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.
A real LMS RFP is run by an evaluation committee, and each member opens a different document: the technology evaluator works the functional requirements; risk and compliance work the security and AI-governance questions; finance and procurement work the scorecard and migration plan. The output of a good RFP is not a feature checklist but a stress test of how a platform behaves under the operational, regulatory, and integration realities of a real loan book.