Inovatec Launches Its LMS 2.0 Platform for Enhanced Loan Management
Leading cloud lending provider delivers new integrations, greater functionality, and superior customization to improve all aspects of loan management
SAN DIEGO, CA – April 27, 2022 – Inovatec Systems, a major provider of industry-leading, cloud-based software solutions for lenders today announced the release of its Inovatec LMS 2.0 platform, a cutting-edge loan management and servicing system designed to help lenders automate and streamline workflows. The platform’s roster of new features, customizations, and expanded integrations give lenders the ability to seamlessly manage portfolios, take proactive remedial steps, and better monetize loans over their full lifecycles.
“We have always believed that portfolio management is where lenders actually make money, and we developed our next generation LMS to achieve this objective,” explained Vlad Kovacevic, co-founder and chief executive officer of Inovatec. “This platform leverages innovative technologies including AI and advanced analytics, and has a wide range of integrations with third party solutions. This empowers our customers to minimize manual work and maximize performance. We see this LMS platform as a perfect illustration of how to use advanced technology to deliver tangible benefits to the thousands of lenders that are looking to become more agile, efficient, and profitable.”
The LMS 2.0 solution’s updated functionality includes improved integrations with industry-standard platforms and innovative partners such as Google’s Looker analytics suite, Solutions By Text’s communications platform, the Neo predictive analytics platform, QuickBooks accounting software, and the REPAY payments platform. It also features an enhanced workflow module and improved loan management tools. These allow users to better organize queues and permissions and more easily search for delinquent loans via a custom date range.
Inovatec LMS 2.0 enhancements include:
Configurable Automated Workflows: Inovatec’s advanced loan servicing system now allows administrators to organize improved queues and permissions so they can more easily manage and escalate cases. Workflows can be better distributed and optimized through these customizations.
Configurable Work Queues and Tools. Administrators can specify any criteria/range to create custom work queues, allowing lenders to manage their businesses in whatever way is most effective for their model. For example, LMS 2.0 lets users search for late loans based on any date range they choose, as opposed to a limited range of 30 days at a time, making it easier to identify and manage delinquencies.
Automated Late Fee Feature: The LMS now lets users create customized late fees and manage the logic regarding when those fees are applied. The system will even flag users as to whether or not the fee should be charged based on the assigned grace period and the customer’s payment patterns.
Accounting System Integration: The Inovatec LMS 2.0 solution directly integrates with major accounting systems and can now generate daily QuickBook files either automatically or manually.
Google Looker Integration: An integration with Looker allows users to quickly analyze datasets to identify more meaningful, intuitive data insights. This makes it easier for managers to build a more accessible data exploration platform.
REPAY Payment and Reverse Files Capability: The LMS now integrates with the REPAY payment technology platform, which reduces the complexity of electronic payments. It processes REPAY payment and reverse files, sending REPAY Bill Load Files back to REPAY.
Solutions By Text Integration: Inovatec’s LMS now integrates with Solutions by Text, the provider of a leading text messaging platform for consumer financial services institutions. This enables lenders to securely accept payments via text, meeting a range of communications preferences and complying with strict regulatory requirements.
Neo Integration: Neo’s platform provides AI and machine learning-based predictive scoring for underwriting and collections, based on past loan performance. These highly accurate, customized algorithms provide visibility into potential at-risk loans, and allow lenders to create realistic programs to help faltering borrowers get back on track.
Operating Lease Daily Processes: LMS 2.0 can accommodate a new range of daily processes for Operating Lease contracts, including the calculation of daily cost capital depreciation and taxes, and monthly rental accruals.
Improved Balloon Loan Portfolio: New fields have been added to the details section for loan portfolios and contracts, to help loan officers better delineate when balloon payments are in force and manage those accounts.
Securitization Fields and Upload Files: The system now accepts, stores, and displays specific securitization fields, and indicates whether a contract is included in a Securitization Partner’s tranche.
For information on Inovatec’s integrated loan origination system, loan management system, and customer portal solution, visit www.inovatec.com.
Inovatec Systems Corporation’s proven cloud-based loan origination and loan management solutions improve business outcomes for automotive, power sports equipment, and other lenders across North America, Europe, and additional markets. Inovatec’s uniquely flexible platform empowers lenders to satisfy fast-changing customer requirements, increase revenue, reduce operating costs, and improve customer experiences—all through an intuitive, easy-to-configure and manage interface. For more information, please visit www.inovatec.com.
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