TurnKey Lender

TURNKEY LENDER FAQ

ABOUT TURNKEY LENDER SOLUTIONS AND SERVICES

Q:How does TurnKey Lender differentiate from its competition?

  1. TurnKey Lender is the world’s leading provider of Unified Lending Management products and services. The key differentiators of our solutions are:
    • AI-based automated decision making process.
    • End-to-end modular solution
    • Fastest time to market with maximum configuration freedom and minimum customization
    • Simple API integration with existing software or third-party providers
    • User-friendly and intuitive interfaces
    • Multiple credit products can be on the same platform

Q:Can I see the UI and UX design of the solution?

  1. TurnKey Lender provides market-leading UI/UX design to our customers. Click here to schedule a personalized demo tailored to your business needs. Our account managers will answer all of your questions and show you all the features you are interested in.

Q:How would the TurnKey Lender platform look for your company?

  1. The TurnKey Lender solution is fully white label and will have a custom domain name, your logos, and company information in the footer. Loan documents will be based on your templates and notifications can be customized to your desired brand messaging. Our team is happy to assist you with any other design customizations you may need.

Q:How much does the TurnKey Lender solution cost?

  1. TurnKey Lender has several licensing models based on portfolio size and platform functionality to scale with your business and only pay for what you use. Please, get in touch with our sales team at [email protected] find the perfect model for you.

CAPABILITIES OF THE TURNKEY LENDER SYSTEM

Q:What credit products can your system handle?

  1. TurnKey Lender’s sophisticated calculations engine allows organizations to create unique credit products specifically tailored to their needs. The inherent flexibility allows commercial and small business loans to payday, micro-lenders, retail, leasing, etc. to run on the same core platform with unique decision rules and credit policies.

Q:Does the TurnKey Lender solution cover the entire loan’s life cycle?

  1. Yes. From app processing to borrower evaluation, credit decisioning, collateral management, servicing, collection, reporting, archiving and more, TurnKey Lender offers single pane of glass management for your fully digital end-to-end lending process. The system’s modular design enables us to exactly match your needs to streamline your operation.

Q:Can the system handle loans with different terms, down-payment amounts, rates, early payoff, settlement options, term modifications, etc.?

  1. Absolutely, that’s just one of the unique advantages of the TurnKey Lender platform. The system allows you to create as many credit products as needed with fully customized terms, scorecards, and decision rules.

Q:Can I integrate TurnKey Lender with other solutions?

  1. Yes. TurnKey Lender includes advanced API management functionality to easily integrate third-party products and services with your lending portal.

Q:Does the system save approved loan documents?

  1. Yes. All the loan documents, application, and payment data is securely stored in the TurnKey Lender system and can be accessed from the cloud at any time.

Q:Can multiple users access the system at the same time? How many concurrent users does the system support?

  1. The system can scale to support any user count. Users have different access permissions to work on different stages of the loan’s life cycle (e.g., underwriting, servicing, collection, etc.)

Q:Does the system show the user and date/time information is entered into the system?

  1. All user and system actions are logged and accessible from the Audit Trail section of the Administrator workplace.

Q:Does the system allow for electronic signatures?

  1. The system is pre-configured to integrate with the major e-signature platforms including Abode, eSign, DocuSign, SignNow (as part of the AirSlate partnership), etc.

Q:Can the system manage state-by-state APR logic?

  1. TurnKey Lender supports states management out of the box. Users can create credit products for different states or regions defining APR for each product.

Q:Does the System support multiple currencies?

  1. Yes. The System supports multiple currencies.

Q:Can the system support multiple languages? Which languages are currently supported?

  1. The TurnKey Lender system includes 10+ country editions that have been natively translated for a true multi-national ready product. The system also includes a significant Google Translate integration allowing on-the-fly translation for international borrowers.

Q:Will the system accommodate a flexible fee structure (i.e. late fees, NSF fees)?

  1. Fee structures are fully configurable, based on dollar amount or percentage and can be triggered by any event (i.e. late fee, NSF, etc.).

Q:Does the system have the ability to generate secure statements (paperless and paper) and payment reminders (call/texts/emails/letters)?

  1. Yes. The system automatically generates secure statements and payment reminders electronically. Automated printing and mailing is not included but can be added by our team to your portal for an additional cost..

USING TURNKEY LENDER

Q:How does the customer apply for a loan on your solution?

  1. The user simply fills out the customizable form on your website, the data is analyzed by our proprietary AI-powered scorecard and decision rules. The process can be fully automated or sent for secondary review by your Origination, Underwriting, and Servicing teams.

Q:How can you change the workflow to match my approval process?

  1. The Transformer Solution comes with a state-of-the-art workflow tool that allows you to customize business workflows exactly to your requirements. Alternatively, our team of Business Analysts can make any ongoing customizations for an additional fee or within your plan’s included Professional Services.

Q:Is there a dashboard for the overall pipeline view? (i.e. loan status tracking and times?)

  1. You can locate any loans within the system via the built-in search functionality. There are several standard dashboards and reports included with the platform to monitor loan statuses, portfolio metrics, and employee performance. Custom dashboards and reports can be configured for an additional fee.

TURNKEY LENDER’S AI-POWERED DECISIONING

Q:How do I know that the scorecard is compliant with lending regulations?

  1. Our lending experts and account managers can help you align your scorecard to the specific requirements of your country. Nonetheless, it’s recommended to make sure you comply with the regulations.

Q:What type of scorecards have you built before?

  1. There are 100+ ready-made, tested, and proven scorecards which can be deployed with your TurnKey Lender platform. They differ by regions, business models, and data scoring approaches. The scorecard you get is fully adjustable and can use any third-party data you’re willing to consider. This includes credit-bureau reports, bank statements, or other data sources that help you make more accurate credit decisions automatically. TurnKey Lender pioneers the lending market’s trend of combining traditional and alternative scoring approaches processed by deep neural networks and machine-learning algorithms.

Q:Can the System auto-approve loan applications?

  1. Yes, the System comes with functionality that allows you to automatically approve loans with the risk scores you select. The scorecard and the decision rules are fully adjustable to make sure you only automatically approve the loans you consider eligible. The System also supports risk-based pricing, so depending on where a person is on our credit-risk scale, you can offer them suitable terms.

Q:How can you adjust your expert scorecards to my region or borrower type?

  1. The scorecard and decision rules can be fully customized to address the specific regulatory and local peculiarities of your market. There are also 10+ country editions that are pre-configured to work in specific jurisdictions or internationally.