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2 Top Digital Lending Best Practices

Digital maturity is something almost every business – regardless of industry – struggles to attain. According to an article late last year in Entrepreneur, a good number of them make the mistake of simply equating it with technology implemented. When in reality, technology is just a catalyst for much deeper business changes.
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Custom Scorecards: Your Ticket to More Success

Generic credit scores on the market are a widely used tool by lenders to mitigate risk by knowing which applicants have a high likelihood of going delinquent on their payments. Each generic risk score on the market has been developed on broader populations that were built long ago on old consumer profiles. Lenders should consider if the generic score works on their specific portfolio type with their own unique customer characteristics that are indicative of their own customer payment behaviors when choosing a generic scorecard.
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A Closer Look at CECL Compliance and What's to Come

The 2008 financial crisis brought more attention to one crucial aspect of the financial system, which was the delay in the recognition of losses by financial institutions. At the peak of the crisis and under stressed conditions, it became clear that the methodologies and procedures in place at that time (and still in place today within some financial institutions) to estimate reserves resulted in inaccurate, underestimated and untimely allowances for losses.
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A Few Helpful Hints for the Best Loan Software Workflow

For financial institutions searching for the right loan origination system to fit their operations and strategic plans, finding a platform that offers robust, yet configurable, workflows is a must. With today’s customers and members requiring as much automation and convenience as possible, institutions must tailor their lending and deposit account opening operations to meet those needs. After all, the less focus spent administering processes means more attention can be devoted to identifying and capitalizing on growth opportunities and strengthening customer/member relationships.  Here are three factors to consider when judging the potential effectiveness of a loan origination system’s workflow processing capabilities and how it would fit your operations:
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