Frequently Asked Questions
Loan servicing is the process of dealing with a loan once it has closed or the funds have been disbursed. This includes things like sending out bills, receiving and posting payments, and answering questions that borrowers might have. As a loan becomes more complex, a loan servicer will need to manage various escrow accounts such as for tax and insurance needs on the loan.
Commercial loan servicing software is the system that a commercial lender builds their company around. They may offer many different loan types such as commercial mortgages, construction loans, and loans with many investors/participants. The software allocates payments, interest, and much more across all these investors accurately.
Creating a loan management system is complex and costly. While a simple system might take a year, a full-fledged system like ours took 20+ years and tens of millions of dollars to build, based on real-world needs and evolving specifications.
The best loan servicing software supports your loan types, improves operations, fits your environment, and integrates seamlessly. Benedict Group's commercial loan servicing software excels in all these aspects.
Many vendors charge 18-22% annually for "maintenance" fees. We reject this approach and offer on-demand, hourly support without ongoing fees.
Implementation time varies based on loan portfolio size, data format, and time availability. It can range from weeks to several months, depending on these factors.
We support almost all loan scenarios. Generally, if it's a loan that needs to be serviced, we can support it. This includes commercial mortgages, multi-family loans, multi-investor loans, loans with complex interest like deferred or capitalized interest, and more. We remain industry-specific independent and flexible to handle unique loan needs.
Yes, we can. Manual conversions work for smaller portfolios (up to 200 loans). Larger portfolios typically use our built-in DataImporter tool for automation or a fully automated option managed by us, depending on your needs and priorities.
We aim to respond within 24 hours, but it’s usually just a couple of hours. Support requests are typically resolved quickly, and enhancements often take a few days to a couple of weeks depending on urgency and complexity.
We believe annual maintenance fees are unnecessary. Instead, we provide on-demand support and enhancements on an hourly basis, ensuring clients only pay for what they need.
We started in the late 1980s as consultants and launched our loan servicing software in the early 1990s. The system has evolved through multiple technological iterations and is now built on VB.NET with a SQL backend.
You discuss your needs with your point person, approve the finalized spec, and we deliver updates quickly—often within days to weeks depending on project complexity and urgency.
Integrations are simple with our software. Use our standard sub-systems, file transfer methods, or web services for real-time automation and seamless connections with third-party systems.