Frequently Asked Questions

Loan servicing is the process of managing a loan once it has closed or the funds have been disbursed. This includes sending out bills, receiving and posting payments, and answering borrower questions. As loans become more complex, a servicer will also manage various escrow accounts for tax and insurance needs.

Commercial loan servicing software is the system a commercial lender builds their company around. It supports many loan types—commercial mortgages, construction loans, and loans with multiple investors or participants—and accurately allocates payments, interest, and more across all parties.

We support nearly all loan scenarios. If it's a loan that needs to be serviced, we can handle it. This includes commercial mortgages, multi-family loans, multi-investor loans, loans with complex interest structures like deferred or capitalized interest, and more. We remain flexible and industry-independent to handle unique lending needs.

Implementation time varies based on your loan portfolio size, data format, and team availability. It can range from a few weeks to several months depending on these factors.

Yes. Manual conversions work well for smaller portfolios (up to around 200 loans). Larger portfolios typically use our built-in DataImporter tool for automation, or a fully managed conversion option handled by our team—depending on your needs and priorities.

We aim to respond within 24 hours, but it's usually just a couple of hours. Support requests are typically resolved quickly, and enhancements often take a few days to a couple of weeks depending on urgency and complexity.

Many software vendors charge 18–22% of the license cost annually for "maintenance" fees—often without much to show for it. We've never sold one. Our support is on-demand and hourly, so you only pay for help you actually use.

The same way we always have: you own your software. Benedict Servicing LFN and Benedict Servicing Pro are both one-time perpetual licenses—yours forever, honored forever. Pro adds one optional annual piece, the Release Plan, which delivers each year's cumulative release. Support, implementation, and custom work are hourly for everyone, and nothing is ever charged per loan.

Benedict Servicing LFN is the desktop system institutions have trusted for decades—the original product, under its long-time client name. Nothing about it changes: perpetual licenses are honored forever, support stays hourly, and we continue to develop and support it.

Benedict Servicing Pro is the full browser-based successor to LFN: built on the same proven engine and database, rolling out to clients now with functions enabled in stages as they're validated. It runs in your environment, is licensed perpetually per named user with no per-loan fees, and an optional Annual Release Plan carries it forward year over year.

Nothing. Your license is perpetual and we honor it forever; support stays hourly at the same rate with the same team. When you're ready to look at the new generation, Benedict Servicing Starter—a limited browser edition for your back office—is available to existing LFN clients, and it runs against your existing database with no conversion.

You discuss your needs with your dedicated point person, approve the finalized specification, and we deliver updates—often within days to weeks depending on project complexity and urgency.

Integrations are straightforward with Benedict's open architecture. Use our standard subsystems, file transfer methods, or web services for real-time automation and seamless connections with GL systems, asset management platforms, CRMs, and other third-party systems.

We started in the late 1980s as consultants and launched our loan servicing software in the early 1990s. The system has evolved through multiple technology iterations and continues to be actively developed today.

Creating a loan management system is complex and costly. While a simple system might take a year, a full-featured platform like ours took 20+ years and tens of millions of dollars to build—driven by real-world lending needs and constantly evolving specifications.