Cloud Lending Tackles Origination Challenge

By Ryan Weeks on Friday 14 August 2015

Alternative Lending

Cloud Lending Solutions is attempting to own a slice of the origination game.

Cloud Lending Solutions is a cloud-based infrastructure which offers a range of SaaS (Software as a Service) tools designed to streamline the process of non-bank lending. We recently profiled “Cloud Lending Exchange” (CLE), which is an online bounce-point for rejected consumer loans. The purpose of CLE is to harness the flexibility of the alternative lending space, by allowing loan applications that don’t fit the exact criteria of one lender to be efficiently showcased to a broad range of alternative suitors.

The recycling of rejected loan applicants is a fine idea, and one that we’ve also seen surface in the UK in the form of the many online credit brokerages. But as I argued in a recent column on reintermediation, the holy grail is quality origination.

It’s for that reason that Cloud Lending Solutions also offers a service by the name of CL Originate – a tool crafted to meet the online lending world’s need for a swift and seamless customer acquisition process. CL Originate, put simply, is a cloud-based loan origination and underwriting platform. The mechanism provides lenders with fully automated and virtually instantaneous loan processing and real-time document management. The goal of the CL Originate initiative is to create a “six click” lending experience, whereby both consumer and small business borrowers are able to rapidly connect to and borrow from the perfect lending partner. 

Cloud Lending CEO Snehal Fulzele tells AltFi that a large number of lenders are already on board. On the importance of CL Originate, he said:

“In today’s fiercely competitive lending space, lenders need to satisfy user demand for quick loans, provide new ways to validate credit worthiness, while continuously pushing out new products at scale. CL Originate is designed with the needs of the next-generation lending community in mind. These new features simplify the lending process to as little as six clicks, dramatically changing the playing field.”

Of course, Cloud Lending Solutions caters to a range of non-bank financial institutions, and the CL Originate platform will only be relevant for those of them that have adopted an algorithmic approach to credit assessment. Otherwise it would be impossible to tell in just a few quick clicks whether or not a lender’s quality criteria have been satisfied. Although Snehal issued the reminder that, one way or another, most non-bank lending institutions are looking to sweeten their online offerings, and that usually entails instilling some degree of automation into the lending process. That fact alone places CL Originate in a potentially valuable position.

A quick summary of the core functionalities of CL Originate platform:

  • Support for complex auto-decisioning
  • Six-click lending
  • Real-time collaboration
  • Real-time deal status
  • Third party integration
  • Complete configuration

You can dig deeper into each of these features by digging around the CL Originate webpage.  

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