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A Guide to Selecting the Best Loan Servicing Software

A Guide to Selecting the Best Loan Servicing Software

Regardless of the size of your business operation, it is crucial to have a quality software system that manages your loan portfolio. A proper suite to manage this aspect of your business will inevitably save the business a lot of time and energy in the long run.

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Picking the right software will require an inside-out approach. Through this method, you will need to have an in-depth understanding of the nitty-gritty of your business before venturing to external sources for the solution. Aside from a loan management platform, CloudMyBiz also provides business consultation services to help with this process. To better appreciate everything, a number of internal factors have to be identified and sorted out, if required before executing any decision.

What Does the Business Need?

It’s important to maintain a realistic view of where the business currently resides in the grand scheme of things, but also have a well thought out projection of where the business should be directed towards.

This will require a strategic approach that caters to the most important features you look forward to having in your service your loan portfolios. You will need to prioritize a list that identifies the gaps in your current system and an approach that will work for the new system.

The best thing you can do for your business is pick a loan structure that aligns with your company’s goals and projections. This means that regardless of the number of loans you’re servicing, your focus is on the success of the business.

According to Ingvar Petursson, Chief Strategist with Slalom Consulting in Seattle;

“The goal should be to find a strategic partner in your software company so that ultimately, the software will meet your goals not just today, but in the long term.”


Generally speaking, getting a clear picture of your business processes, goals for the future and the hurdles standing in the way of those goals is essential in picking the right software.

What Does the User Need?

The successful implementation of your software will naturally require having ample information about the potential users/staff of the organization. Establishing everyone involved in the process, from top management to the loan servicers who will be working in the program every day is crucial. This sets the implementation up for success to make sure every part is delegated to a specific person.

This process will increase the efficiency of the program because you will know where your staff spends most of their time and the aspects that need to be tweaked or otherwise.

How Do You Deliver the Software?

This requires you to decide how you want the cloud lending software to be made available. Considering that there is a multitude of softwares in existence that vary based on qualities, you must choose wisely.

There are typically two ways of getting a new software; one is through purchasing the license and the other is a cloud-based approach. Picking either option depends on the personnel available.

For example, if you have a robust IT staff, then it is better to just purchase the license and let them navigate the software. However, if your team doesn’t have a dedicated IT department to handle such tasks, then using a cloud-based approach is preferable since it is remotely managed, serviced and maintained by the software provider.

Don’t Stretch It

Every business is focused on making a profit but at the same time, improving the quality and pace of activities should be just as an important factor when considering your goals. In this case, it is important to strike a balance between the quality of software used and the amount spent on procuring it.

This means that regardless of the type of software you pick, you have to make a budget that accounts for both direct costs like software and hardware cost, as well as indirect costs like the number of employees performing tasks that a dependable system will do automatically.

You’ll Need a List

When you’ve cleared out all the internal factors, the next step is to look for potential solutions. This requires for you to consider your needs, your vendor, and tech support.

You will need certified and reliable software, which will require in-depth research through numerous tools available. Your main goal is to come up with a short list of possible solutions.

After the list is created, the next step is to streamline your search towards the software that accounts for all internal factors that are a must. Focus on all aspects of the software in the streamlined list, considering the price, customization capabilities, security features, “licensed / SaaS” options, and other features important in your evaluation.

You could even run demos of as many softwares as possible, getting a feel of them and knowing which one will satisfy your needs in all ramifications.

Put it to Work

At this point, you should have a crystal clear idea about which software will be perfect for your loan servicing business. Ensure that you keep detailed records of all transactions relating to the decision and contact support if you encounter any issues.

Read manuals, watch tutorials and get as much information from numerous sources on the internet. Ensure that the software resides in a safe and secure PC environment, handled by the right people and used for the right purpose. It is an investment towards the success of the business and should be treated with the utmost level of delicacy.

Why Your Business Should Use SOPs and What Results to Expect

Why Your Business Should Use SOPs and What Results to Expect

Why your business should use SOP standard operating procedures infographic


Having a suitable, standard operating procedure (SOP) is crucial for efficiently running any business. If your business doesn’t have a simple structure to handle the simple tasks, then creating SOPs must be prioritized.

Business owners often make the mistake of believing that the growth of a business depends on more advertising, but that is not always the case.

As important as these elements may be for your businesses, having a successfully operating business requires improvement in other departments. One of the most differentiating factors between a successful business and one that continues to play “catch-up” is having SOPs in place.

Standard operating procedures are instructions that are well-written to explain how a task or job is handled. They are tailor-made and in-depth guides to make a task easier to do. SOPs are practical and can be used for virtually any task imaginable. They have been used for financing, legal work, operations in business, and so much more.

How Do SOPs Improve Businesses?

Kamyar Shah, a strategic consultant and CloudMyBiz’s Fractional Chief Marketing Officer,  discusses his experience of working with organizations on The Process Breakdown podcast. He has found that most of them lacked SOPs or had very few of them. In comparison, organizations that had well-thought-out and structured SOPs ran quicker and more efficiently. The podcast continues with Kamyar emphasizing that SOPs are the factors that may seem small, but give businesses an edge in the industry. 

Why Should You Have SOPs?

Improves the ability of employees executing tasks

If an essential task in a workplace appears too complex, there is a strong possibility that clear instructions and expectations for this specific task are missing.

When a company takes the time to have SOPs written down, people know exactly what to do, are more reliable, and are more likely to succeed. Employees are also less confused and have fewer questions.

Improves reliability 

Consistent businesses are reliable. Even if the products are small, reliability in producing great results is important and customers will be satisfied. A written down SOP gives everyone a standard to target and if everyone meets that target then better results will be achieved.

What you produce can be affected by mistakes and these will reduce the quality or the quantity of the product.

Efficient on-boarding process

When you have standard operating procedures, you make hiring and retaining employees a lot easier.

Training new employees becomes much easier, because new employees can adopt the a lot faster when they are written down. SOPs also make it easy for you to recognize the problems a new trainee might be facing and address them faster.

Improves health and safety practices

An employee’s safety should be high priority when conducting a business. In some fields, an injured employee and damaged equipment often occur from an unsafe work environment. When employees follow SOPs, they tend to keep the environment and themselves safe.

When it comes to online and SaaS business, having a system of processes in play can avoid mishaps from happening. As a lending or software company, it’s important to stay away from bad press as much as possible. It is crucial for any company that has social media or any marketing outreach, to have the do’s and don’ts written out for any onboarding team member.

Get proper feedback

It is important to consider speaking with front-line workers. Your front-line has the most contact with customers and know their complaints. When you open the door for feedback, you may find that your business’s decisions to retain customers are actually doing the exact opposite.

Speaking to employees and trying to find out what the customers think will help you see progress. This can help build a good client relationship.

What Results Can You Expect from Using SOPs?

Common issues being resolved

When you have a working SOP, make sure to take the time and have the right people look over the SOP together so any details may be discussed. see if an ambiguous part of it can be dealt with. This helps you work with employees properly while bringing their problems they may be experiencing with either the procedure or workplace environment to light.

Improves communication

SOPs point out organizational needs. This allows new and employees to understand the standards of the company and receive the correct information.

If everything is properly spelled out within the SOP,  you will find that the frequency of communication gaps will be cut down drastically.

Better performance according to checklist

SOPs are used as checklists for supervisors and as a standard form of communication to team members. Because of this, there will be noticeable performance progress among your team. Invariably, this will lead to better client satisfaction, especially if proper feedback is given from the client on their specific needs.


5 Tips – How Your MCA Company Can Pass A Scrutiny Test

5 Tips – How Your MCA Company Can Pass A Scrutiny Test

According to the managing attorney for Empire Recovery Services in Manhattan, a merchant cash advance business that offers customers debt recovery services, Steven Zakharyayev;

“Every aspect of the industry is under scrutiny right now. Syndication agreements, underwriting, and collections are the subject of bills in Congress and across multiple states,”

Any time funding is provided through a merchant cash advance, the strict legal framework surrounding this kind of business mandates a high level of discreteness.


Let’s explore the do’s and don’ts that will separate your business from success and failure.


Avoid Lawsuits

The strict legal framework surrounding this kind of business mandates a high level of discretion. In other words, it is highly suggested as a business to avoid any unnecessary attention, particularly from the law.

Regardless of your situation, it is crucial to avoid court cases at all costs because any unwanted attention for your business could become a public relations nightmare.

According to Paul A. Rianda, heads of a law firm that has numerous clients in MCA companies;

“The business model of sue first, ask questions later can be a problem,”

In an article, she continues on stating that when lawsuits come into the picture, there’s a high chance that things could spiral out of control. Worst-case scenario, you could be staring down the barrel of a class-action lawsuit.


Get the Law On Your Side

In addition to avoiding lawsuits and generally anything that causes your business to become under a microscope, you should consider the legal protections you have in place.

Different funders may employ a variety of methods to ensure the law is on their side, which may take research in deciding which options are best for you. Funders have a few options such as:

  • In-house counsel
  • contract with external law firms
  • poaching from a reputable funder online or from a friend in the industry.


According to Kimberly M. Raphaeli, vice president of legal operations at Accord Business Funding in Houston, citing the scenario of poaching;

“The trouble is what flies in one state may not be legal in another…”


She cites the potential discrepancies exist between different states. In summary, it is generally important to have some form of legal counsel in your team.


Follow the Rules to the Letter

Due to the regulatory framework surrounding the raising of funds, particularly from the SEC, it is important to ensure proper research is done when accepting investors.

In the event of a funder requiring external backing from investors, the funder must treat the situation as if they are issuing securities and follow the rules accordingly.

According to Nowak, the attorney with Pepper Hamilton;

“You need to be very careful here because these rules are unforgiving. You can’t ignore them,”

Taking the steps in differentiating yourself from the competing pack is a set-up for long-term success. According to Steve Denis, executive director of the association whose members include funders and lenders;


“It’s a very competitive market and companies are trying to differentiate themselves. I think it’s important to make sure you’re following industry standards,”
Steve continues by citing the importance of ensuring that you’re operating under the radar but at the same time following the industry’s best practices. In this regard, it is also important for funders to create a dynamically efficient pattern that ensures they can accommodate potential changes due to competitive and business realities.


Don’t Forget Accounting

Yoel Wagschal’s view about accounting focuses on the importance of getting streamlined accounting services that cater to the unique nature of the business. He cites the disadvantages and gaps that exist from using sophisticated software that don’t necessarily cater to the accounting department’s needs.

The most important thing is ensuring that there’s ample information for both the sales and accounting aspects. It is equally important to have a system to sorts out the information and provides every department with only relevant data for processing. This will prevent any sort of wastage of time and company resources.


In Summary

Staying on the right side of the law, and preferably, under the radar are essential for any funder. There is a constant balancing act between popularity and customer relations.


This means that a premium is placed on discretion and the ability to solve problems with minimal friction. In an industry where businesses are easily scrutinized, it is important to abide by the law and to avoid any negative press whatsoever.. It could be the definitive line between success and failure.



Billd is a material supplier who provides short-term financing for the construction industry. Their aim is helping contractors and suppliers grow their businesses with less hassle and risk. They offer credit up to 120-day terms for contractors, who usually aren’t paid until more than 90 days after purchasing materials – allowing contractors to scale their business and stabilize cash flow. Billd understands that traditional credit data can be a poor predictor in the construction industry and embraces contractors who struggle to obtain traditional bank financing.

The Challenge

Billd attempted to manage their material financing product by initially relying on Quickbooks, but quickly realized that it would be difficult to manage a fast-growing company when their system relied on manual disbursements.

They dedicated 4-6 hours daily on disbursements, making it difficult for scalable growth. They needed a platform that was suited for their specific needs and required a highly accurate platform with strong data integrity and daily recording.

The Solution

To streamline their operations and grow their business, Billd needed a solution that could cut down time dedicated to manual disbursements. Fundingo was able to provide a transition to a fully digital, streamlined and integrated credit management system; one that provides notifications for failed repayments and other updates vital to their day-to-day operations.

The Result

With Fundingo’s implementation of their credit servicing module in May 2019, Billd experienced an increase in disbursement funds by 900% and has expanded its team to at least double their original size. Fundingo was able to decrease Billd’s time spent on disbursements; going from 4-6 hours daily to 1 hour of double-checking their sheets. Since working with Fundingo, Billd averages about 2,500 transactions/wk and has become a client with a fully-customized software.

“We really have to give kudos to the development team for everything they’ve done. Throughout the entire process and even today, we’ve been able to feel more like a member of the team and less of a vendor-client relationship.”

Jon Placa – Director of Financial Operations – Billd
Rewards Network

Rewards Network

Rewards Network is in the business of providing working capital and marketing services to over 25,000 restaurants across the country. The IT team implemented Salesforce almost 10 years ago. Over the past few years, there have been only minimal changes to enhance the platform or to engage the users. The result is that Rewards Network missed out on many of the broad advancements and integrations that Salesforce has brought to the market.

The Challenge

TowerBrook Capital Partners recently purchased the company with the goal of expanding the company’s market share
through the integration of smaller independents and additional service offerings to accelerate growth. Management
had been running into significant challenges in their efforts to:

  • Increase user adoption
  • Improve data integrity and reliability
  • Eliminate ineffective rules of engagement with customers
  • Correct inaccurate forecasting and reporting
  • Evaluate each department performances

The Solution

CloudMyBiz (CMB), which had previously worked with a member associated with TowerBrook, was brought in to
partner with the IT team – not replace them. CMB provided expert guidance and consulting to help IT optimize its
Salesforce instance. The key areas of improvement that needed assistance were:

  • Business process alignment and optimization to gain consensus, reduce maintenance, and improve clarity
  • Build a scalable system designed for future growth,
  • Improve user benefit and adoption with improved UX, speed, and utility in the CRM
  • Optimize the data model for automation and reporting

Through its discovery process, CMB quickly evaluated the situation, discovered the gaps, determine where enhancements and integrations were required to improve customer satisfaction. A process was also implemented on how best to engage and then train the administrative and remote sales teams while also creating an environment where the IT team was viewed as a trusted partner wanting to support all the departments.

The Result

As the platform enhancements and integrations were implemented, and the training processes tested and launched, the internal IT team and management team were thoroughly excited when seeing the improvements. CMB delivered the
structure the internal Rewards Network team needed, who were then able to take the system the rest of the way!

Management and IT are already seeing vast improvements in the following areas:

  • Lead, Account, and Opportunity planning to drive behavior within leading indicators for more predictable
  • Automated “rules of engagement” to drive sales team expectations and behavior
  • Optimizing Salesforce as a CRM/sales tool to get a greater ROI in Salesforce
  • Creating workflows and tools within Salesforce that create a more collaborative, streamlined work
  • Dynamic record assignment and reassignment based on existing or changed markets and regions