877.703.4488 info@cloudmybiz.com
Key Benefits of an Automated Loan Management System

Key Benefits of an Automated Loan Management System

One of the characteristics of modern technology is that just about everything that can be automated, is being automated. From shopping to restaurants to CRM’s, automation is one of the most common changes to come to any business. And the various branches of alternative lending, funding and fintech are no exception. 

An automated loan management system has a number of significant advantages over legacy lending systems. Using a modern cloud platform, these systems provide superior customer experiences, improved decisioning accuracy, and eliminate paper documents. It streamlines the entire process of originating, underwriting, and servicing Alternative Loans and Merchant Cash Advances, or whatever funding vertical you work in. 

Replacing manual steps with automation, transforming paper into digital format, and gathering performance data on all aspects of your lending practice lets you:

  • Provide a better user experience to improve the speed and accuracy of loan applications
  • Process a larger number of loan applications with existing resources
  • Eliminate sources of human error for faster, better-quality evaluation decisions  
  • Establish predictable, repeatable, and auditable processes that support compliance
  • Reduce delays and costs associated with paper processes
  • Analyze process and loan performance with the goal of continually improving efficiency and profitability

Unlike legacy solutions, that are often a hodge-podge of outdated and unconnected systems, each handling only a single element in the funding process, modern, automated loan management solutions helps firms attract and close more deals, accelerate the underwriting process, generate more pricing options, reduce errors, and ensure greater consistency. These funders also earn a more professional reputation among borrowers, brokers, and syndication partners.

Key Benefits of Automated Loan Management Systems:

1. Better Loan Processes and Results

For each origination, loan officers collect a large number of documents and data points, including face-to-face interactions, email, fax, text, or documents uploaded through a site. They all need to be added to the system, carefully tracked and thoroughly reviewed against information on the loan application and from third-party sources. Technology can identically process every document, and easily integrate 3rd party data sources to provide a faster, more reliable and more accurate process. 

Automation also decreases the manual work associated with notifications. Every application, and often the various stages requires a response or notification. A quality system helps lenders create a variety of notification templates, specify triggers for when they are sent, and then populated with loan-specific information before sending the notification. 

2. Improved Speed to Completion

Using intelligent technology options, such as smart content recognition, and automated data population, document review and verification times can be drastically reduced, which speeds up processing and shortens origination time frames. 

Automation improves applicant evaluation and loan decisioning. It eliminates repetitive manual steps that are best executed digitally and allows human expertise to be applied where it works best. Some examples include:

  • Integration with credit data sources and services such as LexisNexis or Experian lets lenders automatically and quickly verify applicant information.
  • No lost or misplaced documents. Paper documents converted to digital images are immediately and securely accessible by the underwriter, so they can review applicant materials more quickly.
  • The combination of decision rules and integration with credit data sources and services lets lenders automatically calculate optimum loan structures and terms.
  • Decision rules provide predictable, repeatable processes that remove the variations associated with human decisions and demonstrate compliance with lending regulations.

3. Better Tracking and Transparency

With just a couple of clicks, automated loan management solutions can prepare a comprehensive view of all documents that have been received, verified or flagged for follow-up, and where the application is in the approval process. In contrast, documents collected and tracked through manual efforts may not be available on various systems, paper-based checklists or a loan officer’s email account.

In addition, advanced reporting options in a CRM give managers essential data on conversion rates, lead sources and more!

4. Scalability and Growth

A better loan management system also greatly reduces training demands and risk, helping lenders quickly and more affordably scale to meet peak seasons. That translates to lower risk of quality degradation and lenders can save on overhead costs associated with ongoing training.

The more you eliminate manual processes and streamline your business, the more volume one person can handle. This means that with your current team, you could dramatically increase your deal volume. Further, adding more resources lets you increase your deal flow just that much more!

Because cloud based CRM’s can be implemented and used anywhere, you eliminate all sorts of restrictions, such as geography or only being able to login from a certain machine. Since the process and data is also shared amongst the team, adding new team members becomes faster and more intuitive, helping you onboard without slowing down the train!


-Ryan and the CloudMyBiz Team


Want to get started with Salesforce? 

Need custom development or consulting to enhance the Salesforce you already have?


Contact us




AgileCap provides insurance agencies with a simple, quick source of funding, making timely business growth attainable. Banks traditionally require large, tangible business or personal assets to secure loans. AgileCap does it differently.

AgileCap considers the entire book of business to be an asset. A substantial asset that allows them to provide the funding needed to grow. This paradigm shift in how collateral is defined has allowed AgileCap to provide financing to all ranges and types of agencies over the past 15 years.

The Challenge

AgileCap had leveraged their unique business model into many years of successfully providing funding to insurance agencies nationwide, and substantial company growth. However, they had reached a bottleneck in their ability to scale.

After many years of growth, AgileCap was using many disconnected systems for accounting, data processing, storage and more. Because none of these programs could share data through smart integrations, the AgileCap team was forced to do a lot of duplicate data entry, which is, of course, time-consuming and error-prone. Some other specific challenges included:

  • Lacking the desired variety and complexity of deal tracking tools
  • The invoicing process could have been easier
  • Desired overall increased visibility and transparency
  • Reporting could have been faster and more comprehensive

Overall, their disconnected systems were slowing down their underwriting process, weren’t giving them the tracking or metrics they needed to deeply analyze their business and lacked smart workflows and automation to that would save them time.

The Solution

CloudMyBiz is a certified Salesforce Partner. We develop and implement custom Salesforce solutions, integrate systems, enable user adoption and give businesses the foundations to reduce costs, increase efficiency and maximize ROI. CloudMyBiz gives clients access to what

Salesforce does best: innovation. Salesforce is more than just a cloud or software tool, it can be the foundation for developing and growing a business in just about any way imaginable. Salesforce was not entirely new to Agile Cap. In fact, they had actually installed Salesforce previous, however, the basic layout was not user-friendly, and borderline overwhelming to figure out. Consequently, Agile Cap had stopped using Salesforce and returned to their other systems. What they didn’t realize, was that they needed a consultant and developer who understood their industry, and could tailor the system to their specific needs.

Eventually, AgileCap contacted the reps at Salesforce to get a consultant recommendation, and they were then referred to the Alternative Lending experts at CloudMyBiz. After in-depth discussions and a proper Business Process Review, we established that AgileCap’s specific needs included:

  • A single, integrated system.
  • Reduced human error so they could better scale.
  • Enhanced reporting tools.
  • Better visibility on where deals are in the process and better pipeline management.
  • Improved ongoing monitoring of the loans.
  • Streamlined communication internally and externally to create a better user experience for their clients.

The Result

To meet the needs of AgileCap, we implemented our FUNDINGO Loan Management solution, built on the Salesforce platform and designed specifically for the Alternative Lending industry. The FUNDINGO Underwriting and Loan Servicing Apps gave AgileCap the functionality, automation and data insights they were looking for.

Moving them onto a single platform also allowed CloudMyBiz to implement direct integrations with DocuSign, Experian, Conga, and Quickbooks, meaning that all data was now shared by the system, and could be instantly accessed from within Salesforce. This significantly reduced the time it took to process deals, as well as the frequency of data errors.

CloudMyBiz also built a brand new, custom Amortization Schedule module for AgileCap. This custom build-out has been essential to allowing AgileCap to continue growing. It allows for the invoices to be automatically created, sent out, and collected upon, with minimal oversight. What’s more, amortization schedules could now be easily created, updated and reported on. Finally, one of the biggest benefits was that it allowed for invoicing automation (including interest and principal amounts) as well as reporting projected cash flow and revenue for the portfolio.

AgileCap immediately realized that the new system was a vast improvement upon their previous solution. In fact, when they began testing the initial version, they discovered that they were going to be able to save up to 3 hours for each and every deal they processed. In a very time conscious industry, when potential clients are shopping between 10 different funders, and often expecting a turn around time of a day or two, those 3 hours were a huge win for AgileCap! The overall result: AgileCap removed the roadblocks in their way, streamlined their process and are now growing and funding deals faster than ever before!



Interested in learning more?

Have specific questions or want to talk to a FUNDINGO consulting expert?

Contact us at info@cloudmybiz.com