Loan Administration is a portfolio management solution that automates client correspondence and reduces the time and cost of preparing for loan review . Using solution, banks and other credit unions can generate documents and covenant compliance reports for management and examiners, and we can also form a bridge between the core processing system, credit Analysis, and loanadministration to automate exception tracking e.g https://en.wikipedia.org/wiki/Loan_servicing
Loanadministration is a company that services a loan after the loan agreement has been executed. The loan administrator is often also called the ‘loan servicer’. This may be a department within a company through which you can take out a loan or a different company contracted by the lender to perform all servicing functions. If the lender outsources loanadministration to a different company, when the loan closes, borrowers will receive a letter that explains which company will administer their loan.
A loan administrator or loadadministration or services a loan. When the loan closes, you will deal exclusively with the loan administrator rather than a lender, as long as they are not the same. The loan administrator is the company that will send you your monthly bills and to which you will submit your monthly payments. The loan administrator also will maintain your payment records and monitor your compliance with the loan agreement. Each month, you will get a bill for your loan and send payment to the administrator just like you would to the lender. The difference between the two is only known if you happen to fall behind on loan payments. In this situation, the loan administrator acts as go-between you and the lender reach some agreement to bring the loan back into compliance. It may provide conflict resolution services, representing both the lender and the consumer. It’s in the administrator’s best interest to help the lender and borrower reach an agreement, the loadadministration has no loan to service and thus loses business.
Loan administrators also can work for collection agencies. An administrator will try to contact debtors who are in default for loans to get their accounts up to speed. This may seem like an unpleasant profession, loan officers have a great opportunity to help people in their line of work. By helping financially problematic customers set up payment plans that work for the customer and therefore not default on their loans, the loan officer can help both his customer and his prospective employer.
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