In finance, a loan is the lending of money from one individual, organization or entity to another individual, organization or entity. A loan is a debt provided by an entity (organization or individual) to another entity at an interest rate, and evidenced by a promissory note which specifies, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and date of repayment. Loan Management products cover various processes involved in loan origination and servicing. Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Loan Servicing is a process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal and escrow payments from a borrower.
At enlyft, we use sophisticated, patent-pending algorithms to track the use of various Loan Management products and technologies. We track 67 products in the Loan Management category, and have found 12,661 companies using these products.