Automated Financial Systems, Inc. (AFS) is set to retire its respected AFS Level III commercial loan accounting and servicing product platform in 2021. The 20-plus current users of AFS Level III in the U.S. have an opportunity to select and implement their best-fit target platform. The savvy ones will take advantage of it, at the same time, to extend their technology innovation a bit further and enhance their processes all along the lending value chain.
Based on our vantage point of having worked with top lenders as well as AFS, we have assessed the industry’s readiness for this change. We offer six observations that all affected commercial lenders should think through as they create their transition plans to a new loan servicing platform.
We can help lenders impacted by the AFS Level III retirement make the most of a successful transition to a new platform—and improve their business along the way.