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5 Benefits to Automating the Loan Import Process

One of the big issues that drive people to the Loan Vision system is our functionality around the loan importing process. Regardless of the system they migrate from, 9 times out of 10 lenders are either hand keying the loan level LOS data or are manipulating and manually balancing and importing spreadsheets exported from their origination systems. Loan Vision has the functionality to automate much, if not all the loan import process, however, even after they are on the Loan Vision platform, there’s a tendency to run the import process during business hours. While it is still taking less time than before, it is much more beneficial to automate the process during off hours.

1.       Save time

The most obvious reason for automating is that it saves time. Even in a system as advanced as Loan Vision, if the app, funding, and sales imports contain a large number of loans, it could take a couple of hours to import them. This means your staff will need to work on other items while they wait for the process to finish. Off hours processing is going to save that time, so they can begin their day by reconciling any issues. In addition, by leveraging the systems processing schema logic, which allows for functions and the conditioning of data, what would be multiple journal entries in some systems are now eliminated, as the system can handle them automatically.

2.       Get more data into the system

Processing off hours means they can get more into the system. There’s no worrying about the amount of data that needs processes, how long it will take, or how it will affect others working in the system as well. It also means that the import process can happen on a daily basis, rather than every few days. We are big proponents of allowing finance to work in as few systems as possible, more data in the G/L means less switching back and forth with other tools.

3.       Reporting

Now that your loan imports are coming in daily, during an overnight, automated process, financial data is now hitting the ledger sooner. This allows for much more real time loan level reporting, at both the executive, regional and branch manager levels. Imagine driving a car to a new location but only getting to see a map every 10 miles; less than ideal for certain. It’s the same with financials. Lenders should be able to see their data as close to real time as possible in order to be able to react to opportunities and threats soon.

 4.       Reduce month end close timeframes

If your loan level general ledger has the right combination of tools to fully support an automated loan import process, then much of the manual month-end reconciliation process can be shortened, if not fully eliminated. Checks and balances are key in finance, but if technology is trusted to do the majority of the task, with a human just verifying, then much time can be saved, and final numbers for the month published faster.

 5.       Turning effectiveness into efficiency

Manual importing an excel file should not be seen as a terrible thing because at the end of the day, it’s still much faster than hand keying it. Regardless of what route is taken, if the objective is completed, the job was done effectively. However, effective does not mean efficient. In relation to the aforementioned points, automation of the loan importing process vastly improves the efficiency of your department’s ability to be effective and your executives’ abilities to make decisions.

 

 

 

About the Author


Justin DeAngelis

 

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Testimonials
With Loan Vision, growth has been facilitated through allowing the business to run reports and extract key data quickly and efficiently"
Oystein Konsmo, Chief Financial Officer, NOVA® Homes Loans
Moving to the latest version of Loan Vision will allow us to automate more and get more information to the decision makers in the branches without them having to reach out to the head office
Oystein Konsmo, Chief Financial Officer, NOVA® Homes Loans