Inovatec Systems, a provider of cloud-based software solutions for lenders, released its Inovatec LMS 2.0 platform, a loan management and servicing system designed to help lenders automate and streamline workflows. The platform’s roster of new features, customizations and expanded integrations give lenders the ability to manage portfolios, take remedial steps and monetize loans over their full lifecycles.

“We have always believed that portfolio management is where lenders actually make money, and we developed our next generation LMS to achieve this objective,” Vlad Kovacevic, co-founder and CEO of Inovatec, said. “This platform leverages innovative technologies, including AI and advanced analytics, and has a wide range of integrations with third party solutions. This empowers our customers to minimize manual work and maximize performance. We see this LMS platform as a perfect illustration of how to use advanced technology to deliver tangible benefits to the thousands of lenders that are looking to become more agile, efficient and profitable.”

The LMS 2.0 solution’s updated functionality includes integrations with industry-standard platforms and partners such as Google’s Looker analytics suite, Solutions By Text’s communications platform, the Neo predictive analytics platform, QuickBooks accounting software and the REPAY payments platform. It also features an enhanced workflow module and improved loan management tools.

Inovatec LMS 2.0 enhancements include:

• Configurable Automated Workflows: Inovatec’s advanced loan servicing system now allows administrators to organize queues and permissions so they can manage and escalate cases.
• Configurable Work Queues and Tools: Administrators can specify any criteria/range to create custom work queues, allowing lenders to manage their businesses in whatever way is most effective for their model. For example, LMS 2.0 lets users search for late loans based on any date range they choose as opposed to a limited range of 30 days at a time.
• Automated Late Fee Feature: The LMS now lets users create customized late fees and manage the logic regarding when those fees are applied. The system will even flag users as to whether or not the fee should be charged based on the assigned grace period and the customer’s payment patterns.
• Accounting System Integration: The Inovatec LMS 2.0 solution directly integrates with accounting systems and can now generate daily QuickBook files either automatically or manually.
• Google Looker Integration: An integration with Looker allows users to analyze datasets to identify data insights.
• REPAY Payment and Reverse Files Capability: The LMS now integrates with the REPAY payment technology platform. It processes REPAY payment and reverse files, sending REPAY bill load files back to REPAY.
• Solutions By Text Integration: Inovatec’s LMS now integrates with Solutions by Text, a text messaging platform for consumer financial services institutions. This enables lenders to accept payments via text.
• Neo Integration: Neo’s platform provides artificial intelligence and machine learning-based predictive scoring for underwriting and collections based on past loan performance. These algorithms provide visibility into potential at-risk loans and allow lenders to create programs to help faltering borrowers get back on track.
• Operating Lease Daily Processes: LMS 2.0 can accommodate a new range of daily processes for operating lease contracts, including the calculation of daily cost capital depreciation and taxes and monthly rental accruals.
• Improved Balloon Loan Portfolio: New fields have been added to the details section for loan portfolios and contracts to help loan officers delineate when balloon payments are in force and to manage those accounts.
• Securitization Fields and Upload Files: The system now accepts, stores and displays specific securitization fields and indicates whether a contract is included in a securitization partner’s tranche.