It is important to use the right software in commercial lending and origination. The right software can help you streamline your operations, reduce risk and costs, increase productivity, and make better decisions.
That’s why choosing a lender/loan originator system, such as solutions offered by BankPoint, that works best for your needs, your company’s culture and your goal is important. Here are some tips to help you select the right software.
You should write down the specific things important to achieving your business goals before looking for commercial loan origination software.
As an example, if your goal is to increase sales by 20%, you should find a system that can help you generate leads efficiently so that more people will come through the door when they hear about an upcoming event.
Take a look at your current process
You should examine your current process before selecting commercial lending software. If you are using manual methods or an electronic system, what are the main challenges you face? How long does it take each agent to complete their work on an average day? How many loans do they handle per month, and what is the average size of loans they process?
If there are no answers to any of these questions or if there isn’t enough information available about how much time is spent completing tasks within your organization (or even if there’s no data at all), then it’s probably best not to make any changes until after taking a close look at how things are currently being done.
Decide what your primary needs and wants are
You must identify your primary needs and wants before choosing the best commercial lending software.
- How would you describe the primary needs of your business?
- How would you describe the primary needs of your customers?
- When it comes to making payments on loans or other financial transactions, how do employees feel about the current system?
Decide what kind of partner you want
Find a commercial loan origination and lending software partner who has the right skill set when looking for a commercial loan origination and lending solution. The successful software providers will help you build and maintain the software. Look for a partner who is experienced and has a good track record.
Implementation and training timelines should be established
In order to avoid costly delays in getting their new technology up and running, a company should plan for implementation and training in under two months. If a company needs more time than this, it will help them avoid costly delays in getting the new technology up and running.
Make sure that everyone knows what needs to happen during the transitional period if you are going through an acquisition or merger with another business entity (which might involve setting up new loan origination systems).
You might even find someone who has already dealt with similar situations to ask for help from colleagues or friends who have worked with commercial lenders.
Using commercial lending software can simplify loan origination for you. Before investing in a commercial lending software package, you should try out some of the free options available on the market. If you’re just starting out, it’s best to try out a few free options.