50 Questions to Ask LMS Vendors
A vendor-evaluation question bank covering 50 questions across 9 themes. Use during demos, vendor calls, or as the question track for your RFP response template.
00
How to use this question bank
Each theme corresponds to a section of an enterprise LMS RFP. Pull the questions you need into your RFP document, or use the bank verbatim during vendor demos and follow-up calls.
01
Product configuration
- Can the LMS configure multiple loan products without code changes?
- Can product rules vary by tenant, geography, partner, portfolio, or borrower segment?
- Does the platform support multiple currencies and repayment frequencies?
- How are charges, penalties, waivers, and allocation rules configured?
- Can product configuration changes be maker-checker approved and audited?
- Can product versions be scheduled, effective-dated, and retired without disrupting existing loans?
02
Loan lifecycle
- What lifecycle states are supported out of the box?
- Can the system support partial and tranche-based disbursement?
- Can the system generate repayment schedules with moratorium and step-up / step-down?
- Can loans be restructured, refinanced, rescheduled, or written off?
- How are asset classifications configured and updated automatically?
- Can backdated corrections be processed with audit history and accounting impact preserved?
03
Collections & delinquency
- Does the system calculate DPD automatically?
- Can DPD bands and delinquency buckets be configured per product or partner?
- Can collections queues be assigned by product, geography, risk, or delinquency stage?
- Does the system track promises-to-pay end-to-end?
- Are settlement approvals maker-checker controlled?
- Can queue priority combine DPD, risk score, promise-to-pay status, and collector capacity?
04
Accounting & reconciliation
- Does the LMS maintain accounting events natively?
- Can GL mappings vary by product, charge, fee, tax, transaction, or branch?
- How are payment reversals handled across the GL?
- How are failed payments handled across the lifecycle?
- Can the system reconcile payment-gateway and bank transactions?
05
Security & compliance
- Does the system support OIDC / OAuth2?
- Does it support role-based access control with permission groups?
- Does it support an org-unit hierarchy with tree operations?
- Are loan mutations captured with before / after audit?
- Is PII encrypted at field level with key versioning?
- Can access policies restrict data by tenant, org unit, role, and field sensitivity?
06
Deployment
- Can the LMS run on-prem?
- Can it run in a lender-owned VPC?
- Can it run as a single-tenant cloud deployment?
- How does the platform handle data residency at the tenant level?
- How is tenant isolation enforced — application layer, database layer, or both?
07
Integrations
- Does the platform expose OpenAPI specifications generated from controllers?
- How does API versioning work — header-based, URL-based, or content-negotiation?
- Can the LMS integrate with core banking systems as either system of record or satellite?
- Can it integrate with payment gateways, credit bureaus, and KYC providers?
- Can it integrate with enterprise accounting systems via standard connectors?
08
AI loan servicing
- Can the AI agent answer loan-account-specific questions using canonical data?
- Can it explain overdue amount, charges, repayment schedule, and next due date?
- Can it summarise account history for servicing teams?
- Can human users approve AI-suggested actions before execution?
- Are AI prompts, responses, and actions logged in the audit trail?
09
Implementation, migration & vendor governance
- What data migration approach does the vendor recommend, and what does parallel run look like?
- Can historical transactions, schedules, and balances be migrated and validated?
- What support model and SLAs are available — uptime, response time, escalation paths?
- How are risks documented in the RFP response, and what mitigations are proposed?
- What commercial model is offered — licensing, payment milestones, renewal terms?
- Does the vendor provide a cutover runbook with reconciliation gates and rollback criteria?