Today, more lenders are using cloud-based loan software. This technology gives banks immediate access to significant economic and consumer data. This enables banks to make sound lending decisions based on a comprehensive picture of their applicants. There are different types of tech software for lenders today. They all have the potential to improve efficiency. This means getting the best rate possible for your clients in the lending industry. Here are some of the best:
Loansifter
If you are a mortgage broker, LoanSifter will be an excellent tool for you. With it, you can connect with hundreds of investors and thousands of mortgage products, allowing you to find the right loan for your clients.
The software supports best execution searches across wholesale investors, enabling you to remain competitive and confident in your lending strategies. It works by calculating the product eligibility and pricing for financing scenarios across hundreds of investors and thousands of products.
The system also provides you with a full-price grid of over a wide range of wholesale investors so that you can get the right products for your clients.
TurnKey Lender
The Turnkey Lender solution provides end-to-end automation of the lending process. The software helps streamline the entire loan-making process and allows for flexible disbursement.
Its all-in-one software solution is fully integrated with your core lending solution and provides an end-to-end tool suite. It also provides flexibility in loan disbursement, payments schedule, and application assignment.
With more than 180 customers in more than 50 countries, TurnKey Lender is fast becoming the enterprise fintech of choice. The company’s proprietary Decision Engine processes financial data layers in real-time.
With this technology, borrowers can instantly connect their bank accounts to a single application for financing, receiving faster approvals and more affordable rates. The Turnkey Lender solution integrates with many popular core banking systems.
Infinity Software
Infinity Software is an all-in-one solution that helps lenders manage all aspects of their lending operations. The platform enables lending companies to manage loans, increase their customer base, and scale their business.
Infinity makes it easy for lending companies to double in size in the next few years with its easy-to-use functionality and industry-leading support. This loan management software is designed to be user-friendly and has product integrations and more to help businesses grow.
Infinity is an excellent option for any lending company, but it is not suitable for every financial institution. This powerful platform provides everything a lending company needs to run a successful business, from managing collections to lead generation waterfalls.
Sageworks Lending
Sageworks lending software allows financial institutions to streamline loan processes and meet regulatory requirements. This web-based platform leverages standardized templates to ensure consistency across loan policies.
Many financial institutions have multiple silos of systems and manual processes to manage their portfolio. In contrast, Sageworks uses a single system to evaluate personal and business loans. This ensures consistency and accuracy across your entire portfolio.
With this solution, you can book loans more quickly and accurately than ever. According to ABC News, the most frustrating process of applying for a loan is the application process. The software’s streamlined loan application process ensures a consistent policy for every loan.
The solution is designed to meet the unique needs of community banks and can be used for any financial institution.
LoanPro
If you’re looking for cloud-based lending management software, LoanPro may be an excellent choice. Automated payments and communications make managing your loans much more accessible while providing accurate calculations.
With over a decade of experience, the LoanPro staff has dealt with practically every lending model, from traditional banks to online lenders. They understand the needs of mortgage companies and have a range of customizable modules and customizations. At the same time, LoanPro’s user-friendly interface is excellent for non-developers.
Conclusion
Using the latest technology can help you build a profitable lending practice and make the entire process easier for your clients. Data integration is a common feature of most lending software. It gives you access to a comprehensive view of the applicant. Automated steps walk you through the application process, checking data as you input it and alerting you to errors. You can also analyze your loan data to determine any areas for improvement. This helps you to make more informed decisions.
