At TurnKey Lender, we've always been ahead of our industry in terms of innovation and functionality. Today we're happy to showcase that in our release v.6.8 and share a sneak peek into some of the features you can look forward to in v.7.0 and beyond.
Below you can find a list of new features, updates, and integrations our team is adding to TurnKey Lender Box Q4/2019 - Q1/2020:
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Releases 7.
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Calculations engine
For v.7.0 TurnKey Lender team is preparing a brand-new flexible and easy-to-use calculations engine. This module includes an enormous amount of functionality. Just some of the new and improved features include:
- Interest calculation
- Fees calculation
- Commissions calculation
- Payments postponement
- Payment scheduling
- Balance log (lets you calculate interest by day)
- Simplified data migration
With it in place, loan origination, servicing, and collection will require even less human involvement and result in superior calculations' accuracy.
Releases v.7+
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QuickBooks integration
Another long-awaited integration is QuickBooks. TurnKey Lender is working on adding it and as the first order of business, we're implementing functionality that allows working with General Ledger from within the TurnKey lender Back-office.
Down payments
To reduce the risks associated with loan non-repayment and minimize financial losses for retailers and smaller lenders, we're adding an ability to collect a down payment before disbursing a loan.
Disbursements & Payments API
TurnKey Lender is also working on a new feature that allows lenders to integrate new payment providers into our system without any involvement of our team. The new API will allow lenders to set up new payment methods from within the solution's Back-office in just several clicks.
Customer/Investor email confirmation
This feature provides lenders with an option to verify Borrower's/Investor's emails.
Metro 2 format
TurnKey Lender team plan's to add a Metro 2 data specification format to the Box solution. It will allow forming unified Credit Bureau performance reports and further improve the borrower evaluation security and accuracy.
Back-office user permissions
As a part of our ongoing efforts to improve the cybersecurity of our solutions, we're adding new layers of Back-office user permissions.
Manual card repayments
- PayPal - Another essential layer of PayPal integration we're adding is the option for manual card repayments from the Customer portal.
- Stripe - Recognizing the growing importance of Stripe, we're adding manual card repayments from the Customer portal for Stripe users as well.
Loan Assignment
Another important thing we're adding is the ability to assign loan applications to specific Back-office users. It helps the management better track Back-office users' activity and avoid simultaneous editing of applications by several people.
Payments Management 2.0
While working on new features, we continue to improve the existing functionality and add new perks to our solution. Further streamlining of payments management is just one of the examples. We're upgrading this module with new functionality that increases flexibility for cards and bank accounts management as well as improves the overall usability of the interface.
Report constructor
Excel Report Constructor - It allows our customers to create custom Excel reports without the need for any manual involvement by us.
Thanks to PowerPivot and Power Query, users can build complex reports as well as informative, well-designed charts in Excel templates. The charts are generated automatically based on supported data models that provide the input.
For example, lenders can measure underwriter's KPIs or create visually appealing executive reports for their board of investors.
Here are a few examples filled with random data:
- Underwriter_Efficiency_Report.xlsx
This report measures underwriter's effectiveness and productivity. The KPIs are calculated based on Delinquency Buckets and successfully repaid loans. The report also shows their productivity and how many Overrides the underwriter has done. - Risk_Levels_Report.xlsx
This report shows Risk Statistics for the exported period. Stats are divided by states, Risk Levels, and Delinquency Buckets - Originator_Efficiency_Report.xlsx
This report shows originator's effectiveness and productivity. It calculates their KPIs, counts defaulted loans, and displays the total portfolio size processed by each originator for the exported period. - Executive_Report.xlsx
This report shows company's basic portfolio for the exported period. The data is split by regional and operational parameters.
All these reports are created with PowerPivot and come with informative chars.
To create a new template, simply add a Smart marker into a cell, and our System will fill it with correct data. It is very similar to our current merge field functionality but with excel magic 😊
This custom template can then be used anytime to create a report based on its contents.
That's all we can share for now, but stay tuned for more TurnKey Lender updates! For more educational content about lending, feel free to check out our knowledge base and our blog.