The Need For A Loan Management System

A Loan Management System is key to the success of a Lending Subsidiary or establishment. It forms the backbone of the daily operation of the enterprise. It becomes the primary decision support and financial management system of the company involved in providing financing to its borrowers.

Loan Management Software is always industry specific. A Loan Management Software that is designed to manage insurance premium finance loans is a Premium Finance Software; a Loan Management Software designed to handle Warranty Programs such as auto warranty loans is Warranty Financing Software; and similarly a Loan Management Software designed for financing Realtor Commissions is referred to as Realtor Commission Financing Software.

There are several industry specific Loan Management Software including Mortgage Finance Software, Auto Loan Finance Software, Student Loan Finance Software and Pay Day Loan Finance Software to name other industry specific Loan Management Systems.

Key critical operational functions of loan management include loan origination and approval process. This too varied from industry to industry. In the Insurance Premium Finance industry it involves the quoting of the loan repayment terms including downpayment on the loan, the term of the loan, monthly payment, and the annual percentage rate (APR) for financing an insurance policy premium with this confines of the respective regulatory guidelines. Typically, in a financial institution such as a Bank the origination process will include performing a credit check on the borrower, and may include the need for a collateral.

Similarly the functions such as processing Refinancing or Endorsements in the Premium Finance industry, processing payments, tracking late payments, managing collections of late payments or cancellation of insurance policies for non-payment, are critical functions that mandates the need for a solid Loan Management system or Premium Finance Software.

In addition to the above key functions of the Loan Management Software must also handle the Statutory Regulations and Disclosure Requirements. These include ensuring the financing calculations stay within the parameters of the "State Regulations" and all required "Contracts/Agreements", and "Forms/Letters" are produced in a timely manner.

Third Eye Solutions specializes in Loan Management Software including Premium Finance Software,Warranty Finance Software, and Commission Finance Software such as Realtor Commissions. Third Eye has been an industry leader in developing Loan Management Systems and was the first company in North America to offer the first comprehensive Premium Finance Software that was Internet enabled allowing its clients to install the software once and run it from any workstation/computer through a Web Browser.

Learn more about our Loan Management Software Systems and our suite of Premium Finance Software Systems.