Manage Loan Servicing Digitally on Cloud
- Loan Servicing Solution (LSS) by CompassWay enables lenders handle loan servicing digitally while providing scalability, security, speed, and improved client experience.
- Its API-based design allows loans from any Loan Origination System (LOS) to be onboarded and serves as a system of record for multiple asset classes.
- All loans can be recorded and tracked, repayment schedules can be managed, scheduled and ad-hoc payments can be tracked, repayments can be allocated, and delinquencies and closures can be monitored.
- For your effective operation and utmost efficiency, loan life cycle events are supported by daily calculation of interest, fees, fee handling, notification creation, and automatic collection at the due date.
Meeting Your Business Needs
- The CompassWay Loan Servicing Solution (LSS) is based on a microservices architecture and cloud technology,The SaaS architecture reduces the up-front startup costs, and the AI-enabled platform identifies priority customers to help you save money and time on every loan servicing transaction.
- Make customer experience better by introducing a user-friendly interface.
- Increase the average lifetime value by providing an effortless lending experience.
Cut Operational Costs by Automating Every Stage of the Loan Management Process.
Self Service Repayment
Borrowers can easily perform a wide range of account-related activity on their own, including making and scheduling payments, setting up autopay, customizing their payment plan, accessing statements, updating account information and more. It also makes it easier for frequent, timely messages.
Loan Maintenance and Settlement
The Loan Servicing System can manage all forms of loan lifecycle events and transactions, can effectively handle early repayment or rescheduling, expiry, and termination. There are more than 40+ event types for different use-cases in the system. For your effective operation and utmost efficiency, these events are supported by daily calculation of interest, fees, fee handling, notification creation, and automatic collection at the due date.
The product catalogue allows you to identify products . The product specification describes which parameters of a specific transaction type are fixed and which values can be modified within a certain range. You can freely create customised product structures, and getting a new product or idea to market has never been easier.
Borrower Management and Communications
To increase communication speed and dependability and free up servicing agents to work on more crucial tasks, automate omni-channel communication using personalized email, SMS text, direct mail, and phone calls.
Loan Amortization Calculation
Rich back-office functionality helps you set up, calculate, and keep track of payment schedules. Our platform also helps with multiple interest calculations method, including Fixed Flat, Decline Balancing, Decline Balancing ( Equal Instalments ).
Lending is Now More Simpler
Consolidate all of your present processes into a single, effective loan management system. Strengthen operational effectiveness, position yourself for growth, and develop as many different loan types as serve the needs of borrowers.
High Return to Investment
- More loans can be serviced more quickly. CompassWay is an operational efficiency powerhouse dedicated to improving the performance of your portfolio. Ease of use, automated processes, and personalized process guides empower your service staff, resulting in fewer costly errors and more time on the clock.
- The system can be easily integrated with various tools and core lending systems.
Smart Portfolio Management
- Optimize Back Office Procedures
- Increase Deal Volume Capacity
- Minimize Manual Function Time
- Impact Reporting and Dashboards
- Enhance Visibility and Customer Experience