Table of Contents
Introduction:
Funding Suite® is the industry’s first intelligent credit reporting platform, providing greater transparency into client purchasing and usage patterns. The suite provides detailed cost accounting, business intelligence dashboards, real-time status updates on open orders and interactive maps on credit order locations.
Funding Suite is the only software that can automatically detect short sales, consumer disputes and other troublesome comments. Additionally, it is the only platform with a real-time, interactive connection to its credit reporting services and support – eliminating the need for calling or emailing.
Understanding About Funding Suite
Covius’ Funding Suite® solution offers a comprehensive range of credit, verification and fraud solutions. Services offered include individual and merged reports from all three credit repositories, multiple credit scoring models, and custom credit scoring plans and tools as well as updates, verifications, supplemental lien and judgment reports ordered through our proprietary, secure Funding Suite platform. Our customizable credit solutions let you choose the number of repositories and configure our “Smart Credit” upgrade to a three-vendor report without having to re-pull a consumer’s file. Within our interactive Smart Credit report you can select sorting options and custom views to help analyze data faster and more efficiently. Originators and Services can order soft pulls to monitor for ongoing creditworthiness and for borrower retention efforts.
The Advantages and Disadvantages:
Advantage:
There are many benefits to taking on debt to get the money you need. First, since you’re borrowing the money from a bank or other financial institution, rather than selling ownership, you are not giving up any control of the business. Another perk is that once the debt is paid back in full, you no longer have any obligation to the lender and they don’t participate in success of the business (unless warrants are issued as part of the debt). You can repay the loan early to end the relationship early if your business has the finances and desire to do so. Debt is also very predictable. You will know exactly what your payment is each month so you there shouldn’t any surprises.
Disadvantages :
There are some problems you could face when you finance your business with debt. The biggest issue is that you have to repay the debt. With equity financing, you don’t typically repay the investment unless the business is successful, which creates flexibility in your business and creates positive cash flow. Debt can also make businesses more vulnerable to financial ups and downs, especially if they run into hard times and struggle to make payments. The debt will also put restrictions on future growth because capital will be tied up in the repayment of the loan.
Funding Suite Profile and History
Top trending technologies and APIs used by Funding Suite;
- Network Solutions DNS allows you to manage your name servers and DNS records. You may wish to modify these settings in order to add new hosts to the domain, change IP addresses, or modify an e-mail delivery address.
- CenturyLink is a telecommunications company providing broadband, voice and wireless services to consumers and businesses.
Funding Suite Features
Commercial Mortgages
Credit Reporting
Loan Origination
Loan Servicing
Residential Mortgages
List of competitors and best alternatives to Funding Suite:
- TurnKey Lender: TurnKey Lender is an end-to-end system that automates every step of the lending process, from the loan application and borrower evaluation to origination, underwriting, servicing, collection, reporting, compliance, and more. The system is powered by proprietary deep neural networks and machine learning algorithms that allow for unmatched credit decisioning accuracy and overall security for SMEs and enterprise businesses including banks, credit unions, finance companies, in-house lenders, non-profits, and governments.
- LoanPro: LoanPro is a fully featured Loan Servicing Software designed to serve SMEs, Enterprises. LoanPro offers Application Management, Customer Database, Student Loans, Accounting Management, Compliance Management at one place.
- LendingWise : Web based, private money CRM & LOS software for commercial lenders focusing on real estate, fix & flip, construction, & other asset backed & non asset backed loans like equipment, business funding, lines of credit. Covers the whole loan life cycle with features like customisable webforms, workflows, milestones, statuses, document automation with E-sign, borrower tracking portals and more. Enterprise level features that will make borrowers & employees happy & competitors jealous.
- The Mortgage Office: The Mortgage Office is the most trusted and highest ranked lending platform in the US and Canada. Popular features include borrower/lender portals, online payments, text alerts, document scanning, Quickbooks interface, one click imports/exports, ACH/EFT, complete investor management including fractionalized loans, three different mortgage pool modules, gorgeous reports and so much more. Desktop or in the Cloud; the preferred system for Private lenders, non-profits, and municipalities.
- Shape : Run your mortgage company in one easy to use software! Shape Mortgage is the only sales, marketing, and CRM automation tool designed for lenders as an end to end solution to take you from pre-loan through post-close. Close more deals than ever before with Shape’s intelligent lead distribution and scoring features, send secure online documents in a click, manage and assign tasks to teams, get a complete suite of sales and marketing automation features, and so much more.
- Bryt : The Bryt Software PROFESSIONAL VERSION is ideal for lending professionals who are looking for a feature rich loan management system that is intuitive and easy to use. Our BASIC VERSION is designed for non-lenders who need an easy way to automate, monitor and track loans. Our 20 MINUTE IMPLEMENTATION will get you up and running quickly. Every inch of Bryt is engineered to make your job easier. Our entire interface is intuitive, easy to adopt, and effortless to use.
- Plaid: Plaid is a technology platform that enables applications to connect with users bank accounts. Plaid focuses on lowering the barriers to entry in financial services by making it easier and safer to use financial data.
- MeridianLink Consumer : MeridianLink Consumer, formerly known as LoansPQ, is a loan origination system that maximizes efficiency throughout the loans approval process. It does so by bringing together data points from all existing channels, including retail, call center, online and mobile banking, kiosk, and more. MeridianLink Consumer offers third party integrations, powerful pricing and underwriting features, robust support for a full suite of loan products, and a customizable workflow system.
- MeridianLink Mortgage: MeridianLink Mortgage, formerly known as LendingQB, is a trusted mortgage loan origination system. It optimizes the origination process through browser-based software. MeridianLink Mortgage makes it easier than ever for lenders to deliver compliant loans as expediently as possible. A full suite of tools allows for ample customisation while also ensuring full regulatory compliance.
Mortgage Automator:
Mortgage Automator is the most advanced end-to-end loan origination & servicing software for North American private lenders. Perfect for residential, commercial and construction lending (rehab, fix & flips), in seconds, it auto-generates custom documents, compliance reports, ACH/PAD payments and more. Improve communication with borrower and investor portals. With customizable templates, products, and user training and support, focus your team on growth and let Mortgage Automator handle the rest.
Mortgage Automator Feature:
Accounting
Amortization Schedule
Audit Trail
Auto Loans
Automatic Funds Distribution
Borrower Management
Business Loans
Client Database
Collateral Tracking
Collections Management
Commercial Mortgages
Compliance Management
Construction Loans
Credit Reporting
Customer Management
Frequently Asked Questions About Funding Suite:
What kinds of users and organization types does Funding Suite work with?
Funding Suite works with these users and organization types: Mid Size Business, Small Business, Enterprise, Freelance, Nonprofit, and Government.
What languages does Funding Suite support in their product?
Funding Suite supports these languages: English.
What does factual data on credit report mean?
Factual Data provides credit information from Consumer Reporting Agencies (CRAs) to its clients, which are primarily banks, mortgage companies and other lending institutions that have a permissible purpose under the Fair Credit Reporting Act (FCRA) to obtain credit information for lending purposes.
Conclusion:
Funding Suite is a loan management software. It allows monthly, yearly payments. It has specifications such as api, customization, mobile support, mobile app. Funding Suite works on desktop platforms and mobile platforms.
