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.
First of all, it has been another great year for GOLDPoint Systems, and we know the same can be said for the financial institutions that use our software. We are nothing without the companies we support. When they succeed, we succeed. Everything we do every day is aimed at helping our institutions thrive.
Most of the ideas to improve our products comes from the everyday activity of people working at our institutions. We welcome your feedback and innovative ideas.
We advertise these changes as they are released in our Update and What’s New document. However, your institution may have been busy with other pressing issues to be able to implement these changes when they were initially released. Or maybe you are new to our system and weren’t aware of these new enhancements.
Maybe now is a good time to reconsider implementing some of exciting changes that can help your institution finish the year strong.
1. Integration with LexisNexis for Bankruptcy Records
Imagine being able to look at an account and knowing right away whether the account is going through bankruptcy proceedings. One of our institutions gave us the idea to build an interface with LexisNexis to feed 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.
After some initial setup, the court records from LexisNexis port directly into our system and the accounts are instantly flagged with their appropriate bankruptcy filings (e.g., Chapter 7, 11, 13; reaffirmation; lift of stay, dismissal, withdrawn, discharged, closed).
What happens to an account once it has been flagged for bankruptcy? Many things take place on the account, and like most features in our system, it depends on what options are set up for your institution. Most institutions slap the “Do Not Call” restriction on phone numbers, for starters. Also, the account is reported to credit repositories with the designated Consumer Information Indicator defining it as bankrupt. See the Results of Bankruptcy on Accounts in DocsOnWeb for more information.
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.
The process of enabling this function at your institution involves contractual, billing, and programming requirements. Your institution will need to have a contract signed with the desired third party (LexisNexis). See the Court Records topic in DocsOnWeb for more information.
2. 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. This new enhancement required a complete reorganization of the Payment Information and Signature Loan Details screens, as well as adding new options to the EZPay IMAC Table. The EZPay IMAC Table is set up by your GOLDPoint Systems account manager. The options in that table allow certain fields and methods of payment on the EZPay screen.
Institution option FPRA must be set to use recurring payments. For more information about recurring payments, see Differing Automatic Recurring Payments for details regarding this new feature.
3. Investor Web 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 can create a website to make it easier for investors to view their accounts and how they are doing. For a quick read on this new feature, read the Investor Portal blog post.
4. New API Library for Originating and Boarding Loans
Probably the most intensive work we’ve done the past year revolves around APIs. 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, but then use our APIs to connect to borrower information and board and fund loans into CIM GOLD for servicing.
Our API library, code name “Galaxy" is the first JSON API library of its kind in the lending industry. And it’s the future of where we’re headed, but we’ll get into that later.
Many spin-off projects were accomplished this year based around APIs. Through our partnerships with other third-party loan origination software, we created new screens and fields to accommodate funding requests.
For example, we created a new Check Printing screen, so when loans are boarded from a third party (using our APIs), users could print the funding check in CIM GOLD using the Print Checks screen. See New Screen for Printing Funding Checks for more information.
Often times borrowers open new loans to pay off old loans. Using our APIs, new loans can be originated for old debt. We created an option to show that chain of debt on the Original Loan Disclosure screen in CIM GOLD. The option, TREE, must be set, and then users can view older debt that was paid off by newer debt.
Future so bright, gotta wear digital-eye-strain glasses
Ha! Of course, the well-known lyric is “future so bright, gotta wear shades,” but not around here. Oh no. Our programmers know how to rock the Gunnar glasses to get work done (and avoid headaches).
Recently our company president and CEO, Jeff Collinsworth, announced a full-throttle plan to move CIM GOLD (Loan Servicing and Borrower Management) to a complete web-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 in the near future. No more downloading of CIM GOLD to see the latest and greatest….you’ll just access the site, and wah-lah–all new features will be there!
Honestly, these are exciting times, at least as exciting as lending software can get. So glad you are an integral part of our future!