Consistently producing quality new loans in lending requires avoiding the approval of risky loans that ultimately result in write-offs.
However, simply turning away the obviously bad business is not enough. Consistently attracting and retaining creditworthy borrowers is also essential to attaining and maintaining the financial health of your loan portfolio.
The Lendsys automated lending technology can help your credit union capture existing members as well as attract high-value members, borrowers, and credit seekers, without wasting time underwriting applications that are ultimately declined – or that should have been.
Lending and Point-of-Sale Identification
Never miss capturing an existing member or quality potential member again, whether from a direct loan request or indirect, at Point-of-Sale. Automation does exist that can capture your existing member from point of sale, and that same automation can also identify exactly the quality potential member that you want, that qualifies for membership, from point of sale. Any Credit Union can now safely, cost effectively implement a sustainable Point-of-Sale loan capture program that consistently produces quality loans, and fully qualified new members. If loan growth and/or membership growth, or increasing overall loan product penetration are part of your strategic plan objectives (What Credit Union doesn’t have at least one if not all three of these objectives as part of their ongoing strategy?), you owe it to yourself and your credit union to learn more about the Lendsys Loan origination system.
Granular Credit Criteria Options
Many people assume that automated lending solutions require sacrificing granular level underwriting. And with most platforms, even expensive fancy core and other ancillary systems so-called automated features, that’s true. However, with Lendsys, this is definitely not the case. In fact, Lendsys software allows you to set specific credit criteria according to the exact lending and credit standards of your institution. Utilizing the unique automation to evaluate and parse out credit report and loan application data results in decisioning loan applications much more quickly and efficiently, and consistently than they could ever be considered by human underwriters. It also means you can quickly determine the quality of potential loans, resulting in more of your time and effort focused on capturing approvals rather than laboring over denials, or in making exceptions.
Lendsys automated technology allows you to capture more of the loans you want, while avoiding loans you don’t want.
Allowing your best trained staff to spend more time building relationships with your members Vs digging through data while member wait for a loan decision. And the platform reduces the overall cost and time of implementing and maintaining a system.