We had been using excel files and dropbox. This software allows us to bring all of our documentation and portfolio management into one location. It has been easy to set up and with great support from the team at LoanPro. We've been implementing collection letters into the software which will be of great benefit to manage our collection efforts. The reports the software generates of our portfolio has also greatly assisted the accounting department in tracking the performance and revenue. We love this software and the team at LoanPro!
Pros
We've been looking for a software to manage our portfolio for several years and couldn't find anything that would do what we needed and not break the bank. It is reasonably priced and is easy to use. The software is also helping manage our delinquency and collection efforts. Phenomenal product!
Cons
The software is primarily for managing a loan portfolio. Our deals are leases so it has taken some customization, but the team at LoanPro has been able to make the adjustments needed to fit our leases.
Rating breakdown
Likelihood to recommend: 10/10
I was able to plug a solution into a hole for a project where no other solution existed that i could tell of.
Pros
Personally, i'm a full stack developer.
I was searching for a loan servicing package for an loan onboarding and servicing implementation.
Built from ground up on Amazon's cloud, LoanPro is a first-class Platform for Loan Servicing.
It offers:
full API access with all documentation available to evaluate before you even sign.
a wide set of payment processors: ACH, NACHA, credit/debit...
a wide range of optional features to help in onboarding, validation, portfolio mgmt. and reporting.
If you are NOT a developer, they provide great support and Turnkey options to complete your loan onboarding.
If you are uncertain either in needing a turnkey or if you're a developer and need to test they offer a 30 day free trial complete functional.
Launches completely in 30 mins giving you an instance to launch with full api access.
this trial can convert over before the end so that no work is lost in the evaluation.
I was able to create a full api based onboarding and servicing solution in under 100 man hours mixing and matching with other technology providers in cloud based per user/loan cost environment.
Costs are defined in per loan metrics with options for minimal upfront or with a higher upfront and lower per costs.
LoanPro has a first class Loan servicing front end as well as a customer facing portal.
Makes a great choice for a # of use cases in the Loan Provider space.
I would highly recommend it in both Developer and Non Developer scenarios.
Rating breakdown
Likelihood to recommend: 10/10
LoanPro is by far the best servicing software I have had the pleasure of using. Compared to other servicing systems out there, LoanPro is light years ahead. It is built on modern technology and offers robust capabilities. With their servicing capabilities, business rules and APIs, it is extremely flexible and extensible. Their support is absolutely fantastic. They really take their time to listen to and understand the needs of their customers and help find the right solutions. They answered endless questions while we were making our decision, and supported us every step of the way during implementation (At a small-dollar consumer finance lender). Highly recommend it!
Pros
Ease of use, Flexible, Reliable, Accurate, Consistent, Highly configurable, Rich set of features and APIs - they GET Servicing and do it better than anyone else.
Cons
None
Rating breakdown
Likelihood to recommend: 10/10
Overall LoanPro can provide a great value for lending institutions. However I have felt that I cannot trust the program to work when most needed. There have been several instances where the program crashed during office hours and have had to turn away customers. Definitely cannot lend with confidence.
Pros
The features cover almost everything a lending institution needs.
Cons
Mail house tool can only send to primary addresses and not mailing addresses.
Inconsistent variable formats and outdated documentation on variable use.
Up time is not 99.9%. They fail to update service outages on their status page.
Collector queue tool is always failing or inoperable.
Daily maintenance runs during office hours; which advances the program to the next day.
Failed to fulfill promises on new features
Rating breakdown
Likelihood to recommend: 6/10
Pros
We've been able to automate large portions of our servicing center workflow which is helping us realize meaningful savings as we scale, as well as avoid time-consuming third-party integrations.
The level of data visibility built into the platform is substantial. LoanPro offers several flexible hierarchies in which to group loans making it easy to segment our portfolio and pull the relevant data we need.
The LoanPro support team is very knowledgeable about the product and was instrumental in getting our organization up to speed post-integration, from helping us build tools to optimize collector work flows, to guiding how we architected our business processes in the platform.
Cons
Some additional reporting functionality would be a great - but we're able to build what we need from the DB access provided.
Rating breakdown
Likelihood to recommend: 9/10
LoanPro offers multiple pricing packages tailored to the needs of different lender types and sizes. Want assistance? Sign up for a free 10-minute pricing consultation today.
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