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5 Tools Everyone In The Loan Servicing Industry Should Be Using

Published on March 31st, 2017

Photo: Business woman working on a computer and computing numbersLoan servicing is an area of finance that is dramatically changing. What was true last year may not be the case this year, mainly because of a steady shift in technology. Today, many tools can make your job much easier, and make you better at it.

Consider these five tools that everyone in the loan servicing industry should be using. If you are not already taking advantage of the benefits they offer, it is easy to see how necessary these tools are.

  • PDF or Document Tool – When handling loan documentation, doing things by fax is outdated. However, so is dealing with endlessly scanned documents that require you to fiddle with them to get things just right. Today, it is possible to do most things with a document tool—even collect secure signatures.
  • Integrated Calendar – Today, there are dozens of calendars on the market. However, all you need is one simple calendar that integrates with your computer, tablet, and phone—throughout all members of the office. That way public meetings and important dates can be easily shared.
  • Collaboration Software – More and more employees in all industries are working from home or remotely from mobile devices. Good collaboration software makes it easy for employees to share documents, work on projects together and even hold virtual meetings. There are numerous options in this realm today, so it is possible to find a product that will fit the needs of your entire office.
  • Payment Processor – You probably already have a payment processor in place, but do you have an automated (and hopefully mobile) tool to go with it? If you are using an old-fashioned processing machine and don’t have the reporting capabilities of a modern tool, you may be missing out on some serious opportunities to grow.
  • Credit Reporting Software – In the loan servicing industry, you have an obligation to your borrowers and those they borrow from to report all activity accurately. Using a modern tool to do this makes it easier than ever before. You will be able to report all information to the top three national credit bureaus at the same time.

If you would like more information about how to make loan servicing even easier and streamlined than ever before, reach out to us at DebtPayPro. We offer new technology in loan servicing software that evolves with you and helps you stay competitive in today’s ever-changing marketplace. We look forward to working with yo

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