Loan Migration API
The new TurnKey Lender API is created for clients that have a database of existing customers that need to be migrated to the TurnKey Lender solution. With Loan Migration API one can transfer the loan and customer data into our solution. You can find the API here.
From now on the client doesn’t need to come to TurnKey Lender to get support with data migration tasks since it can easily be done through the API.
Payments Methods Management
Another improvement introduced in TurnKey Lender v6.7 is a brand-new Cards Management feature. It simplifies loan repayment process for the lenders customers allowing borrowers to input their credit card data and grant permission to charge recurring payments. It also allows borrowers to process one-click payments from the borrower portal.
Loan managers and collectors now can add custom fees to borrower’s balance manually at any time.
Starting with v6.7, NSF (non-sufficient funds) fees are being added to the loans automatically. The fee amount is defined in the Credit product settings.
A popular request from our Clients that has been introduced in v6.7, is the ability to add Customer Flags and Loan Flags. These flags will provide easy-to-comprehend statuses for Back-office user. Flags can say things like 'Do Not Contact', 'Bankrupt Account', or 'Sold Loan’. Some flags can also suppress borrower notifications.
Manual entry of Credit Report data
Some Clients don't have a live Credit Bureau integration but would like to use CB-related rules. That is why starting with v6.7, we provide an option to manually enter credit report data for scoring and decision making.
Borrower phone verification via SMS
TurnKey Lender v6.7 allows lenders to verify borrower’s phone number with an automatic SMS code. This will help with KYC compliance and reduce fraud.
Rejection reasons management
Each rejected loan should be marked with a reason for rejection. If a loan is rejected manually, Back-Office User can select a rejection reason from the pre-defined list. Rejection reasons can be used for internal purposes or, if necessary, be sent to the Customer in a notification.
With TurnKey Lender v6.7, the Client can customize and add a disclaimer statement denying responsibility. This feature is intended to prevent civil liability arising for particular acts or omissions.
a. New notification Merge Fields. More flexibility in Notifications and loan agreement and templates.
b. Several usability improvements
c. Several security improvements
d. Performance improvements