A Scalable, Flexible & Reliable Platform to Integrate with Multiple Lenders

A Scalable, Flexible, and Reliable Platform
to Integrate with Multiple Lenders

About the Client

The client has been one of the leading premier home improvement solution providers in the US since 1976. They provide quality home remodeling products that are maintenance-free, value-adding, and energy-efficient. The client even handles every aspect of home improvement, including manufacturing, sales, installation, financing & servicing. They have a long-standing rating of A+ with the Better Business Bureau, which indicates their commitment to customer service. Out of the current market size of Home Improvement of around 800 billion in the US, our client contributes close to 300 million Y-o-Y & is growing at double the rate of the industry.

Background

The growth of the home improvement industry is largely dependent on the availability of credit. Considering the ever-increasing cost of base materials, prices of home remodeling products are also increasing & becoming unaffordable. To solve this problem, along with the home improvement solution, our client enabled affordable financing to their customers through leading lenders & made these products easily accessible. They were earlier dependent on in-house software programs built on their need basis. When it comes to scaling while catering to increased demand for their products, it was not supported well.

Key Requirements

The client wanted to go all out with multiple financiers across their sales offices in the US, so they were looking for a scalable, flexible, and reliable platform.

Key Requirements of the client:

  • To integrate with multiple lenders & enable financing.
  • Expose APIs to integrate with CRM – Salesforce.
  • To create various workflows based on the channel of the business (Cash & Financing).
  • Configuring the business rules to move applications automatically through various stages.
  • Providing visibility to the internal teams through dashboards & filters to navigate easily through a bunch of applications.
  • Real-time application processing & decision visibility to the Sales Representatives remotely while on the field or at the sales office.
  • Ability to achieve the sales to ready-to-install status on the same day.
  • Ability to automatically move applications through various lenders based on priority.
  • Setting up lender priority location-wise.
  • Ability to upload & verify documents.
  • Being compliant with the specific requirements of each lender.
  • Single-Sign-On Integration.
  • Role-based permissions & actions.
Key Requirements

Features Used in the Solution

  • Automated Lender selection to submit the applications in priority.
  • Ability to configure the lender priority for back office users.
  • Fully mobile responsive, intuitive, and optimized Branch Portal for Sales Representatives to complete the loan application process within minutes.
  • Action Menus for different roles helped define role-specific actions and established role-based control.
  • Okta-based Single Sign-on (SSO) with user access control.

Proposed Solution

LendFoundry offered the most advanced lending stack in the industry to solve their business challenges. We delivered a platform that is a captive marketplace for the client for the lenders:

  • A separate workflow for Cash & Finance applications is implemented, which is independent of each other in terms of triggers, status, information to be captured, etc.
  • Used triggers that move the applications automatically from one status to the next.
  • The application is visible to relevant stakeholders only in particular statuses, along with relevant actions only.
  • Access to multiple roles at sales offices & only relevant actions.
  • Implemented lender waterfall functionality where the application is submitted to one lender to get the decision on the application, and based on the lender’s response, it moves to the next lender. The application can move through a complete lender waterfall within 15 seconds maximum.
  • Real-time visibility to lenders’ responses & creation of tasks in case of document requirements.
  • The user can set a priority of the lender in the lender waterfall for each sales office individually or in a group.
  • They can activate or deactivate the lender as per the needs of the lender’s waterfall.
  • Implemented compliance measures of each lender as per their requirements.

Integrations

  • Integrated with APIs of 5 lenders, with real-time visibility of the status of an application.
  • Integration with Salesforce CRM.
  • Integrated with Okta for Single Sign On functionality. up.

Overall Impact

Some of the key benefits realized by the client include:

  • Approx. 2000 applications per month.
  • Quantifiable metrics can be derived in terms of man-hours saved due to reduced manual efforts by their back office team for sending applications to each lender & getting back the response & sending it again to other lenders.
  • Turn Around Time (TAT) has significantly increased per application. They can practically convert the sale to ready for installation within minutes.
  • Visibility has improved across various internal verticals, including remote teams across sales offices.

About LendFoundry

LendFoundry is the next-generation, cloud-based, SOC1 and SOC2 Type 2 compliant, full-stack technology platform to enable digital lending.

Available as a SaaS offering on AWS, LendFoundry is built using a microservices architecture and is highly customizable and scalable. Powered by API integration with 80+ traditional and alternative data providers and platforms, it can help digitize a lender’s entire loan lifecycle to deliver faster loans and also add new customer segments.

Key Modules: Borrower Portal, Broker Portal, Dealer Portal, Merchant Portal, Lender Portals, Loan Origination System, Loan Servicing System, Loan Management System, Business Analytics.

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