Loan Servicing System

The Loan Servicing System, developed by Twenty-First Century, is a computer system designed to enhance loan origination, servicing, portfolio management, and pipeline tracking processes for companies in various industries. This software solution caters to the needs of mortgage banking companies, auto/vehicle finance companies, financial institutions, lending institutions, and loan servicing companies. According to the vendor, the Loan Servicing System offers a range of features and functionalities to streamline operations and improve the management of loan portfolios, ensuring timely processing and approval of loans.

Key Features

Loan Origination: According to the vendor, the Loan Servicing System provides a streamlined process for loan origination. It captures and stores borrower information, generates loan documents and contracts, and tracks the status of loan applications.

Loan Servicing: The Loan Servicing System efficiently manages loan portfolios, tracking loan payments and balances, generating billing statements and payment schedules, and accurately calculating interest and principal amounts, according to the vendor.

Portfolio Management: The Loan Servicing System allows companies to monitor loan performance and delinquencies, generate reports on the status of their loan portfolio, track insurance and tax information, and handle escrow accounts, according to the vendor.

Pipeline Tracking: According to the vendor, this feature enables users to track loan applications in the pipeline, monitor the progress and status of each application, generate reports on pipeline activity, and ensure the timely processing and approval of loans.

Investor Performance Tracking: The Loan Servicing System provides performance statements for loan company investors, calculates distribution payments to investors, generates 1099 tax forms, and tracks investor capital accounts, according to the vendor.

Internet Access for Borrowers: Borrowers can conveniently access their loan information online, view and print current customer statements, make online payments, and update their contact and personal information, according to the vendor.

Vehicle Loan Servicing: The Loan Servicing System effectively tracks loans on various vehicles such as autos, trucks, RVs, and boats, calculating loan balances and interest amounts, generating reports on the vehicle loan portfolio, and handling insurance and registration information, according to the vendor.

Escrow Period Processing: The Loan Servicing System manages escrow accounts for taxes and insurance, calculates and tracks escrow payments, generates reports on escrow activity, and ensures the timely payment of escrow obligations, according to the vendor.

Capital Account Reconciliation: According to the vendor, this feature reconciles investor capital accounts, tracks capital contributions and distributions, generates reports on capital account activity, and ensures accurate accounting of investor funds.

Tax Schedule K-1 Reporting: The Loan Servicing System prepares tax schedule K-1 reports for limited partners, calculates and tracks partner allocations, generates tax forms for reporting purposes, and ensures compliance with tax regulations, according to the vendor.