WebEquity Solutions®, a leading commercial lending software provider, today announced new functionality to help banks compete more effectively for small business loans.
Commercial lending continues to be a bright spot for US banks in 2014; in particular small business lending represents a strong growth opportunity for many financial institutions. However, the competition for these business credits can be intense and the risk can be difficult to assess. WebEquity aggressively invests in its cloud-based lending platform, to deliver functionality which enables banks and credit unions to respond to these market dynamics.
WebEquity's new and enhanced small business lending functionality includes:
• Workflow for WebEquity® Lending quickly aligns approval processes to credit policies, routing tasks for rapid turn times.
• Ticklers for WebEquity® Lending enables efficient monitoring of credit service requirements through assigned roles and tasks.
• Pre-scoring method leverages industry leading credit inquiries while protecting credit scores.
• Small Business Financial Exchange (SBFE) offers access options for improved small business financial data.
• WebEquity® SMALL BUSINESS powered by FICO® scoring model enhancements deliver scoring results directly into the WebEquity lending platform for seamless credit analysis and decisioning.
• SBA form updates provides enhanced electronic submission to guaranteed loan programs. "Everyone is going after small business loans. Big banks are aggressively investing in small business lending; and, the amount of non-bank lenders entering the market is on the rise. Financial institutions must have the proper tools in their arsenal to make fast and sound credit decisions, or they will not be able to win their share of this business," said
"Serving small business borrowers requires speed and objectivity. Using WebEquity with the FICO SBSS scoring enabled us to cut our underwriting time from two days to two hours; and, we significantly decreased early delinquencies. We are winning more business, in a much more efficient way,"
WebEquity® is the proven leader in on-demand lending software. More than 800 financial institutions and 20,000 lending professionals use WebEquity to automate and streamline their lending process and reduce operational costs, while making more uniform and profitable credit decisions. The company offers financial institutions a distinct advantage with a single solution that works for all loan types, an on-demand model that provides centralized, anywhere access, and the flexibility to configure the system to fit lending practices. WebEquity serves institutions in the U.S.,
Read the full story at http://www.prweb.com/releases/2014/07/prweb12020317.htm
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