Lenders Cooperative has recently introduced an exceptional benefit exclusively for members of the American Bankers Association, designed to transform small business lending. In response to the evolving requirements of financial institutions nationwide, Lenders Cooperative has unveiled an advanced Loan Origination System (LOS) specifically tailored for small business lending, encompassing both Conventional and SBA lending.
This dynamic workflow platform has been instrumental in empowering community and regional banks across the country over the past few years, equipping them with the automation and efficiencies needed to compete effectively in today's dynamic lending landscape.
ABA members are entitled to substantial cost savings on the cutting-edge Small Business Loan Origination System (LOS) paired with the Turnkey Back Office Labor Solution (LSP). Lenders Cooperative extends the privilege of no implementation fees and per-unit pricing to ABA members for both the LOS and LSP offerings.
Key highlights of Lenders Cooperative's LOS and LSP offerings for ABA members encompass:
Cutting-edge LOS Platform for Small Business Lending: Crafted with small business lending as its primary focus, the LOS platform ensures that financial institutions can efficiently oversee the entire loan origination process. Its user-friendly interface and robust data analytics capabilities make it a valuable tool for bankers seeking to deliver exceptional service to their small business clients while streamlining internal operations. Furthermore, fifteen distinct third-party vendors, each contributing to the execution of essential workflow tasks, have already been integrated, enabling banks to implement and go live with minimal development resources.
No Platform Implementation Fees and Per Unit Pricing for ABA Members: ABA Members stand to save significant amounts on implementation expenses and can enjoy per unit pricing, ensuring a swift return on investment with the very first loan processed.
Support for Conventional & SBA Loan Products: The platform offers comprehensive support for both Conventional and SBA Loans, accommodating a wide range of lending needs. This flexibility empowers banks to cater to businesses of all sizes and across various industries.
Comprehensive 1071 Reporting Package: With the imminent 1071 regulatory requirements, the platform includes a complete 1071 Package, ensuring that banks remain compliant with upcoming mandates and alleviating the reporting burden on financial institutions.
Turnkey Back Office Labor Solution: In addition to the LOS, banks will also benefit from a turnkey back-office labor partnership capable of providing invaluable assistance in loan processing. This staff augmentation model enables banks to scale their business lines without incurring additional personnel costs.
For the next 12 months, every ABA member contracting with Lenders Cooperative's Loan Origination System will have the full implementation and setup fee waived. This exclusive offering underscores the unwavering commitment of both ABA and Lenders Cooperative to support and empower ABA members as they navigate the evolving landscape of small business lending.
About Lenders Cooperative
Lenders Cooperative comprises a community of over 140 forward-thinking banking institutions. These institutions harness best-in-class loan origination software in conjunction with shared services encompassing credit underwriting, SBA LSP support, bank operations, and white-labeled call center assistance. The Cooperative's offerings, crafted and upheld by seasoned bankers, provide clients access to a profound knowledge repository, the opportunity to exchange optimal methodologies and direct involvement in steering the advancement and execution of innovative technologies.