A loan administrator’s job is crucial ‒ and hectic. They deal with customer complaints, delinquent loan payments, and other financial headaches and deadlines on a daily basis. But they also get to work closely with applicants, helping them identify and reach their goals. It’s stressful, no doubt, but rewarding.
As your loan administrators work toward ensuring that your financial institution’s loan department generates maximum revenue and business ‒ as well as greater time management and efficiency ‒ many have the advantage of working with a digital loan origination system.
I recently attended a user conference where bank and credit union clients discussed the crucial role of a full-time advocate dedicated to streamlining and optimizing the digital performance of the LOS throughout the organization. This leadership role manages change and encourages others to take ownership in the solution. They ensure the organization is working together toward a greater goal: providing efficiency, consistency, and visibility into the loan process for both the financial institution and its borrowers.
Managing change of any kind in an organization requires teamwork and buy-in. The LOS administrator becomes the change champion, helping light the way for others to follow.
This role can, at times, be a daunting one. Yet having a full-time representative to oversee the day-to-day acceptance and function of a digital platform is vital to the success of its deployment. Administrators play a pivotal role in the adoption, navigation, and configuration of key features, ensuring the platform functions as intended.
Here are some key responsibilities of an LOS administrator that are required to successfully manage a digital loan origination system:
Implementation and true adoption of a digital loan origination system can involve a lot of technical and logistical details. By balancing those with a dedicated, focused, and inclusive administration team, you can create efficiencies that improve loan margin and reduce overhead.
Don’t be afraid to lean on your LOS partner. A strong partner is a member of your administration team who can help you identify what success looks like and the actions you need to take to get there.
Join our upcoming webinar, Navigating Revenue Challenges: SMBs to learn how digital lending technology can help you overcome today’s revenue challenges and effectively tap into the small business market.
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