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Audience: Loan Servicer or Collector, Developers, Loan Servicing/Collections Managers, Administrator, Compliance
LoanPro is committed to helping our lenders with all of their lending needs. To make sure we have the best of the best, LoanPro has integrated with companies who specialize in services our lenders might need. It's kind of like hiring a contractor. The contractor is going to build the house, but when it comes to water and electricity they might hire a plumber and an electrician to do specific jobs. In this scenario, LoanPro is the contractor who hires specialists (integrations). These integrations, and a few tools we've built, are referred to in the software as 'plugins'. There are five plugins located in Company Settings including GPS links, Automated Broadcast Phone Calls (TCN), Solutions By Text (SBT), DocuSign, and Connections. Each plugin helps our lenders with something different. This article will explain what each of these do and how they can be used for successful lending.
What are Plugins?
Some plugins are integrated companies that provide a service (TCN, SBT, DocuSign), some are places to track information (GPS Links), and some help lenders manage their relation with other integrated partners (Connections). Each plugin is described below and has a link to follow. To access plugins in LMS click Settings > Company > Plugins.
In auto lending, it is common to secure collateral by installing a GPS unit on the vehicle. Using a GPS unit makes it easier to find the collateral if you need to repossess it. LoanPro does not provide these units, but it does provide a place to keep the URLs for the GPS companies. This makes it easy to find the companies you are using to track your collateral. After adding a link to the GPS Links plugin, you can easily access the link and follow it to the website.
Automated Broadcast Phone Calls (TCN)
A simple phone call can reach customers with timely information, but calling a large group of borrowers would take a lot of time and money. Instead, we use TCN, a company that helps lenders make automated phone calls. TCN is integrated with LoanPro, allowing lenders to send out groups of phone calls (campaigns) to their customers from within LMS. This is useful for sending important information, deals, or updates to large groups of customers without dialing and calling each one by hand. For more info, check out our article Automated Broadcast Phone Calls.
Solutions By Text (SBT)
Solutions By Text (SBT) is also integrated with LoanPro. SBT allows lenders to send text messages to their borrowers in the LMS. There are legal restrictions for sending unsolicited text messages, so all numbers must be enrolled before messages can be sent. LoanPro also stores templates for the text messages which can help you follow all the regulations. SBT helps lenders contact their borrowers to provide information quickly and efficiently.
DocuSign allows borrowers to sign documents electronically. Documents signed on DocuSign are legally binding and they help lenders sign loans quickly and easily. Through DocuSign, borrowers can sign custom forms that the lender creates. This tool is a favorite of online consumer lenders, whose clientele might never visit a physical location. Because DocuSign is integrated with LoanPro, it is easy to initiate a DocuSign through the LMS.
Connections is a hub for integrated services the lenders might find useful. In addition to the other plugins mentioned in this article, there are tools that can verify borrower information like addresses or phone carriers, as well as credit pulling and reporting. Connections is a LoanPro service, but it is kept separate to make it easier to turn services on and off, and to send information to LMS and Secure Payments.
Where do Plugins Fit?
Because each plugin offers something different, lenders can pick and choose which ones to use for their business. Plugins make it easy to do all the jobs required of a lending business through the LMS. Generally they make the lending process smoother and more efficient by keeping many of the services you need in one place.
This Feature is Not
LoanPro does not own all of the services offered by plugins. Connections is a LoanPro service, but DocuSign, SBT, and TCN are separate companies that LoanPro has integrated with to make accessing those services a little bit easier. GPS linking does not provide a tracking service to secure collateral, it just provides a space for lenders to store URLs and easily find the GPS companies they are using to track their items.
Once you're ready to start using plugins, these articles are a great place to start:
- Connections Navigation Overview: Where to find Connections and how to use it.
- DocuSign – Sending a Form: How to send a form for a borrower to sign.
- SMS Text Tool: How to send texts to specific groups of loans.
- Run TCN Campaigns: How to start sending calls to your borrowers.