LendInvest Lending Operations Manager Lauren Eaton Reveals What New 100% Online Short-Term Loan Brokerage Portal Will Offer
In recent months, LoanInvest has worked to offer its clients a broker portal that will see the “fully online” application process for short-term loans, the company revealed in a blog post.
The LendInvest team noted that as the testing phase approaches, its lending operations manager, Lauren Eaton, shared ideas and details regarding the initiative and what it could mean for short-term loans for the foreseeable future.
While explaining why they are looking to offer a new short term loan brokers portal, Eaton explained:
“We already have an online portal for our BTL product and brokers like the end-to-end online journey. We wanted to build something similar but more suited to the short-term process.
“Brokers will have your own dedicated login for the portal so they can manage all of their short-term transactions in one place. The portal will allow them to submit inquiries and requests as well as follow the progress of cases on-line. It is easy to navigate and has many features to make it easy and hassle-free to conclude contracts with us.
Eaton further noted that submitting offers through the portal means brokers will be able to track their progress or know details about loans “whenever they need it.” She added that brokers “will have the ability to generate instant terms using our calculator, upload supporting documents and information for a trade.”
“They can also manage outstanding needs through a task feature and get direct access to subscribers and BDMs through a chat feature. “
Responding to a question about improving the speed of processing STL transactions, Eaton said:
“Absolutely, processing loans on paper is not efficient for the brokers or the team. Having the process online will allow us to prepare and process assessments more quickly. We have also built a section that will allow brokers to quickly see what is left over on a case, allowing brokers to work to meet that quickly with their clients. This should contribute to the overall speed of processing loan applications. “
While commenting on other technologies recently introduced to improve service, Eaton revealed:
“We recently integrated a number of our third-party research providers to help us with the packaging of our cases. This will be used on the short term loan side to allow us to speed up packaging and underwriting decisions. We regularly use Credit Kudos (our Open Banking provider) on BTL and this is something we are looking to introduce in the short term.
Eaton has confirmed that they will go live in the “next few months” with the intention that it will be “a phased roll-out so that we can take early feedback into account.”
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