Sagent Lending Technologies has reached its latest achievement, supporting 1 million consumer loans on LoanServ, the loan servicing system powering the servicing operations of many leading financial businesses in the U.S. and Canada.
LoanServ allows servicers to consolidate their use of outdated, heavily-siloed servicing applications into a single unique platform that provides a single-borrower view and scales to accommodate growth. The platform supports consumer loans and mortgages using a singular, unique design and data structure, unlike other servicing platforms that use wrap-around modules. In addition to making the loan process simpler for users, this helps servicers reduce costs.
Consumer lending is highly variable in product and support needs and LoanServ automates more than traditional consumer systems. With full support for direct and indirect channels, LoanServ has managed fixed and variable rate products, revolving and installment loans, credit insurance products, and all types of collateral by the millions.
LoanServ is designed to support changing product types while helping servicers manage state compliance on rates, refunds, late changes, and more. The system also adds automation for collections, reserved balances, secondary marketing, and even hypothecation functions.
“Solutions need to be built for today’s marketplace to help servicers compete, deliver best-in-class borrower experiences, and reduce overall costs. One million consumer loans actively being serviced on LoanServ signals to the market that the solution is trusted by a variety of servicers and can handle the increased scale and flexibility that modern lending demands,” says Bret Leech, CEO, Sagent Lending Technologies. “This is quite the milestone for us.”