MegaNews January 2025 – Megasys Reflection
The year 2024 was a milestone for us, showcasing remarkable growth in our customer base, alongside several new features and partner enhancements aimed at further enhancing the Omega Loan Management System experience.
As we welcome a New Year with ambitious goals and continued success, let’s take a moment to spotlight the top five most impressive new features of Omega:
- TextThread – New Integrated Partner
- Seamless two-way texting built within Omega to send customized SMS billing and late reminders, marketing messages and free form texting. Manages all compliance related aspects regarding allowed call times, opt-in, and opt-outs. Notifications for Incoming text messages are queued within our task engine and can be assigned to a group or an individual to ensure messages are never missed.
- Repay Partner Integration: Disbursements now supported
- The Omega / Repay electronic payment integration supports the ability to process outbound payments for integrated funding to Borrowers, Dealers and Vendors. Disbursed payments are posted in real-time.
- RDN Integrated Partner: New Outbound Integration
- In addition to being able to create a new RDN Case within the Omega account view repossession tab, we now offer the ability to send RDN events back into Omega automatically via a repossession note task based on user configuration settings.
- Insurance Sub Accounts
- Allows users to add on insurance as an other balance automatically. This allows the balance to be tracked, but interest does not accrue and doesn’t affect the contractual balance of the account. Payments posted follow a waterfall payment order, allowing the user to dictate how and when the insurance sub account gets paid.
- OFAC Check
- Supports the ability to search the OFAC Specially Designated Nationals list for potential customer name matches. Searches can be performed at customer entry for all ‘Active’ customers and minimum scores based on user configuration will be displayed.
- Supports the ability to search the OFAC Specially Designated Nationals list for potential customer name matches. Searches can be performed at customer entry for all ‘Active’ customers and minimum scores based on user configuration will be displayed.
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MegaNews November 2024 – Data Protection & Vendor Compliance
How Safe is Your Data with Your Loan Software Provider?
Cyber threats, data breaches, and privacy violations—oh my! It’s crucial for your company to implement internal procedures to safeguard your data. However, have you thoroughly examined the procedures your vendors have in place?
Your loan management software provider plays a vital role in ensuring that your financial data remains secure and compliant. Here are several key inquiries your organization should make with your software provider to confirm that minimum data protection standards are being upheld.
Security & Reliability:
- Your provider’s hosted solution must comply with industry standards. The hosting site should ensure full redundancies, meaning your loan data is securely backed up across multiple locations.
- Uptime – your provider should guarantee specific uptime levels for their service.
- Role-Based Security Levels – implementing role-based security models ensures that only authorized users have strict access to the system.
- Data Encryption – Secure Sockets Layer (SSL), commonly known as HTTPS, represents the industry standard for securing internet connections, safeguarding your financial data from hackers. All data exchanged with the website should be encrypted.
Security Audits:
- SOC 1 Type 2 Audit – This audit offers users greater assurance that the company’s financial data is managed securely. It should be performed by an independent third-party auditor, who will provide a comprehensive overview of the company’s systems and controls.
- Penetration Testing – Commonly referred to as a pen test, this security exercise mimics a cyberattack to uncover and exploit weaknesses within a system. It is essential for your provider to conduct at least one penetration test each year.
Authorized Access:
- Passwords – The US Department of Defense (DoD) recommends that passwords be a minimum of fifteen characters, composed of a random combination of uppercase and lowercase letters, numbers, and symbols, or a passphrase consisting of 4 to 7 random words.
- Support Procedures – What steps are implemented to verify the identity of individuals calling on behalf of your company to make or request software changes? Establishing a unique PIN or other forms of identification verification helps ensure that the caller is indeed who they claim to be.
Reference PDF: https://dodprocurementtoolbox.com/uploads/Cyber_DFARS_FA_Qs_rev_4_6_13_24_4702075bf4.pdf
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MegaNews October 2024 – Online Lending
Online Lending – Are you keeping up with the Digital Natives?
Embracing online lending service options can provide numerous advantages, such as reaching a broader audience, enhancing customer convenience, and streamlining the application process. I have noticed a shift attending the various consumer finance industry trade shows, as more lenders say they are diversifying their services and going online to keep up with younger generations. While several lenders continue to operate under the brick-and-mortar model, others have chosen a hybrid approach, offered online applications, and kept the loan closure process in-office.
Has your company made the move to offer online lending service options? If not, what is holding you back?
According to Gallups research, “millennials were the most likely generation to use both online (92%) and mobile (79%) channels and they tend to use those channels more frequently than older generations.”
Whether your company is planning to go fully online, or considering a hybrid approach, it is important to know what features your loan management software offers to support your business needs.
When choosing the right loan management system, consider these key online features:
- Origination System – ability to track applicants and loan information.
- Online application portal – an online company branded application portal for borrowers to submit applications.
- Online application stipulation portal – allows your borrowers to submit required documents/stipulations during the underwriting process.
- Electronic signature integration – sending loan packets and important documents directly to the consumer for electronic signature (Be sure your provider offers ID verification and e-vault solutions if required by your bank).
- Funding – ability to disburse funds electronically.
- Communication tools – Email, text, and outsource mailing services to communicate effectively to your borrowers.
Ultimately, staying attuned to industry trends and customer preferences will help ensure your company remains competitive and responsive to the evolving market.
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Megasys: Subprime News
Megasys Makes the Top SubPrime175
Megasys is thrilled to be selected as a top leader in the auto finance industry for the 7th consecutive year!
Check out our listing:
Megasys Makes the Top SubPrime175
Megasys Makes the Top SubPrime175
Megasys is thrilled to be selected as a top leader in the auto finance industry for the 6th consecutive year!
Check out our listing: