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We’re happy to release the scheduled update of the TurnKey Lender Box solution focused on addressing the challenges of the post-COVID economy. We’re moving forward with adding the features we’ve planned while also implementing the functionality and tweaks requested by our clients in light of the regulatory and economic challenges they face.

Borrower's Geo-location Tracking and Analysis 

We've added deep integration with a online map service to improve your analytical, marketing, and sales capabilities. Starting with v7.2, you can collect the borrowers’ coordinates when they apply for a loan (with the their permission). 
There are three ways how customer's geolocation can be detected and saved in the system:

• GPS coordinates

• WiFi address

• Postal address

• IP address.

These data points are used for auto-checking business rules and are shown on specialized maps for underwriters, loan managers, and collectors to simplify their day-to-day. 

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AI-Driven Employees Performance/KPI Tracking 

With the remote work trend becoming the new norm, it’s critical to be able to clearly see your staff’s performance at a glance. The built-in KPI tracking functionality we offer lets you instantly outperform even the big banks in terms of quality and accuracy of insights you get about your originators, underwriters, as well as servicing and collateral officers.

Starting with v.7.2, lenders can track KPIs and work efficiency of different employee types within the TurnKey Lender system. The evaluation of each employee’s productivity is based on their responsibilities, takes into account numerous relevant factors, and uses AI to process, cross-reference, and present the data to the lender. 

TurnKey Lender v7.2 tracks and analyzes the performance of the following staff members:

Calculation Engine Updates

In the current turbulent economy, lenders have to be flexible and change loan terms if they want to get paid at all. Configurability and ease of adjusting the credit product is key to running a successful lending business in the post-CORONA environment. We've analyzed the market trends and have updated the rollover and restructuring functionality to help creditors better meet the exact needs of the borrowers with little to no added labor. 

Rollover

If a borrower is challenged with temporary difficulties or payroll interruptions, they can request a rollover from their lender. And with the economy heading for an even deeper crisis, many of the borrowers may request their own custom rollovers. Doing that without an intuitive couple-of-clicks process loses you hours upon hours of work.  Loan rollovers are most common with short-term payday loans but are also used for mortgages and other regularly-paid loans.

In the previous TurnKey Lender versions, a borrower had to pay additional plain interest for every day from the rollover period. Now rollover can be also free for a borrower or costs some special daily interest (with the rate higher or lower than the plain interest rate) or an solid fee, one for all rollover period. 
As you can see on the screenshot below, submitting a rollover in TurnKey Lender v7.2 is easier than ever. 

Restructuring

And the same goes for restructuring - the ability to restructure current loans for the COVID-19 period is one of the most commonly requested features, which is now updated and ready-for-use by lenders. So if a borrower is suddenly faced with low income or other financial difficulties, where they are unable to pay back the loan on time, they apply for restructuring. With TurnKey Lender v7.2, the entire process - from the borrower logging into their TurnKey Lender portal to the lender analyzing and approving the restructuring - takes several minutes. 

Once past due payments are detected, extra overdue fees and penalties are accrued, so borrower’s debt increases. The deeper the borrower sinks in debt obligations, the less the lender’s chance to get back their funds and expected profit.

The restructure functionality allows changing the initial credit terms for a loan to repay the remaining debt amount and avoid the involvement of external collectors in case the borrower cannot repay the loan under initial credit terms.
For the restructured loan the System applies a new repayment schedule in accordance with specified credit product settings.

With the updated TurnKey Lender, it is possible to completely change loan terms: change loan duration, installment periodicity (monthly, weekly, etc.), loan calculation type (annuity, payday, classic, etc.), set new payment dates, and much more.    

The new restructure details window displays information for the restructured and current credit product name with the opportunity to preview the amount before and after the loan was restructured.

Leasing

Enterprises throughout the world lease vehicles, buildings, machinery, equipment, and other property. Up to one-third of private investment in the world is financed in this way. TurnKey Lender has updated the built-in functionality that lets creditors offer leasing credit products with zero residual value in a single click.

Custom payoff settings

Depending on the business model, you may need to calculate the payoff amount based on varying business rules. Set your own unique rules and only apply them to the credit products you need.

Payoff amount includes some parts of Principal, Interest and all other fees, and these parts can be different for two cases: 

• an accrued unpaid amount,

• future scheduled amount. 

Payoff grace period

In order to address borrowers' rising need for delayed loan payoffs, you can now apply new payoff grace period rules to any credit product. Applied payoff rules will then be used for the loan and once the time is up, the default rules come back into force.  

Enable grace period for semi-monthly periodicity

As a lender, you can now apply grace periods in cases when the payment periodicity is semi-monthly.

Collateral flow updates

We've changed the architecture of the solution to place the Collateral workplace before Underwriting, as in many cases this better reflects the lifecycle of a loan that lenders use during this crisis. This allows the issuer to make decisions faster based on complete information about the client. Also, the customer has to provide all the needed information before the approval. Disbursement can be done as soon Underwriter approves the loan, without additionals requests to the Customer.

Clear Reasons for Loan Transitions 

We’ve reworked the way reasons for loan transitions between workplaces work. From now on, employees can configure reasons for loan rejection, writeoff, cancellation, repayment, etc, as well as add new reasons into the built-in dictionary. This data is located in the Additional info section.  Thanks to this feature, it's now possible to filter and analyze risk segments and DPD buckets by loan transition reasons you've added. 

API. Disbursements Repayments API

You don't need a direct disbursement and payment provider integrations to automatically process and service loans with TurnKey Lender anymore. This was another commonly requested feature as it allows lenders to process payments any way they wish and simply give our System a signal that the payment has been made. If this option is used, TurnKey Lender doesn’t initiate payments but simply registers them.

In a nutshell, we've significantly simplified the integration of TurnKey Lender into your existing legacy, custom, or in-house solutions. This reduces the e-lending launch costs and allows lenders to continue using the payment processing approach of their choice. A third-party service processes disbursement and payment transactions on their side and then sends the result to TurnKey Lender. To make this possible, the team added four new endpoints to the TurnKey Lender Public API.

This is helpful in business cases and countries where the business logic doesn’t support direct digital payments management.

Manage customer’s bank details from the Back-Office

Bank details management got much more flexible and simple in TurnKey Lender v.7.2. From now on, authorized employees can add new payment methods for the borrowers, help them edit existing entries, set the default payment methods, and add new bank accounts. 

Integrations

ZumRails 

Zum Rails has built an easy to use EFT payment gateway that allows your organization to push and pull funds in the way that best suits your organization. This includes using Zum Connect portal to instantly capture banking info and details using a proprietary aggregation engine.  Starting with TurnKey Lender v.7.2, you can switch on this built-in integration, populate your credentials and use all advantages of the powerful modern payment provider.

WayForPay 

WayForPay is a powerful modern payment provider that generates reports, adjusts payment methods, and takes care of other store settings. The integration added in TurnKey Lender v.7.2 will let your customers control and manage payments 24/7.  

Metro 2 updates

We’ve updated the Metro 2 format integration for easier reporting and compliance. From v.7.2 forward, you can generate the Metro 2 files in two ways.

If a customer has more than 1 loan, then: 

• for every customer's loan, a separate row is added to the report

• for each customer, only one row is added to the report, and this row contains aggregated info on all customer's loans.

UI updates

Branch management 

To simplify creating and managing the hierarchical structure of branches, we updated the design of the 'Branch Offices' page. Now it takes seconds to find, add, and edit branches. 

Final thoughts

That’s it for now! Have fun with the new features while we work on the next release!

Stay tuned.