top of page
  • Writer's pictureRick Haskell

Lendisoft's Migration Process

In this article, we’ll discuss Lendisoft’s seamless migration strategy. This is designed to be a 5-week procedure, with important steps carefully laid-out so no stone goes unturned. When you migrate to Lendisoft, remember, you are getting a full enterprise-class configuration, preloaded. You can start using Lendisoft as is, or we can refine it to suit specific needs. We will do all the heavy lifting so you don’t have to. Never before has adopting such a complex configuration been so seamless and easy!


In week 1 we’ll have a few planning sessions where we document configuration items like your payment waterfall specs, portfolio specs, and several other items including branches, staffing levels and positions within your loan servicing departments. We’ll discuss the Lendisoft collections model, the Potential DQ method of collections, and related setup options. We’ll identify design requirements for SMS and email notification templates, and walk through how risk management tools and features are utilized in daily operations. We’ll also get to know your old LMS system a bit, including what data files are exportable and available.

Week 1 is also about getting to know you and your organization’s goals in the broader sense. This is where 2 teams are getting to know each other. Ongoing consulting is a big part of the Lendisoft value proposition and our risk management team is eager to learn more about you—including your challenges and biggest pain points so we’re sure to customize Lendisoft to your fullest advantage. This is the Lendisoft difference.


In week 2 we’ll focus on data mapping and configuration. We’ll also firm-up areas surrounding your payment processor.

Early in our Lendisoft journey we interviewed former Fintech founders and experienced loan servicers about the most painful part of moving to a new LMS. We were told hands down it’s the data migration process. This is no surprise, having been involved in several such projects as we acquired large auto portfolios in my early career. “It’s the data mapping that’s really torturous” we’re told. On top of that, most LMS solutions are difficult to learn as users. Screens aren’t intuitive, and it may take weeks for most users to get comfortable in the new system. In fact, lenders have come to expect so much pain in this process, they often forecast major disruption to their monthly collection revenues and don’t expect things to normalize for up to six months.

One of the big challenges is in bringing together data experts that have deep understanding of both systems. In most cases, systems on both sides are complex, with file structures involving dozens of obscure data files. This is where data dictionaries are invaluable, but with many LMS providers (most?) such documentation is lacking. And while Lendisoft provides an enterprise-class LMS, its design is amazingly simple. We built our database around what we call “the big 4 files”: (1) the loan tape file, (2) PII file, (3) payment transaction file, and (4) activity notes file. And within each file, care was taken to organize fields into clusters of similar variables and to use descriptive field names so in most cases you don’t even need a data dictionary.

Onboarding a portfolio is such a breeze it’s actually fun. Our design involves 2 steps: (1) Create a mapping template, and (2) use that template to import your data. Templates can be made for one-time use (e.g., the initial data migration), or over and over again in cases where you originate new loans daily outside of Lendisoft.

Our mapping tool includes proprietary logic that actually reads the variable names from your old system and attempts to match them to fields on our end. In one-fell-swoop you may find we’ve already matched more than 50% of the fields correctly! We use a scoring algorithm to recommend other possible matches at the same time.

We also borrowed a great design idea used in many CRM solutions where importing files is done almost daily. This design splits the screen into two halves (Source Fields on the left and Lendisoft Fields on the right). Matching source fields to destination fields couldn’t be easier:

And to ensure the mapping was done correctly, we built-in a live “Control Totals” panel that compares important totals between the old system and Lendisoft so you can rest easy that everything got mapped correctly and important balances will all remain the same.

ONBOARDING After a trial run of onboarding, Lendisoft will have sufficient data for training purposes. Week 3 is where Agents get a chance to pull up accounts, navigate our work screens, and play around in the sandbox a bit. Week 3 also includes classroom training, complemented by readily available training videos that reinforce concepts and serve as a training reference. Aside from widespread training, we’ll also discuss Lendisoft’s credit reporting practices. TESTING In week 4, lots of testing will occur on the Lendisoft side. We’ll rehearse dry run migrations to ensure everything goes off without a hitch. We’ll also commit to a future date and time for the actual cutover in week 5. During week 4 we’ll have several training sessions with whoever will be responsible for doing monthly assignments, creating campaigns, and maintaining several other standard settings within Lendisoft. GO LIVE! It all comes together in week 5. The data migration occurs in the evening, and everyone is using Lendisoft the next morning. Other housekeeping items are carried-out, and you are off and running in your new system. But don’t worry, this is just the beginning of our relationship. We will be closely monitoring, well, everything, in the days and weeks ahead. We will be available, and will be reaching out to you with lots of suggestions and comments going forward. At Lendisoft, we really operate like an extension of your company. Our risk management team will be monitoring, and actually studying your collections performance. We will be providing data mining support, and will be helping you create new operational strategies that leverage the full suite of Lendisoft tools. Looking for something more in your LMS provider? Look no further than Lendisoft. Schedule a demo today!


Commenting has been turned off.
bottom of page