Sageworks upgrades lending platform

Source: Sageworks

Sageworks, a financial information company that offers lending, credit risk and portfolio risk solutions to banks and credit unions, today announced the rollout of significant enhancements to the Sageworks Lending Solution for financial institutions to increase flexibility and customization.

Enhancements include the addition of personal lending capabilities to the solution historically best-suited for commercial loans, supporting institutions’ growth on another line of revenue.

Banks and credit unions using Sageworks Lending Solution will now have the ability to evaluate both business and personal loans in one online system. Loan officers will benefit from faster processing time for loans and from the unification of customer data, helping them effectively meet customer expectations while also maintaining credit quality. Oftentimes personal lending is a low-margin area of growth for an institution; streamlining and automating the loan process using Sageworks Personal Lending can help scale this concentration with a lower cost per loan while also meeting the needs of its customers.

The solution provides an easily customizable application for personal loans, easily accessible online, and triggers specific document requirements based on qualities of the loan application, such as loan size or product type. The solution also presents

 a wide range of credit report fields to help with decisioning

 the ability to upload rate sheets for easy access across the institution

 the ability to generate closing documents automatically

Coming soon to the solution, the company also announced, is the addition of automated feedback to borrowers throughout the application and decisioning process.

Jay Blandford, President of Sageworks, says: “It is increasingly difficult for institutions to effectively compete in today’s market. With these enhancements to Sageworks Lending Solution, including the addition of Sageworks Personal Lending, banks and credit unions will be able to quickly and easily customize their application and decisioning processes for all kinds of customers seeking loans, and be able to serve them with the speed and caliber of service today’s borrower expects.” 

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