In the world of commercial lending and origination, software is key. The right software can help you streamline your operations, reduce risk and costs, increase productivity, and make more informed decisions.
That’s why choosing a lender/loan originator system 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.
Set business goals
Before you look for commercial loan origination and lending software, make sure you know your business goals. You should write down the specific things important to achieving those goals.
For example, if your goal is to increase sales by 20%, then it’s important for you to find a system that can help generate leads efficiently so that more people will come through the door when they hear about what has happened at an upcoming event or trade show.
Look at your current process
Before choosing commercial lending software, it’s important to look at your current process. Are you currently using manual methods, or do you have an electronic system? If so, what are the top pain points of this process? How long does it take for each agent to complete their work on an average day? What is the average size of loans they process monthly, and how many do they handle per month?
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 isn’t any 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.
Identify your primary needs and wants
Before choosing the best commercial lending software, it’s important to identify your primary needs and wants. So, you must ask these questions to yourself before making any decisions.
- What are your business’ primary needs?
- What are your customers’ primary needs?
- How do employees feel about their current system for making payments on loans or other financial transactions?
Decide what kind of partner you are looking for
When looking for a commercial loan origination and lending software partner, it’s important to find someone with the right skill set. The most successful software providers are those that can help you build and maintain the software. Look for an experienced partner with a good track record as well.
Set a timeline for implementation and training
The timeline for implementation and training should be realistic. If a company plans to implement its software in under two months, they likely have everything lined up and ready to go. However, if a company needs more time than this, it will help them avoid costly delays in getting their new technology up and running.
If you’re going through an acquisition or merger process with another business entity (which may include setting up new loan origination systems), make sure everyone knows what has to happen during this transitional period so that everyone has time to make appropriate plans.
Asking for help from colleagues or friends who have experience working with commercial lenders can also be beneficial here, you might even find someone who has already been through similar situations before!
Commercial lending software can make your life easier regarding loan origination. You must choose the right software for your needs. If you’re just starting out, it is recommended to try out some of the free options available on the market before investing in a commercial lending software package.