approval of the loan applications. For the approved applications loan offer would be sent and once the offer is accepted loan amount would be disbursed to the customers. For the rejected applications, adverse notice would be sent with the reason. After the loan disbursement, payment of the loans would be tracked through the system. For the already existing customers, customer details will be auto filled based on the input provided like SSN / Customer id etc.

Technologies Used.

• 
• 

Results

The following benefits are resulting from the provided application:

• It helps clients to protect their data, make their work efficient, simplified financial analysis and increase profitability.
• All tender types are allowed in client payment list and it makes the loan management process more efficient and easier.
• Credit bureau enquiry and reporting helps in getting the accurate debt and obligation details of the customer and hence the customer's financial status is clear before providing the loan.
• Customers can submit their applications through a secured website from anywhere.
• Any no. of branches / users can be created and maintained under single company.
• Application can be used on all kind of devices and browsers as it has been developed using the responsive design technology.