BLOG:

Cause and effect. Some concepts are simple such as applying heat to ice and seeing what happens. Others, such as in scientific research, can be much more complex before being proven. For example, The Washington Post and other news media reported this week that links cellphone usage to the development of horns growing on the base of young people’s skulls. While this is a long way from ever being confirmed, it sure grabbed a lot of attention. Luckily for lenders, cause and effect is much simpler when it comes to gauging how your loan origination system supports indirect lending success. Here are three examples of loan software functionality that could cause a lot of trouble for your financial institution if not provided by your platform:

Any financial institution that invests in its indirect lending program understands how difficult it can be to separate itself from the competition. Besides offering the best rates or dealer incentives, the most successful lenders are often the ones that provide the best service. This often means delivering fast and accurate decisions while dealers are trying to close a sale. That’s why it’s important for financial institutions to rely on loan software technology that pushes them forward rather than holding them back.  Here are a few best practices to consider when evaluating if a loan origination system is the right fit for your financial institution's goals and strategies:

FACT: most of us have used jargon at some point regardless of how annoying it may be for those on the other end of an explanation or conversation. It’s defined as special words or expressions used by a particular profession or group and are difficult for others to understand. As worn out or sometimes abused as jargon might be, especially in our industry, it’s still used for a reason – it’s convenient and a short cut. One particular example that certainly applies to technology or business processes associated with indirect lending appeared last year on Forbes’ list of most annoying business jargon. It was explaining that something has lots of moving parts. In case you’re wondering, core competency took the top spot on the list.