Release 7.0 (23 March 2020)
We’re happy to present a major update of the TurnKey Lender system. This solution takes the lending automation industry to the next evolutionary stage and will become the new standard for how digital lending software needs to function and look.
Version 7.0 is created to address all the challenges lenders face in the economy during and after the COVID-19 pandemic. TurnKey Lender 7.0 is a deep reimagining of the solution in terms of credit calculations, reporting, UI&UX, as well as some other significant system changes.
Some of the biggest changes include:
New generation Calculations Engine - industry’s most advanced and flexible solution in 2020
Full UI&UX redesign - 15-25% operational efficiency and speed improvement
Brand-new report constructor - stakeholder presentations, in-house analysis, regulatory compliance - easily create custom reports of any complexity
Metro 2 credit reporting format - widely accepted industry standard that significantly simplifies work with all the major credit bureaus
New commonly requested integrations - CA Versapay and TransUnion Canada
Flexible loan assignment and monitoring - streamlines remote work processes and employees' accountability
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.
Lenders in this economic turmoil need to have a quick, reliable, intelligent, and easy-to-use solution to roll out new custom credit products or change terms of the existing ones on the fly. Traditional lenders will spend millions and weeks, if not months, to adjust their operations to the COVID-19 crisis. With the new Calculations Engine by TurnKey Lender, it takes minutes.
TurnKey Lender’s Calculations Engine is the only solution on the market that allows for the creation of credit products of any complexity within 120 seconds.
Example:
Even if you need a credit product with a 12-day grace period, 1% interest added every other week, 2% fee every 20 days, $35 fee once a repayment period, a custom accrual priority (principal first, then fees and interest), a custom repayment priority (interest, principal, fees), overpayments close installments from the last one back to the nearest one, flexible repayment periods (from 18 days to 4 months) and flexible loan term (from 45 days to 5 years).
TurnKey Lender Calculations Engine covers that.
All within 2 minutes.
This Calculation Engine is ahead of its time and is currently the best solution on the market.
TurnKey Lender v7.0 allows lenders to create custom credit products of any complexity without any involvement from the development team. This leads to increased business agility, costs saving, and reduced human error.
No product in the industry can compete with the TurnKey Lender Calculations Engine. We are proud of this solution and of the customization capacity, it provides lenders with.
No matter the needs of the lender (be it a bank, an alternative lender, a retailer, or a revolutionary startup), Calculations Engine can easily create credit products that address them specifically. This is achieved with help of numerous calculation approaches that come built-in the solution. The whole process takes a minute or less. Similar changes take lenders with hard-coded systems months.
Once published, credit products can be used by borrowers instantly and you can always stay on top of the situation to help your community and grow your business.
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:
Intuitive interface with a new credit product view
Flexible repayment periods (17 days, 3 weeks, 2 months, 11 times per Loan Term, etc.) and independent flexible loan duration settings (in days, weeks, years).
Unique Fees management allows specifying any number of fees for every credit product separately which are applied right to the initial loan schedule or added automatically on different events (past due, NSF, etc.)
Fees based on balance, debt, repayment, loan amount
Accrual and repayment priority (principal, interest, all fees, and commissions) - this feature is UNIQUE. It’s impossible to customize these settings in other systems or it takes extensive custom development. With TurnKey Lender you can change these settings from the System dashboard on-the-fly separately for every credit product.
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.
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.
We’ve hidden the rarely used elements, increased the focus on the important blocks, grouped related information, implemented a new system setup flow, and a brand-new loan application process for borrowers (with hints, emphasis on the important moments, and help in completing the application flow).
On average, users see a 15-25% operational speed improvement, further human error reduction, and simpler navigation.
By the end of 2020, up to 90% of loans will be originated online. The lender who is able to provide their borrowers, investors, employees, and shareholders with the best digital experience, wins. TurnKey Lender solution in ready-to-use out of the box and the new design ensures the best possible experience for the borrower and the lender, every step of their digital journey.
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.
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.
The Report Constructor by TurnKey Lender allows you to build fully custom Excel reports for stakeholders, regulators, in-house analysis, accounting, or pretty much anything else.
The new Report Constructor is an addition to the standard reporting functionality which allows you to create reports of any complexity by yourself directly from the TurnKey Lender workplace.
This is the most flexible solution for the creation of custom in-depth Excel reports on the lending software market. It’s a three-click process. The lender simply:
Creates an Excel template
Uploads it to the system
Clicks a button to get the report.
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.
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.
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.
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.
What it is
A back-office user can perform any actions only with that loan which is assigned to this user. A back-office user with special permission can assign loan applications to other employees.
How it works
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.
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.
For additional details about this and upcoming releases, check out TurnKey Lender Box Edition Roadmap: Q4/2019 - Q1/2020.
Another Box product update will be released in June. More on the new features coming soon.