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Glossary · Industry vocabulary

LMS RFP (Loan Management System RFP)

An LMS RFP (Loan Management System request for proposal) is how a lender evaluates and selects an LMS vendor: scoping requirements, scoring responses, and stress-testing servicing, collections, accounting, audit, security, and AI governance before committing.

The LMS RFP toolkit is where that process is laid out in full: the requirements template, the scorecard, the security and AI-governance question sets, and the migration plan, each written for the committee member who will open it. This entry only defines the term. A real RFP is run by a committee, and its output is a stress test of how a platform behaves under a live loan book, not a feature checklist.

Use the vendor-neutral loan management RFP toolkit →

Related terms

  • Loan Management System (LMS)A Loan Management System (LMS) is the system of record for the post-disbursal life of a loan: schedules, repayments, interest accrual, charges, NPA classification, restructuring, write-offs, and the audit log behind every change..
  • Loan Origination System (LOS)LOS stands for Loan Origination System: the software that takes a borrower from application to first disbursement, covering lead capture, KYC, credit decisioning, document collection, agreement generation and funding..
  • Loan servicingLoan servicing is the work of running a loan after the money is disbursed: collecting repayments, applying them to interest, principal and charges, keeping the schedule and balance current, answering the borrower, watching for early signs of stress, and following up on missed payments until the loan is closed..
  • Loan servicing agent (AI loan servicing agent)A loan servicing agent is software that does servicing work on a live loan for the lender: it reads the account, decides the next step within policy, takes a governed action such as a reminder, a payment-plan offer or an escalation, and records every step..

All terms in the Lokta lending glossary →

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