Acuity Knowledge Partners (Acuity) – a leading provider of bespoke research, analytics and technology solutions to the financial services sector – today announces the launch of its retail lending services to support commercial and retail banks in the loan origination, processing, underwriting, closing and post-closing space.
As a result, Acuity has expanded its footprint, covering all lending divisions, thereby enabling banks to leverage Acuity’s strong domain expertise for all their lending services support.
“Strong economic recovery, along with an uptick in housing demand in the U.S., indicates that homebuyers and small business owners need quick responses on their loan applications,” said Robert King, CEO, Acuity Knowledge Partners. “Banks are partnering with Acuity to help them streamline lending processes. With Acuity’s deep domain understanding and flexible staffing model, banks can achieve faster response time, improved risk decisions and 35-40% cost savings on loan origination, underwriting and servicing activities.”
Acuity has nearly 20 years of experience supporting global banks across the loan life cycle. Its retail lending services offer origination, processing, underwriting, closing and post-closing support across consumer mortgage and other retail products. Leveraging a mix of people, process and technology, the firm provides tailor-made solutions to its 90+ banking clients spanning retail, business, middle-market, real estate and leveraged finance loans.
“We are now officially supporting banks on both institutional and retail lending operations. The tangible and measurable results that our partnership drove on the institutional side of business led to many of our customers involving us on their retail and mortgage lending side of business,” remarked Damian Burleigh, Chief Revenue and Marketing Officer, Acuity Knowledge Partners. “This natural extension is sure to create economies of scale for our existing customer base and open new avenues for our services with regional banks and other strong retail players.”
“We anticipate that loan volumes will increase over a period as the economy gradually recovers from the impact of the pandemic and with the ease in supply within the housing market,” stated Rajul Sood, Global Head of Commercial and Retail Lending Solutions, Acuity Knowledge Partners. “Our mortgage underwriting, due diligence and loan servicing capabilities will give our clients a competitive edge at this critical juncture to help them improve speed to market and optimize their lending processes.”
Acuity’s loan support officers standardize and streamline the end-to-end loan approval, underwriting and servicing processes, aided by tech-enabled platforms, while identifying red flags in loan applications, such as high credit card utilization, late payments or lack of credit history. In doing so, Acuity enables banks to grow their loan portfolios, improve customer experience and mitigate the risk of defaults and delinquencies on their loans.
The gradual economic rally from the pandemic, along with strong savings and low mortgage rates, means potential new homebuyers’ homeownership goal is within reach. Although recent data suggest a cooling-off of the housing market, competition will likely remain robust in the U.S. market in the near to medium term.