Top 5 Ways You’re Losing Money in Loan Management

Given the complexities of all there is to manage within your loan portfolio – from underwriting to loan disbursement and decisioning to marketing – it’s no wonder that there is such great potential for inefficiencies. Agent administrative burdens, poor onboarding and training, and nickel-and-diming loan management software contracts are all a drain on your bottom line. Check out our blog post to find out how you could start helping your bottom line today.

1 – Time Wasted on Repetitive Tasks

Time is money, and when you’re wasting time on every agent interaction that cost adds up quickly. Now multiply that wasted time across all of your agents, plus the opportunity cost of keeping your top talent bogged down with administrative work, and you’ll start to see how impactful increasing efficiencies could be for your operating budget. Automating portions of your LMS workflow can add up to significant savings across your loan portfolio.

2 – Inefficient Customer Communications

Customers expect highly personalized service accessible on-demand by their preferred mode of communication, essentially at all hours of each day. To maintain a competitive edge, agents and AI interfaces alike must move quickly and accurately to support customers when and where they need help. If you’re only available during restricted timeframes, or your agents can’t answer a question quickly and efficiently, you’re setting yourself up to lose future business.

3 – Development Expenses and Hidden Fees

Have you signed an LMS contract in the past, and immediately felt like fees started appearing out of nowhere? We’re familiar with the nickel-and-diming that happens once you get started with a new platform, and we firmly believe it doesn’t have to be part of your experience when you’re partnered with the right LMS platform. Look for a vendor with transparent pricing and all-inclusive service right from the start of your business relationship.

4 –  Onboarding and Training Costs

As industry-experienced veterans, our team built Totality to solve real-world loan management issues, and we know that any LMS is only as useful as your team’s level of readiness to put that solution to work. Reducing downtime and stress with a smooth onboarding process, and making sure that effective support is available when your agents need it most, is critical to minimize direct and indirect costs while integrating any new piece of technology.

5 – Cancellation Penalties  

It is hard to feel like your vendor is a partner in your business when the relationship begins with an astonishingly long contract term. You want to be secure in your service but you also know the needs of your business continually evolve, so a long-term agreement feels risky at best. Be cautious not to sign an agreement with terms longer than you can realistically project, cancellation penalties that will hurt you if your business pivots, or ironclad contracts that can lock you in with a bad fit.

Ready to Learn More?

Seemingly-small annoyances like repetitive administrative tasks, confusing and punitive contracts, and routine onboarding can add up to significant costs of time and money on a per-transaction basis. Schedule a demo to see how Totality can reduce these nuisance costs!

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