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Let’s dive right in.
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Brand-new aggregated risk scoring for underwriters
We are constantly improving our scoring methods and increase the amount of data we process to help you make informed credit decisions. To showcase all the insights to you at a glance, we’re happy to present the brand-new look of the Risk score section of the TurnKey Lender system. In v.7.5 we’ve done a floor-to-ceiling reimagining of the way underwriters work with credit scoring data and decision rules to present all the necessary autoprocessing and credit decisioning information in one place.
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The System indicates if it couldn’t carry out an analysis of any of the data sources for any given loan application and suggests a loan decision based on the decision rules and scoring data it has.
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Major upgrade of the TurnKey Lender Calculations Engine
Start offering revolving credit lines to borrowers with built-in features
By popular demand, TurnKey Lender credit products set has been updated to include full-fledged credit lines functionality which supports multiple disbursements within the same loan application.
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The notifications and disbursement fees that apply to credit lines have also been added to the System out-of-the-box to allow for an even more streamlined lending process on autopilot.
All the credit line data is natively communicated to the reports allowing for live and historic data gathering and analysis in the built-in reporting dashboards or in Excel.
Fully operational seasonal loan schedule available out-of-the-box
Charge clients payments only in the months they use your product or build a schedule around a seasonal job, a scholarship, or the months in which they use your product. As a business owner, you can set the seasons and the terms in the system UI for any credit product type (classic, annuity, leasing, etc.) allowing lenders to ride the global trend toward the as a service economy.
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With this feature applied to a loan, the client doesn’t get charged in the selected months when they don’t use the equipment or services. And when the season to use your product comes, the lease-to-own or rent-to-own payments continue to be paid. These settings can differ by state or manual season selection within one credit product. The client instantly sees the calculated installments and the exact dates they will be charged.
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Credit product settings and calculations flexibility that address the challenges of today
The interest for the months with no installments can be transferred to the installments for the active season evenly. You choose settings in the credit product and from there our software does the rest on autopilot.
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Apply custom fees only to the grace period
New Distribution mode of accruals for seasonal schedules.
New manual definition of the minimum required installment.
Charge complex compound interest based on your specific requirements out-of-the-box
Restructure the loan and offer credit vacation for the selected season.
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Work towards quicker payouts and simpler reporting with equal loan payments
When applying for a loan, the client can now specify the equal payment amount they can pay in each installment and the System will automatically round the payment to accommodate for the settings and range specified in the Back-office.
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With a new equal payment sum selected, a loan schedule is recalculated. Depending on the credit product settings, an equal payment may only include Principal, Interest, or any other fees.
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Intelligent fees' accrual based on the loan phase
Additionally, from now on, lenders can use simple settings to decide when and how they’d like to charge fees and interest. For example, you can only charge them during grace period or during some other loan phase.
Let’s say you provide a borrower with a credit vacation or they don’t have to pay out their loan during some time. Then the fees, taxes, and interest can get pilled up and exceed the amount you can charge in the next installment.
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The new fees accrual settings allow you to choose how you want to distribute the due payments and choose when you’d like to charge principal, interest, or other fees. For example, the borrower would be charged all of the accrued interest and fees in one month, and the principal can be rolled over to the next.
New accrual logic for interest and fees
The new feature allows for a more robust management of accrued payments which now can be charged flexibly against the outstanding balance. At the same time, outstanding balance allows borrowers to instantly see the amount of money owed to repay their loan in full.
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Batch import of customers, loans, disbursements, and payments into TurnKey Lender
In v.7.5, we’ve implemented the long-awaited upgrades to the loan migration functionality. With it, you can batch import various lending data into TurnKey Lender to ensure smooth business continuity as you transition your operations to our System.
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Imports of these data types can be done in groups or separately.
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Peer-to-peer investment management streamlining
Provide greater investment flexibility to attract wider audiences of investors and borrowers to your lending operation.
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Depending on your business model, a funds withdrawal penalty can be applied or not. The funds' withdrawals need to be approved by a lender’s staff to ensure sustainable loan management.
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Other improvements
Back-office user profile management
Starting with v7.5, all the TurnKey Lender Back-office users can manage their personal (e.g. photo, account settings) and security details (e.g. password), as well as System preferences from their Dashboard.
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More flexible auto-charges
Businesses often need to charge bad debt and scheduled installments separately to accommodate for common compliance requirements. In v.7.5, we’re introducing more flexibility to the auto-charges.
By default, auto-charges are disabled and can easily be switched on. Select the model of work with bad debt and intuitively manage due payments.
Net promoter score
At TurnKey Lender we value any input from our clients and to make sure we continue to tailor the System to meet the needs and wants of lenders, v7.5 includes the new Net promoter score accessible to back-office users. We will appreciate your honest opinion on your personal experience of using TurnKey Lender.
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