Two principal components to loan servicing are comprehensive billing capabilities and efficient and accurate payment processing capabilities. Concord prides itself in both of these core functions.
Concord facilitates billing notifications to customers through either annual or life-of-loan coupon books or monthly statements. Both methods of billing provide customization and flexibility and can also be offered on a private-label basis.
Concord’s model for payment processing causes payments received to be directly deposited into client-owned bank accounts. The system accommodates numerous interest calculation models and maintains customizable payment application hierarchies.
Concord facilitates receipts in the following mechanisms:
- Lockbox processing of payments sent by mail
- Electronic funds transfers (ACH through checking or savings accounts)
- Credit card processing
- Bill paying services
- Payments by phone (credit card or bank draft)
- Western Union wires