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FDIC Proposes New Guidance Over Marketplace Lending

August 9 – FDIC has proposed updates to its guidance regarding third-party lending. At least one industry observer is calling the proposals more “hurdles for bank partners of marketplace lenders.” (more…)

2016 ISA Entry – The Commercial Lending Center™ from ProfitStars®

The Commercial Lending Center makes it easy for financial institutions (FIs) of all sizes to accept commercial loan requests online, 24/7, with a superior workflow process and faster response times. ProfitStars hosts the online process, which is individually branded for the institution and accessible from their existing website.

With Commercial Lending Center, businesses can apply online anytime, anywhere and get to work with their local community bank. In turn, FIs can strengthen business relationships and grow loan portfolio both safely and confidently, while staying competitive in the online lending market.

The Commercial Lending Center offers financial institutions the following key benefits:

  • “Apply Now” or “Get Started” buttons along with the technology and support needed to provide a commercial lending website that’s accessible from any device.
  • Business customers submit their entire financial package in a secure manner and have visibility into the ratios that will determine their financial future.
  • A customizable sorting and filtering engine built to route each loan to the appropriate product and/or lender. Workflows are completely customized for your process.
  • Pipeline management gives senior management full vision into loans in the pipeline. All loan opportunities flow through the platform either via the web or manually through the lender side.
  • At any time, all authorized users can view a dashboard of the entire loan pipeline, including new originations and renewals. The pipeline may be sorted by lender, loan type, closing date, or loan status.
  • Marketing expertise, including customized materials along with best practices in social media, and search engine optimization provided through how-to guides that will assist you in driving loan business to your website.
  • For applicants who fail to meet a FIs predetermined underwriting guidelines, Commercial Lending Center allows the institution to automatically refer them to ProfitStars’ LendingNetwork®, a marketplace for viable, alternative loan options. The LendingNetwork offers financing from a group of more than 100 of the most dedicated, responsive alternative commercial providers in the industry, where borrowers find support through creative funding strategies while the FIs can continue to help the business grow without the risk of losing the overall relationship.

ProfitStars
www.profitstars.com

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dv01 Brings Transparency and Professional Portfolio Management to Marketplace Lending

June 29 – dv01, the analytics platform that brings transparency to lending markets, has announced the debut of its portfolio management software for marketplace loans. To date, institutional investors have used dv01’s cloud-hosted web application to gain real-time insight into $23.5 billion worth of marketplace loans.

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Key Players Ranked for Small-Business Lending

June 23 –  According to new data from Sageworks Bank Information, the total dollar amount of small business loans made by U.S. banks has steadily increased over the last several years from $6.14 billion in the first quarter of 2013 to $6.46 billion in the first quarter of 2016. To highlight key players in the market contributing to this trend, Sageworks identified the top lenders to small businesses by total dollar volume of small business loans outstanding as of the end of the first quarter of 2016. (more…)

Ag Lending Rises as Farm Income Falls

The U.S. Department of Agriculture has forecast net farm income to decline to $54.8 billion in 2016. If realized, this would be the lowest level since 2002, but farm banks are well-prepared for possible turbulence in the agricultural sector, according to the American Bankers Association’s 2015 Farm Bank Performance Report.

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New Online Lending Platform Drives Commercial Business Online

June 14 – Sageworks, a financial information company that provides loan portfolio and risk management solutions to banks and credit unions, today announced the release of Sageworks Online Loan Application, a solution that automates and moves online the loan request process for financial institutions and their customers. (more…)

ProfitStars’ Commercial Lending Center Meets Financial Institution Demand for Digital Lending Platform

June 1 – Jack Henry & Associates’ ProfitStars® division has announced several milestones for its Commercial Lending Center™, a hosted portal offering an expedited online loan application and management workflow experience to business borrowers.

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OCC Updates Guidance for Private Student Lending

May 24 – A new booklet of the Comptroller’s Handbook titled “Student Lending,” has been issued by the Office of the Comptroller of the Currency. This booklet is prepared for use by OCC examiners in connection with their examination and supervision of national banks and federal savings associations engaged in private student lending. Private student loans are consumer loans offered to borrowers to fund undergraduate, graduate, and other forms of post-secondary education. (more…)

Treasury’s Study of Online Lending Suggests More Oversight Needed

May 17 – The Treasury Department has offered an overview of the online marketplace lending industry in a recently published white paper, “Opportunities and Challenges in Online Marketplace Lending.” Much of the information was gathered following a Request for Information, and it contains research on and recommendations for the industry. (more…)

Lending Club CEO Resigns Following Internal Sales Review

May 9 – Leading online lender Lending Club has reported that its board of directors accepted the resignation of Renaud Laplanche as chairman and CEO. His resignation followed an internal review of sales of $22 million in near-prime loans to a single investor, in contravention of the investor’s express instructions as to a non-credit and non-pricing element, in March and April 2016. (more…)

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