Release Notes v.7.6 – Making Business Lending Made Available Out-of-the-Box
RELATED SOLUTIONS
We are happy to announce the release of a new version of TurnKey Lender aimed at making SME lending possible right out of the box.
The key update of the TurnKey Lender v.7.6 is the brand-new SME lending flow – from now on, TurnKey Lender Box comes pre-configured and fully equipped for running not only consumer lending operations but business lending as well. To enable plug-and-play commercial lending for CDFIs and other SME lenders, we have analyzed the workflows business lenders implement in our solutions and across the market, and realized them in a special edition of TurnKey Lender Box.
SME loan application updates
The loan application flow has been changed to suit corporate borrowers and includes configurable fields for both business details and personal information of the employee that applies for a loan on behalf of that business. The key changes implemented in the SME loan application form include:
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Business details (enterprise name, tax ID, registration details, office phone number, corporate email, number of employees, entity type, website, etc)
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Legal address and actual business address
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Personal details of the main applicant and co-applicant (optional)
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Litigations (can be several records)
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Owner & officer in charge of the loan (can be several records)
The Borrower portal has also undergone changes based on the updates to the application flow. It is now tailored to the needs of key representatives of the SME borrower and includes the data they provide while applying for a loan on behalf of their business.
Once you’ve activated a Plaid or Flinks integration in your TurnKey Lender instance, the bank statements of the company will be scored allowing for hyper-accurate SME loan decisions.
Scoring, credit bureau checks, and decision rules in v.7.6 run for the Main applicant and Co-applicant and depend on the selected System settings.
The borrower can specify how much money they need overall, how much they are looking to borrow, and attach any relevant documents that can be used by the lender for making an informed loan decision.
The Loan details fields are configurable from the Dashboard and the loan decision will depend on the information collected on this stage.
Require origination check
Starting with v.7.6, there’s an option in Settings to add a new required step in the application’s lifecycle after the borrower submits an application. You can choose to automatically forward loans to Origination for additional data collection required for SME lending as well as any other type of credit product used in TurnKey Lender Box. Use this feature if you need to gather additional intel about businesses that apply for loans to eliminates additional steps in the lending process wherein underwriters have to send the application for reprocessing manually, delaying the decision.
New collateral assets’ types
To provide SME and consumer lenders with flexibility in terms of the collateral assets they can add and evaluate from the Collateral workplace, new types of collateral have been added:
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Equipment
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Shares
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Other – for unique assets.
Merge fields and Smart markers
We’ve also updated the list of Merge Fields to include all the new important data points that come with SME edition, including enterprise name, tax ID number, registration date, company name and email, zip code, and much more.
Learn how to use Merge Fields in your TurnKey Lender instance here and check out the list of Merge Fields that the System supports here.
With these updates and the new functionality, lenders can work with any type of business entity, more efficiently process applications received through an API (e.g. from the front-end of the store), and configure the loan application flow to their business logic from the back-end without the need to change a single line of code.
Theme editor for appearance configuration
Starting with v.7.6 we’re also introducing a Theme editor which allows you to fully customize the appearance and color scheme of your TurnKey Lender instance from an easy-to-use interface. You can both add new background images and tweak the color scheme with intuitive color pickers.
Read about more of the v.7.6 updates on our Knowledge base: