For lending organizations, there are few metrics more important than their loan fulfillment rate. When consumers fail to make regular payments on their loans, it can put a serious dent in the bottom line of for-profit lenders.

Likewise, it’s in the best interest of these companies to implement strategies that promote high loan fulfillment rates and prevent delinquencies.

Establish Clear Deadlines and Expectations

It’s important to start off on the right foot with consumers from the very beginning of the loan fulfillment process. Making sure that consumers have a clear understanding of what’s expected from them throughout the course of the lending period avoids confusion and payment delays.

An extremely useful tool to provide consumers with is a web portal to enable them to monitor their loan status at any time and make payments at their convenience.

By eliminating logistical barriers that might make it more difficult for consumers to make loan payments on time, you can establish a positive working relationship and increase their reliability.

Start With a Gentle Reminder

If and when one of your consumers misses a payment, it’s important to respond to the issue promptly, but in a friendly, trusting manner.

Establish a system that allows you to send automated reminders when a consumer misses their first payment.

• In many cases, this gentle reminder will be enough to get your clients to issue payment, or at least explain the reason for their late payment and request an extension.
• If your consumer fails to respond to this initial reminder, ensure your loan servicing system dynamically tracks and queues this account to be reached out to directly by your servicing team.

Leverage the Latest Software

Modern lending organizations have access to a host of useful software tools that make it easier to automate and manage every step of the loan fulfillment process. These tools allow companies to maintain clear lines of communication with their consumers, while being proactive in their attempts to collect delinquencies.

The CSS IMPACT! HD™ 2.0 Loan Management System (LMS) enables lenders to drastically reduce risk, while offering consumers a diverse selection of payment options to promote convenience and expedite payment.

• This comprehensive software suite reduces infrastructure costs, consolidates systems for underwriting and servicing debts, and streamlines loan servicing processes to ensure the loan is dynamically tracked in its entirety in real-time.

Contact us today to learn more about how CSS can help you increase your loan fulfillment rate and secure your organization a more profitable and productive future.