Prior to automating the lending business, StoneRidge was running most of its operations manually. There was no way to import loan applications, each Commitment required a new Word document, and all the LTV calculations had to be done by someone as well. On top of all that, Jordan also had to write out investor cheques and visit a number of banks to deposit them, wasting hours of her time.
With all the routine manual work, StoneRidge also used another lending software that didn’t help them run the business efficiently. If you have a piece of software (especially one that’s been on the market for decades) but still have to perform even the most simple processes by hand—this is a major red flag that the software is not working for you the way it should.
In addition to having to do all the payments by cheque, the ledger organization in the software didn’t allow for proper reporting and tracking of funds, outstanding payments, per diems, and more. StoneRidge was ready to look for a product that would significantly increase efficiency in their workflow and processes.