San Francisco (PRWEB) April 12, 2016
Cloud Lending Solutions, a cloud-based, end-to-end lending platform delivering innovation to the global lending community, today announced the availability of loan buyback support for CL Loan™ and CL Marketplace™. No other lending platform offers an automated loan buyback option today.
Loan buybacks are a common option for online and marketplace lenders. In the US, lenders need to be licensed in each state they do business, which can be problematic for organizations expanding into new markets. Financial institutions partner with banks to initially fund the loan and then buy back the loan, usually splitting the origination fee and paying a small service interest fee. CL Loan, now including the loan buyback option, allows for lenders to originate loans that will be funded by a partner bank, and allow for the buyback of that loan that is faster, more accurate, and transparent than lenders managing this process manually.
“Our mission is to help lenders improve profit margins by generating greater revenue, increasing operational efficiencies, and improving credit risk management,” said Snehal Fulzele, CEO of Cloud Lending Solutions. “The updates in our new release, including the new loan buyback option, were created with the success of our clients in mind. Every day our focus is to be financial institutions’ trusted partner, delivering lending applications that drive operational efficiencies.”
CL Loan Buyback Details:
- Cloud Lending Solutions clients can now manage the full buyback process from loan boarding, dispersal and buyback, automatically with no manual intervention, within CL Loan.
- CLS manages the calculation of interest service fees and origination splits, and the generation of associated accounting transactions for posting and reconciling to the general ledger.
- Lenders have complete transparency of the buyback status and a complete view the accounting transactions for each stage of the buyback process.
Pricing and Availability
The CLS loan buyback option is available now for CL Loan and CL Marketplace, and is a free upgrade for present clients.
About Cloud Lending Solutions
Cloud Lending Solutions is a cloud-based, end-to-end lending platform delivering innovation to the global lending community. Unlike legacy technology platforms that are expensive to maintain and prevent agile response to market conditions, Cloud Lending Solutions’ clients take back control of their business by quickly implementing, extending, and digitizing the entire lending lifecycle. Cloud Lending Solutions’ single system of record is the market leading cloud solution supporting both consumer and commercial lending that scales for the needs of lenders of all sizes. Clients include banks, traditional finance companies, online lenders, and marketplace platforms. For more information and to see how we can help you, please reach us at info(at)cloudlendinginc(dot)com or on our website http://www.cloudlendinginc.com.