slider-bg

BLOG:

EXPERT INSIGHT. TRUSTED PERSPECTIVE. FORWARD THINKING.

Chris Carlson

Recent Posts

Compliance Corner: 4 Essential Elements of Any Loan Origination System

For all of its advancements over the past decade, social media is still the Wild West in terms of trying to police behavior. The days of anonymous posters spouting off and trolling others are far from over, but that doesn’t mean that efforts to moderate content are not making serious strides. In fact, Forbes published an article over the weekend suggesting compliance scoring as a way to automate moderation. It’s a very interesting idea and worth a read if you haven’t caught wind of how big data and AI can be used to gamify social media to reward positive interactions and behavior and punish negative or destructive behavior. As a result compliance to sites’ policies and guidelines would be much more transparent than it is today. As technology continues to evolve, doors are opened that can lead to more sophisticated compliance measures. This is also true in the lending industry as loan origination systems incorporate more automation, reporting and other functionality to help financial institutions comply with regulatory standards.
Read More

3 Tips to Avoid Getting Burned by Inadequate Loan Software Support

Much like how consumers rely on quality technical support to enjoy their new computers, tablets, gaming systems or appliances, lenders need the same reliable and efficient support from their loan software providers. At the end of the day, consumers are just as loyal to brand names for their service capabilities as they are for the technology – and financial institutions are no different. We covered a few best practices regarding software support last month, so now’s a good time to take things a step further with three more key considerations that will help your financial institution avoid getting burned -- especially during these hot summer months.
Read More

How to Tell if Your Loan Software Can Provide Sufficient External Data Access

There are few things worse than making a long-term investment in a piece of technology and finding out a few months down the road that it’s obsolete or can't deliver. As a young kid, my older brother and I petitioned our parents for a video game system. For anyone familiar with Atari systems, which happened to be where all of the hoopla and hullabaloo was back in the mid-1980s, they will remember that there were several versions of systems instead of one system that took center stage and could play all of the games. Lo and behold, we got a system that was soon afterward discontinued and only had a limited number of games – none of which were the most popular at the time. In retrospect, maybe that system was on the clearance rack and our parents had no idea why. The point is that they gave in a few years later and bought us a new system. So what does this have to do with loan software? The answer is everything, especially when you’re referring to investing in a platform that can’t accommodate a lender’s need for robust external data access.
Read More

Ask the Experts: How the FDCPA Could Force Collections Compliance Changes

on Thu, Jul 11,2019 @ 06:47 AM | By Chris Carlson | Compliance CFPB ask the experts collections
Collections compliance could be in for some big changes in the near future. So that’s why we recently hosted a webinar to discuss how a proposed rule change to the Fair Debt Collection Practices Act and how it might affect collections technology and processes, if passed. In case you’re unfamiliar with the FDCPA, it is a federal law that governs debt collection practices. The FDCPA prohibits debt collection companies from using abusive, unfair or deceptive practices to collect debts. The presentation was very informative, but we also fielded questions from attendees near the end of the webinar. Here are just a few of the questions that were addressed:
Read More

Summer Tips for Improved Fraud Detection & Prevention from Your Loan Software

Have a safe and happy holiday week! Hopefully, you’ve already started your brief, yet likely well-deserved, time away from the office and will read this when you return. But for the others like me still putting in hours until tomorrow’s national holiday, now’s an excellent time to focus on a topic many of us highly prioritize – security. While safety and security this weekend will deal more with properly handling fireworks or ensuring everyone follows the recommended precautions if you’re out on the water, it also makes sense to focus on how your loan origination system should help your financial institution effectively mitigate exposure to fraud.
Read More

Identifying Cause and Effect for Greater Indirect Lending Success

Cause and effect. Some concepts are simple such as applying heat to ice and seeing what happens. Others, such as in scientific research, can be much more complex before being proven. For example, The Washington Post and other news media reported this week that links cellphone usage to the development of horns growing on the base of young people’s skulls. While this is a long way from ever being confirmed, it sure grabbed a lot of attention. Luckily for lenders, cause and effect is much simpler when it comes to gauging how your loan origination system supports indirect lending success. Here are three examples of loan software functionality that could cause a lot of trouble for your financial institution if not provided by your platform:
Read More

Ask the Experts: Special Guest Jim Marous Weighs in on Digital Lending Questions

Did you catch our digital lending webinar last week with special guest Jim Marous from the Digital Banking Report? Don’t worry if you missed the webinar, you can request a link to the recording by clicking the button below. Even though Jim also spoke at our recent User Forum this spring, this webinar’s focus took things a step further as Jim outlined results of his 2019 Digital Lending Survey and content from his recently published 2019 Digital Lending Review. Following his presentation, Jim fielded a few questions from attendees, so we thought we’d share them here since his responses tie so closely to the evolving digitalization discussion so many financial institutions are having today. Here are some of the questions and Jim’s thoughts:
Read More

Loan Software Support: How to Distinguish Extraordinary from Run-of-the-Mill

Everyone has a story about horrible service at a restaurant. Some are funnier or more extreme than others, but people who tell those stories often come to the same conclusion – they wouldn’t be caught dead setting foot in there again. What’s odd in a way is that no matter how good or critically acclaimed the food may be, terrible service ruins the entire experience.  In a similar light, loan software support from a provider can be just as crucial to your lending programs’ success as functionality and other bells and whistles. Platforms constantly evolve, especially in today’s lending market. So institutions need providers to stand behind solutions and commit to a true partnership.
Read More

How Does the Digital Lending Experience You Provide Stack Up? Three Tips to Consider

It’s been a few weeks since we’ve focused on digital lending best practices, but it continues to be such a hot topic these days. Here’s a link to where we left off in case you wanted to check it out. Moving forward, here are three more key considerations every financial institution’s loan origination system must incorporate to maximize success in the digital segment:
Read More

2019 Demo Days: Your Front-Row Seat to Our Solutions

Records are made to be broken, and we are seeing a lot of MeridianLink’s previous records being broken left and right. Since the User Forum held earlier this month that shattered the prior attendance record with more than 700 people joining us to learn more about how we can connect them to better, interest in our products and services has also never been higher.
Read More