Harland Financial Solutions, based in Lake Mary, Fla., has rolled out a new Service Release Module for the Interlinq Loan Servicing system. According to the firm, by eliminating several manual tasks, the new application further automates loan servicing for increased customer service and cost savings.
The Service Release Module supports the sale of loans by batch to each purchasing company. By importing data from Microsoft, Excel spreadsheets, text files or Microsoft Access databases, servicers can avoid re-keying loan information and associated errors.
Once the batch sale is processed, general ledger entries are automatically created for various loan balances, fees and adjustments to export to the accounting system, saving additional manual entry. Based on servicer criteria, the system also creates goodbye letters and follow-up ticklers, Harland Financial Solutions adds.
Operational risk is managed through checks and balances defined in the Service Release Module, and the system amortizes loans forward to help ensure balances are correct when calculating on a future date.
