Loan Document Software - 8 ideas to consider
Don't get behind the proverbial 8 ball when entering into an agreement to use a prospective vendors software for generating your commercial loan documents. Listed below are several items to consider.
- What is the total cost of ownership will I have a large upfront capital expenditure that could possibly be avoided if I go with a service provider instead? Is there a low cost loan document package that I could consider instead
- Does the software generate a proprietary set of documents that I can't modify. Will you or your counsel be able to change easily if the need arises or will I need to totally redraw the documents if a change to one phrase or item is required?
- Is the vendor responsive to change requests to the loan document templates?
- How simple is the software from a user's perspective can users enter the data available to them at the time and then easily come back to the loan and enter additional loan information when it becomes available?
- What kind of training is required? Often, complicated to use systems yield a very expensive training cost for staff.
- Does the vendor have track record of responding to issues with their current customer base?
- Will I have additional costs associated with equipment, updates for the loan document software applied by my staff. Am I responsible for backups and disaster planning?
- Does the vendor provide a secure method of delivery from the software application to various destinations either through secure email or some other sort of secure delivery?
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