Category: Mortgage Industry

Metro 2 Format for Credit Reporting

What is the Metro 2 Format?

In the United States of America, all the major credit bureaus recognize Metro 2 as the standard reporting software for all the business credit data. The Metro2 format created by the consumer data industry association (CDIA) in 1997. Metro2 format created to report all the commercial and credit information to the credit bureaus. In this article, we will discuss the details of Metro 2.

Why Credit Bureaus Require Metro 2 Format?

A uniform or a standard method of reporting is necessary for some of the below reasons.

  • All four major credit bureaus need one standard reporting format.
  • Metro 2 Format easier than all other formats
  • Metro 2 format meets the required criteria of the Fair Credit Reporting Act (FCRA) and the Fair Credit Billing Act (FCBA).
  • The Data Analytics Screen improves the accuracy of filling data up to 4 digit year fields.
  • The Software allows storage and reporting of consumer payment of up to 24 months.
  • Business can report data both at the account and consumer level in detailed format using this software.
  • Metro2 software designed to meet all the data feeding by the business which the four major credit bureaus need.
  • The customer’s credit reports generated quickly when a business sends relevant information on time.

How Can You Use It?

The CDIA only uses Metro2 format software for business. Metro 2 Software used by business who all need to feed data into it. Metro 2 Format needs special software like Experian of GoldenOmega to convert data into this format. Therefore, CDIA also advises you to use a system that meets the accurate and timely reporting of data.

When You Find the Software for Converting Data into Metro 2 Format, Your Steps Include:

  • Preparing the data of your business or customers credit information in the needed format
  • Entering needed data into the credit reporting software
  • Uploading the format into the particular credit bureau of your business location.
  • Validating data through the bureaus.
  • Adding the data validated to the credit reports of customers

Experian of GoldenOmega

Metro 2 Credit Reporting Software, such as Experian of GoldenOmega formats your accounts into Metro2 form needed by all the major Credit Information Bureaus of America. The Software performs a check of statements. Experian of GoldenOmega performs the verification of compliance of accounts in the format needed and submits it up to date information according to the latest reporting standards of Metro 2 requirement consequently.

The Experian software gets updated according to the latest version of Metro 2 format. If the standards not followed, the information subjected to the rejection by the bureaus. If you don’t comply with the requirements, The bureaus consequently make rejection of your entire Metro2 Format business file. So, Experian handles every aspect of reporting laws and standards to keep for business file up to date.

Our Software is clear simple and easy to use. It also very well integrates with the existing system of yours. You can have the basic templates for filling almost all the required fields. So, Contact or Call us Today at (916) 939-7083 to book a demo or for more details.

How to Pick the Perfect Loan Management Software?

If your loan servicing company is operating for so many years or even if it is a startup, choosing the right loan software for your business is crucial. The software manages your accounts, processes the transactions, and maintains the records and reports for your company. Each of these tasks is very difficult, expensive, and time-consuming. Once you have the best software, there is more possibility of increasing the business, improve productivity, and save a lot of time.

So how to select the right loan management software for your company? Here we are discussing the important points to consider before you pick one.

Tips to Choose the Best Loan Servicing Software

1. Business Needs

It is very crucial that the loan servicing firm must obtain an in-depth knowledge of all their internal business needs. Many of the loan servicing companies prefer the software to handle different loans with different rates; your business might need to get the daily reports also. So it is up to the business person to identify the specific needs and decide on the software.

2. Easy to Deploy, Configure and Customize

No matter what you choose, your software should be feature rich and should always be hassle free and customizable. Your loan servicing company software should be able to increase your proficiency and efficiency in handling the accounts of the company. Merely saying the software should be able to provide all the required information within a couple of clicks.

3. Reporting Capabilities

The software should be able to generate enhanced reports for the use of the company. These reports can be used to create daily, weekly, and monthly reports easily. These reports also help to identify the errors and streamline the business and increase productivity.

4. Simplistic Work Flow

The simple workflow in the software will help to enhance the organizational efficiency and manage your accounts with minimal efforts. Hence, you need to spend very less time on administrative tasks if the software is very efficient with a simple workflow.

5. Security and Privacy

In a financial loan servicing organization, you have to protect the records of personal information of all your clients and customers. You have to manage the critical and key financial information. That is why there should be an in-built security feature in the software. A famous company like Golden Omega will provide you software having the elements which need the user to enter username and password to access the records. Also, the organization restricts the data that is seen by the person.

6. User Needs

Your loan management software should have different accessibility options for users at various levels in your organization because admins or top officials may require to access the reports while other low or mid-level employees will be restricted to do specific tasks using the software. So, it is better to know the user requirements in advance.

7. Budget

It is never a point to evaluate the products that exceed your budget. So you should first decide on the budget and act accordingly. The cost is not only for the software, but it also includes the hardware, training, implementation, and even the transfer of old data into the new software. You must see that the software is well stipulated within your budget. So, There would also be additional costs related to the new modules and upgrades for the software.

8. Scalability

You should not need new software every time you expand and take your business to new heights. Hence, The software should be scalable and can be used for expansion.

9. Prompt Technology and Customer Support

If your company is a startup or experienced, always choose a software vendor who provides a 24/7 tech and customer support. Because, when there are technical problems, you need to have adequate support from the software servicing company.

Conclusion

Each loan servicing software has its capabilities and features. It depends on the company that which software is needed. The bottom line is to look for the software that compliments all the requirements of your company. The software should also be very efficient, affordable, and help you to enhance the performance of your business. At Golden Omega, you can order a Free Demo to make sure that our software meets all your business needs. Contact or Call us Today at (916) 939-7083 to book a demo or for more details.

What is Loan Servicing Software?

Loan Servicing business is made of checks, balances, due diligence, and customer relations. It is very difficult to keep together all the services in one place or application. Luckily for today’s business people, there are loan servicing software systems that support and automate all the services.

Navigation of the software is very complex and are always tricky. Many features are not needed by most of the users, so it is necessary that the users pinpoint the exact needs and align them with the specific service provider offerings.

Loan Management Software

Loan servicing software automates the life cycle of the loan. The life cycle includes originating, credit decisions, payment processing, collections, accounting, and reporting. Besides loan cycle management, the software also supports financial product creation and management.

Features of Loan Servicing Software

1. Loan Origination: Scope for creating numerous loan types with a combination of various payment types, interests, and fees.

2. Client Management: Obtain the credit score of the client by using the credit checking option.

3. Profitability and Revenue Tracking: Monitor and Report on the status of private investments.

4. Analytics: Automated report generation and the option to add the desired analytics to the dashboard.

5. Delinquency(Payment) Management: Set automated payment options and allow multiple payment methods.

6. Compliant Data Security: The software gives high security to create, store, and, share the information between client and investor.

7. Lead and Sales Acceleration: It is easy to identify the potential customer.

8. Electronic Signature: To gain the trust of the customer, you need to provide the data with electronic signatures.

9. Investor Management: You can monitor and prepare reports on private investments and funds collection.

Pricing Information

Loan Servicing software is generally tailored made according to the needs of the user or a business. This means the software is made based on the kind of loans provided to the customers and also the size of the lending company. The other features, like Marketing, document storing, and management, are the main reasons for the loan servicing software to be very costly. Most of the vendors also show demos to the potential customers and know what is needed by the client. The demo is also used to get a clear idea of the price of the product.

The prices of the software vary depending on the various needs of the client. If additional features are added, then the price of the software also increases.

Benefits of Loan Servicing Tools

The main benefits of the loan serving software include accuracy, automation, and the efficiency that they provide. Helps in automating the crucial and even the day to day routine tasks to reduce the risk of human error. The transparency in the software allows you to be informed of the business decisions taken across the entire operation.

The potential value and benefits provided by a loan servicing company can be apparent, but many issues should be considered when deciding on a system. For example, most of the loan service software provides various levels of customer relationship management, which might not be useful for the client. So it is essential to analyze the needs of the customer and decide on the software features that can be accomplished by the client.

Deciding the Software

Loan Servicing software can turn your business with efficiencies and also help the organization using your software. But it is essential to see that the service software are fit for the specific needs of the industries. Consider some important points that help you to choose the right tool that meet your business requirements.

Conclusion

Based on your business needs, you can choose a loan servicing system that automates loan processing to save time, improve productivity and sales. At Golden Omega, we offer loan servicing software and add-on modules for direct lenders, which provides the above-discussed features and benefits. We offer a Free Demo of all our products. Contact or call us at (916) 939-7083 to discuss more details or for support.