The summer is sadly slipping away from us. If we hurry, we may be able to fit in one last camping trip, one last trip to the lake, or one last barbecue before it’s time to rush the kids back to school or get serious about fall football.
Many people view this time of year as almost a New Year’s part II: what have I done with my year, and what do I want to accomplish before the year’s end? Forgive us if we do the same by reviewing the top accomplishments of the past year, and maybe a little projection of what GOLDPoint Systems will be focusing on in the next year.
Most of the ideas to improve our products come from the everyday activity of people working at our partner institutions. We welcome your feedback and innovative ideas. Here are some exciting changes we have implemented from that feedback.
Integration with LexisNexis for Bankruptcy Updates
Imagine being able to look at an account and knowing right away whether the account is going through bankruptcy proceedings. With our latest interface with LexisNexis, we can automatically receive information about accounts in the various stages of bankruptcy.
This means more accurate tracking of accounts in bankruptcy, as well as faster notification. Usually, institutions rely on mailed letters from bankruptcy courts notifying them of account restructuring. With the LexisNexis interface, record notifications come faster, more accurately, and most importantly, automatically.
LexisNexis is a third-party data record keeper of all things legal. If you have spent any time in law school or around law students, you’ll know LexisNexis because they sponsor everything law related (LexisNexis coffee coasters, tote bags, binders, frisbees, you name it). There are other companies that we can also interface with, but LexisNexis is the behemoth in the law industry.
Why is automating the bankruptcy process so important? It’s a time saver and money saver. Instead of employing someone to physically run the Bankruptcy transaction on accounts, the system does it automatically. Any time you can automate things means less room for error, quicker response, and more complete data.
Multiple Payments for Loan Frequencies
It’s not uncommon for your customers to want to time payment withdrawals to coincide with their paychecks. Some customers may be paid weekly, while other customers are paid bi-weekly or monthly.
We have implemented a way to set up recurring, automatic payments from borrowers around a schedule convenient for your borrowers.
Loan Portal for Viewing Securitized Loans
Securities-backed loans are now common industry practice. People are taking notice of the gains lending institutions are making, and they’re bringing their money to invest. As part of these partnerships, lending institutions need more tools for investors to view their portfolio of accounts.
We have an electronic portal where investors can view their accounts and corresponding status.
New API Library for Originating and Boarding Loans
APIs act as a bridge between front-end web development and back-end secure data storage provided by GOLDPoint Systems. APIs allow institutions to work with any origination partner they want, or even design their own front-end websites.
Our API library is the first JSON API library of its kind in the lending industry. And it’s the future of where we’re headed.
Future so Bright, Gotta Wear Digital-Eye-Strain Glasses
Ha! Of course, the well-known lyric is “future so bright, gotta wear shades.”
Recently our company president announced a full-throttle plan to move our loan servicing platform to a complete browser-based application. GOLDPoint's API, which is currently already in production and facilitating hundreds and thousands of loans, will be the backbone of this service.
Knowing the team behind this effort, you can expect amazing things soon.
Honestly, these are exciting times, at least as exciting as lending software can get.
