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Let’s go over each feature in more detail.
A New Generation Calculations Engine
TurnKey Lender presents the new generation of loan calculations flexibility with the brand-new Calculations Engine.
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As a lender, you are protected against any regulatory changes and market pivots that the economy may throw your way because you can fully adjust all your credit products and roll out the ones that address the need almost instantly.
What it is
The new Calculations Engine is a powerful asset that helps lenders outperform competition and adjust to the borrower’s needs during and after the COVID-19 crisis. Just some of the new and improved features include:
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You can check the full list of the Engine’s calculation choices here.
How it works
You can access and use these calculations tools in the Credit Product section of the System workplace.
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25% Operational Speed Improvement After UX&UI redesign
UX&UI redesign doesn’t just mean that the color scheme has changed. TurnKey Lender got faster, more intuitive, easier-to-use, and faster to learn. We’ve analyzed the behavioral patterns and optimized the entire solution. Both the borrowers and the lenders will be able to see the usability improvements.
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TurnKey Lender v7.0 marks the release of the fully redesigned front- and back-ends of the System. This redesign is released in the most fitting of times. While the entire lending industry is going remote due to the quarantines, creditors who implement TurnKey Lender will be able to switch to remote work without skipping a beat and serve their borrowers in a secure and intuitive interface.
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Fully Custom Excel Reports in 3 clicks
The vast majority of lenders need to access and customize the source code of their core lending system if they want to implement a new report type (e.g. for the regulator). This takes days of development and testing which results in losses to the business.
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This was one of the most commonly requested features by our clients. With v7.0, anyone can create appealing, professional, and well-formated reports without having to edit a single line of code.
What it is
Another major addition to the TurnKey Lender toolset is the new powerful Report Constructor. With it, users can create custom Excel reports within the System. For example, lenders can measure underwriter's KPIs or create visually appealing executive reports for their board of investors.
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There are nine built-in excel templates in the system, and some of them are represented below. Lenders can customize and adjust the templates to their business needs or create completely new ones.
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How it works
To create a new report template, you’ll need to create a new report in the TurnKey Lender System and upload an Excel file with Smart markers in it. It is very similar to our current merge field functionality (for MS Word) but with a pinch Excel magic. You can check this article to learn how to work with the new Reports functionality here.
Universally accepted Metro 2 Format
Starting with TurnKey Lender v7.0, our software supports the Metro2 format. It’s a widely accepted industry standard that significantly simplifies work with all the major credit bureaus. This means that even if TurnKey Lender doesn’t come with a preconfigured integration with some credit bureau, you will still be able to send the required reports to the bureau using this feature.
What it is
Metro 2 Format is a standard format for credit reporting. It meets all the requirements of:
the Fair Credit Reporting Act (FCRA)
the Fair Credit Billing Act (FCBA)
the Equal Credit Opportunity Act (ECOA).
How it works
Metro 2 reports are auto-generated monthly and daily. You can select the needed credit bureau, download one single report or a pack of reports and then send them to the credit bureau directly out of the system, for example, via email.
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New payments and credit bureau integrations
As the importance of online payments and instant credit checks grows, lenders need to be able to easily integrate with the solutions and products that they need. CA Versapay and Transunion Canada are both among the leading companies in their respective markets in Canada.
What it is
TurnKey Lender v7.0 out-of-the-box integrates with the following third-party products and services:
CA Versapay - integration with a Canadian payment provider (Electronic Fund Transfer)
TransUnion Canada - new integration for Canadian clients. You can now easily perform hard-checks with TransUnion Canada.
How it works
These integrations can easily be added to the TurnKey Lender portals of our clients. Get in touch with your TurnKey Lender account manager to discuss the details.
Robust Loan Assignment Functionality
As a lending operation grows, it gets harder to keep track of all the applications and personal responsibilities. That’s why it’s extremely important to be able to easily assign applications to employees and track any changes that were made in the System. TurnKey Lender v7.0 allows for direct application assignment, easier tracking of back-office users’ activity, and increased accountability.
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In Origination, Underwriting, or Servicing workplaces, click on the icon next to the assignment button you can find in the loan application. The user, an application is assigned to, will see it in their account.
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Who will have access to the features from TurnKey Lender v7.0?
New clients will get these features by default. Existing clients need to get in touch with their account managers to see if their TurnKey Lender portal supports simple migration to this new version.
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