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A common challenge often faced by Credit Unions involves the loan decision process, which can be difficult to navigate for even the most seasoned lenders. To assist in this challenge, Sharetec offers Automated Lending to help financial institutions sail smoothly through rough waters and simplify their most critical loan decisions.

Sharetec’s Automated Lending tool—used in conjunction with Sharetec’s loan application—has been dubbed by many to be the perfect tool for instituting and streamlining lending parameters and guidelines. It auto-generates loan approval or denial based on up to 11 pre-established and weighted criteria. As data relating to debt and income is recorded, factors including debt ratios and disposable income are auto-calculated for the loan applicant and co-applicant.

Sharetec’s Risk Based Pricing module can be incorporated into the Automated Lending tool to make the decision process even easier. Credit Unions using this automated pricing module can adjust a borrower’s interest rate based on risk level, using their own custom-created risk pricing adjustments, which are auto-applied based on loan type. The customized pricing adjustments can be based on a singular factor such as credit score, to several factors including debt ratios, employment history and delinquency.

With such automation and customization, Sharetec’s Automated Lending tool can very well mean smooth sailing ahead for your Credit Union’s loan department.