Escrow Administration Software
Trust accounting software is used by organizations and businesses that deal with issues such as probate and trusts. Financial planners also have need of specialized office software that assists in the overall management of accounting issues. Non-profit agencies, accounting firms, legal offices and banks are just a few of the businesses and organizations that have need of a professional software system that is customized to each area's requirements. Professionals who must use this type of software system in order to make their jobs more efficient can appreciate the advanced designs of many of today's new systems. Offering the best in design and technology, the new office systems are user friendly and no longer a such a difficulty to implement in the office environment.
A system that is user friendly is most likely to get the first look from any office that deals with accounting issues. No one wants to spend an unreasonable amount of time learning a difficult trust accounting software system when there are alternatives. Today's newest systems offer many quality features including a user friendly design with security and accuracy as a priority. As with any system such as trust accounting or escrow administration software, security features are of utmost importance. Professionals that work with these issues must be very careful with stored information that includes client's financial information as well as other confidential facts.
Security is of immense importance within businesses that process any type of financial accounts. One of the leading professions that makes use of escrow administration software for security as well as management purposes are real estate agencies. Escrow is a business transaction that allows one party to make a financial transaction to another party through the help of a third party. A real estate professional can act as the third party to business transactions that involve the sale, purchase or transfer of property. As is generally the case, when a buyer purchases property, the amount of the sale is held by the neutral party.
The seller releases the property title to the agent to hold until the final exchange is made. After all agreements are met and all pending requirements are handled, the agent transfers the property title to the purchaser. At the same time, he or she transfers the purchase amount to the seller. An escrow agent, real estate professional or real estate office that handles these types of transactions is paid for services rendered when the legal transfer is done. Escrow administration software makes it possible to keep track of multiple accounts with all the subsequent items involved.
An interesting issue that has come to the forefront of escrow services has been the growing number of criminal cases that have been exposed from Internet fraud. Since the Internet has further opened up the global economy for goods and services around the world, some online companies conduct their transactions via the Internet. Clients can purchase or sale from one part of the world to someone across the globe without ever meeting face to face. This has required online escrow transactions that have been exploited by fraudulent operatives. Experts suggest that it is best to thoroughly investigate any company before submitting information and financial investments through online services. Whether it is escrow systems or trust accounting software, security is always a major concern when dealing with personal identities, financial accounts and deeds to properties. "Great is the Lord, and greatly to be praised in the city of our God, in the mountain of his holiness." (Psalm 48:1)
The computer age has further complicated escrow services by making it necessary to purchase and sell software and property rights. Just as the purchase and sale of real estate must be transacted through a third party, so does the purchase and sale of software products and development. When a program is sold to a purchaser, many times the code for the program is also held in escrow as the final 'title' to the product. When all agreements are complied with by the purchaser and the funds have been remitted, then the systems code and other related intellectual property is released to the purchaser. Again, security is of utmost importance with any type of office systems such as escrow administration software.
There may not be as much room for security breaches with trust accounting issues since these accounts do not typically pass through the hands of so many parties. However, effective trust accounting software does handle many financial issues such as account checks, account records, personal portfolio profiles, access to customer banking information, tax information and investment information. With so much personal, financial issues at stake, security continues to be at a premium with this type of office systems as well. Quality trust systems also provide extensive reporting capabilities that make it easy to compile account information for clients and companies. Check out the many online sources that offer extensive information on many types of office accounting and management systems that are safe, user friendly and the most advanced in up to date technology.
Loan Servicing SoftwareLoan servicing software is a tool lenders of any size can put to good use throughout every phase of the processing of loans, whether it's a personal loan for an individual, corporate loans, or tuition money for students. Of course, each of these different types of loans has different requirements and is processed in different ways. The software designed for each of these transactions has been created with all those specifics in mind. Whether the loans are made online or in the physical office of a lending institution, these programs can be implemented.
These loan organization software packages have everything built in that a lending officer will need to process a note, but there are sometimes special additions that reflect the specific nature of the particular lender using the loan origination software. In these cases, it is possible to make modifications to the original that will fit the lenders needs. This eliminates having to find a program with those specifics already built in--which may be impossible. Time spent in a futile search is thus saved. Once those special features have been added, the lender doesn't have to stop there if some new law is passed, requiring different forms, etc., because there is no end to the changes that can be implemented as necessary. In addition to those changes that can be made by the lender himself, any changes will be provided by the loan origination software so that the client will always be up to date. Further, if there is a glitch in the system, customer service is available on demand.
Once a note is contracted, there are follow-up procedures that must be kept. Keeping track of the promptness of payments and payment amounts, and getting credits to the account, no longer has to be done manually with loan servicing software. Follow-up phone calls and letters are no longer the norm for reminders. Automatic e-mails remind a borrower of his status, especially where payments have been missed or late. Any changes in payment date or other particulars that a borrower might need to keep the note current are sent electronically. Many of these programs also give the borrower access to his account online to check the status or communicate with the lender.
The means for calculating loans and keeping track of payments are not the only features of this loan servicing software. All the forms needed for application and electronic signature are also included, and can be downloaded by both lender and borrower for their files. Paperwork is still necessary for business transactions, no matter how much we rely on computerized programs. When computers first came out, there was talk of someday having a paperless society. Now these many years later it's obvious that "paperless" was merely a pipe-dream. Loan origination software, however, makes the generation of that paperwork much less laborious than it once was.
Student loans can often be complicated. Besides monitoring the loan itself, there is a need to verify the status of a student at regular intervals. Sometimes funds are coming from several different sources, and all the information can be kept together if needed. Grants, scholarships and loan information needs to be in one place for the benefit of the school, so they can be sure all funding has been received in time for the new semester to start. Different schools have different requirements, so the loan origination software is specifically set up to meet those needs.
At the end of the year there are reports required for IRS filing and institutional records, so the loan servicing software is set up to print out those forms for the lender. Electronic calendars will automatically generate reports on given dates, so the clerk in the lender's office doesn't have to rely on memory or a desk calendar to remind her that a report is due. When they are generated, all the clerk or secretary has to do is print them out and get them to the proper location for processing. Interest is always charged on loans made, and it has always been so. Honest lenders will deal fairly with borrowers and not charge interest that is unreasonable. In Biblical times, the rules were as follows: " If thou lend money to any of my people that is) poor by thee, thou shalt not be1 to him as a usurer, neither shalt thou lay upon him usury." (Exodus 22:25)
Mortgage loans require a different kind of monitoring as well. Both lender and borrower should have the ability to enter the records and see the status of the loan. Payments can be made electronically, if preferred over sending a monthly check, and the loan servicing software provides for that, directing the funds to the proper account. Instead of worrying if a payment will arrive on time through the Postal Service, the payer can be certain the moneys are received the same day. Promptness counts on the credit report that is generated from a loan, so this is an important factor.