How would my day go if I were using SPI Orange Systems’ Loan Servicing software? I imagine it would go pretty much like this:

Grab coffee, turn on computer, check email…well, you get the drift. Now it’s time to actually get my work done. First, I might import all of the transactions completed by the sales team from the previous night and set up any new accounts. (SPI will already have the fields completed with the contact information, purchase details and loan type, so all I have to do is check for anomalies.) Next, I can import the lockbox information from my bank for payments or issues, such as bounced checks. The system will automatically apply the payments according to the Bill Code parameters we’ve already set up, so I just check to look for the exceptions.

Sure enough, Mr. and Mrs. Front Porch paid the wrong amount, so I’ll need to research what they wanted to apply the additional amount, later. But for right now, I’ll tell the system to go ahead and spread the payment to principal, interest, service fee and a late fee, if necessary. The remainder can go into an exception bucket until we figure it out.

Uh-oh. Sales called in to say they have just rewritten a loan to save a deal. That’ll take me a couple of keystrokes to change the Bill Code and have SPI’s system redo the spreading of their last payment.

Now I’m ready to start making my collection calls, so I run a report with the contact and loan information, along with details about how the interest rate and late fees were accumulated. Sometimes it’s just a matter of explaining the information to the owner. At other times, I need to put them on a payment plan to help them catch up. There are several letters that are required by law, so SPI’s system will automatically run them for me to stuff in a window envelope and send over to the mailroom.

At the end of the day, I run a series of reports including cash flow projections and collections summaries. Ah…. Another full day goes by, leaving me with the satisfying feeling of a job well done.

How about you? Does this all sound familiar? Please tell me how your ‘day-in-the-life’ goes.

Follow us on Facebook

–Sharon for SPI Orange Systems