Introduction
TrueAccord is a leading provider of cloud-based loan servicing and accounting software for small and medium-sized lenders. Founded in 2013 by Sunny Dhillon and Dan Rosenbaum, TrueAccord has revolutionized the way lenders manage their loan portfolios by providing a comprehensive platform that automates many of the manual tasks associated with loan servicing.
Platform Overview
TrueAccord’s platform is designed to streamline the loan servicing process, making it easier for lenders to manage their loan portfolios and improve their bottom line. The platform offers a range of features, including account management, payment processing, and financial reporting. TrueAccord’s software is accessible from any device with an internet connection, making it a convenient and flexible solution for lenders on-the-go.
Account Management
One of the key features of TrueAccord’s platform is its account management capabilities. The platform allows lenders to manage their entire loan portfolio in one place, including account information, payment history, and financial data. Lenders can also use the platform to track borrower activity, including payments and communications. This helps lenders stay on top of their loan portfolio and make informed decisions about their borrowers.
Payment Processing
TrueAccord’s platform also offers payment processing capabilities, making it easy for lenders to receive payments from their borrowers. The platform supports a range of payment methods, including credit card, ACH, and wire transfer. Lenders can also set up custom payment plans and schedules to make it easier for borrowers to make payments.
Financial Reporting
TrueAccord’s platform provides a range of financial reporting tools that help lenders track their loan portfolio performance. The platform offers real-time dashboards and reports that provide insights into loan performance, delinquency rates, and cash flow. Lenders can use this data to identify trends and make informed decisions about their loan portfolio.
Integration with Accounting Software
TrueAccord’s platform integrates seamlessly with popular accounting software such as QuickBooks and Xero. This allows lenders to easily import financial data into their accounting system, streamlining the accounting process and reducing errors.
Mobile App
TrueAccord’s mobile app allows lenders to access their loan portfolio on-the-go. The app provides real-time updates on borrower activity, payment status, and financial data. Lenders can also use the app to communicate with borrowers, send reminders, and schedule payments.
Customer Support
TrueAccord offers dedicated customer support to help lenders get the most out of its platform. The company’s support team is available 24/7 to assist with any questions or issues that lenders may have.
Security
TrueAccord takes security seriously, with multiple layers of protection in place to ensure the integrity of lender data. The company’s servers are located in secure data centers around the world, and all data is encrypted both in transit and at rest.
Scalability
TrueAccord’s platform is designed to scale with the needs of growing lenders. The company’s cloud-based infrastructure allows it to easily handle large volumes of data and traffic, making it an ideal solution for lenders who are experiencing rapid growth.
Compliance
TrueAccord’s platform is designed to comply with relevant regulations, including GDPR, HIPAA, and PCI-DSS. The company works closely with lenders to ensure that its platform meets the specific compliance requirements of their business.
Partnerships
TrueAccord has partnered with a range of industry-leading companies to provide its customers with a comprehensive suite of services. The company has partnered with accounting software providers such as QuickBooks and Xero to provide seamless integration between its platform and accounting systems.
Awards and Recognition
TrueAccord has received numerous awards and recognition for its innovative approach to loan servicing. The company was named one of the “Top 100 Most Innovative Companies in Finance” by Forbes Magazine in 2020.
User Reviews
TrueAccord has received overwhelmingly positive reviews from its users. Lenders praise the company’s ease of use, flexibility, and customer support. One lender noted that “TrueAccord has streamlined our loan servicing process significantly, saving us time and money.”
Case Study: ABC Lending
ABC Lending is a mid-sized lender that uses TrueAccord’s platform to manage its loan portfolio. Prior to implementing TrueAccord, ABC Lending was using a manual system that was prone to errors and took up a lot of staff time. Since implementing TrueAccord’s platform, ABC Lending has seen a significant reduction in errors and an increase in efficiency. The company has also been able to offer better customer service thanks to TrueAccord’s automated communication features.
Getting Started with TrueAccord
Getting started with TrueAccord is easy. Simply sign up for a free trial account, upload your loan data, and start using the platform. TrueAccord offers a range of resources to help lenders get started, including video tutorials, user guides, and a dedicated customer support team.
Pricing
TrueAccord offers a range of pricing plans designed to meet the needs of small and medium-sized lenders. Pricing is based on the size of the loan portfolio and the level of service required. Contact TrueAccord for more information on pricing and to learn more about how their platform can benefit your business.
How TrueAccord Helps Lenders Meet Compliance Requirements
TrueAccord is committed to helping lenders meet compliance requirements and maintain regulatory compliance. The company’s platform is designed to help lenders stay on top of changing regulations and ensure that they are in compliance with relevant laws and regulations.
Case Study: XYZ Lending
XYZ Lending is a small lender that uses TrueAccord’s platform to manage its loan portfolio. Prior to implementing TrueAccord, XYZ Lending struggled with manual processes and lacked visibility into its loan portfolio. Since implementing TrueAccord, XYZ Lending has seen a significant reduction in defaults and an improvement in credit quality. The company has also gained greater visibility into its loan portfolio, allowing it to make more informed decisions about its lending business.
Benefits of Using TrueAccord for Risk Management
There are many benefits to using TrueAccord for risk management, including:
Improved Credit Quality: TrueAccord’s risk assessment tools help lenders improve the quality of their credit decisions.
Reduced Default Rates: TrueAccord’s default management tools help lenders reduce default rates and minimize losses.
Increased Transparency: TrueAccord’s platform provides detailed reporting and analytics, giving lenders greater transparency into their loan portfolio.
Conclusion
TrueAccord is a leading provider of cloud-based loan servicing software that offers a comprehensive suite of features designed to help small and medium-sized lenders streamline their loan servicing process, meet compliance requirements, and manage risk. With its user-friendly interface, scalable infrastructure, and dedicated customer support, TrueAccord is an ideal solution for lenders looking to improve efficiency, reduce costs, and provide better customer service.
