Updated: Jun 30, 2021
Bryt Software Packages: The Specifics
Thanks to modularity and cloud-based technology ─ two unique features that differentiate Bryt from other loan tracking solutions ─ Bryt’s software modules can be configured to any lending business. You simply use your own loan documents, processes, notices and collection procedures, etc., and the software automates routine tasks such as creating documents, producing client notices, processing ACH payments and more. Bryt’s software also helps you maintain compliance by tracking activities, and facilitates improved communication by automating letters and notices. And, its web portals provide real-time web reporting for both your lenders and your borrowers.
Let’s look at each of the modules in greater detail:
Loan Tracking: This base product was built for all types of loans. Essentially, the Loan Tracking module automates all loan calculations, thereby eliminating any potential for errors. With this module, you can easily see who is current with payments and who is falling behind. It automatically generates professional, high-quality statements, notices, and letters, while providing real-time detailed access into the accounting for every loan in your portfolio. And it includes a set-up wizard to ensure quick and easy implementation.
Loan Tracking Software Features:
Dashboards that give you real time business analytics from one convenient system
A customer database that keeps your customer information organized
Supports multiple interest rate calculations
Records loan payments, interest, principal, late fees, escrow, etc.
Includes real-time amortization schedule calculator
Document management and storage
Sophisticated tracking and reporting with exporting capabilities
Provides an audit trail of all activities by user
Print and manage 1098s and 1099s
Loan Servicing – add-on functionality: This module streamlines and automates all loan servicing tasks. In doing so, it reduces the potential for errors and saves you time, giving you the ability to service more loans and improve your profitability.
Loan Servicing Software Features:
Builds payment application waterfalls and customer rules
Supports multiple lines of loan products
Allows you to easily create different loan types (i.e., term loans, non-revolving, commitment, and pool loans)
Allows automated late fees and NSF processing
Processes ACH electronic payments
Provides web portals for both your borrowers and lenders/investors
Accommodates direct loans and capital-based pools
Provides flexible configuration of service fees
Loan Origination – add-on functionality: This module gives lenders the ability to originate higher quality loans faster. Its automation tools will help you determine borrower creditworthiness and approve/fund more loans. Its dashboards enable viewing of your entire loan pipeline in real time from one system. And it even helps reduce risk and improve portfolio yields by managing due diligence. Loan
Origination Software Features:
Customer relationship tool that keeps a complete record of customer information, interaction, notes, and call logs
Custom, configurable workflow and task management to ensure consistency and compliance
Upload and save all loan origination documents in one place, with easy access for your entire team
Creation of professional, custom, branded loan applications
Automatic generation of customized loan documents
There’s Never Been a Better Time Than NOW!
As we collectively endure the ramifications of this global health and economic crisis, hard money and private lenders must grapple with how to continue to function operationally while respecting social distancing recommendations and, at the same time, manage increasing loan defaults as new loans and funding diminish.
With staff working from home and new business activity slowing, this is an opportune time to modernize your manual loan management system or replace your inadequate loan management software with a 100% cloud-based alternative that allows you to purchase only the features your lending operation needs and will actually use. In doing so, you will realize increased efficiency by being able to manage loans from anywhere. The automation inherent in Bryt Software assures greater accuracy too. And the modular nature of Bryt products makes them affordable and easy to implement. Best of all, you can rest easy knowing that minimal training is needed, but live support is included and always available.
So, if you find yourself working remotely and mainly servicing existing loans due to decreased volume during this pandemic, why not use your time wisely and begin the transition to a better loan management solution? The Bryt way is the better way.
Contact firstname.lastname@example.org for more information or visit brytsoftware.com to learn more.