top-rated-underwriting-software-for-small-business-lenders

top-rated-underwriting-software-for-small-business-lenders

Top Rated Underwriting Software for Small Business Lenders

Introduction

Underwriting is a critical function for small business lenders, as it helps them assess the creditworthiness of potential borrowers and determine the appropriate loan terms. The right underwriting software can streamline this process, making it faster, more efficient, and more accurate.

In this comprehensive guide, we will explore the top-rated underwriting software solutions available for small business lenders. We will discuss the key features and benefits of each solution, as well as pricing and implementation considerations.

Key Features of Underwriting Software

When evaluating underwriting software, it is important to consider the following key features:

  • Loan Origination: The software should allow lenders to originate loans from start to finish, including collecting borrower information, verifying income and assets, and generating loan documents.
  • Credit Risk Assessment: The software should include a robust credit risk assessment engine that can analyze a borrower’s credit history, income, and other financial data to determine their creditworthiness.
  • Automation: The software should automate as many tasks as possible, such as data entry, credit checks, and document generation. This can free up lenders to focus on more complex tasks, such as underwriting complex loans or building relationships with borrowers.
  • Reporting: The software should provide lenders with detailed reports on their underwriting activity, including loan performance and risk trends. This information can help lenders make informed decisions about their lending practices.

Top-Rated Underwriting Software Solutions

There are a number of top-rated underwriting software solutions available for small business lenders. Here are some of the most popular options:

  • Lendesk: Lendesk is a cloud-based underwriting software solution that offers a comprehensive suite of features for small business lenders. Lendesk’s features include loan origination, credit risk assessment, automation, and reporting.
  • Fundera: Fundera is an online lending platform that offers a variety of underwriting software solutions for small business lenders. Fundera’s solutions include a loan origination platform, a credit risk assessment tool, and a reporting dashboard.
  • OnDeck: OnDeck is a leading provider of small business loans. OnDeck offers an underwriting software solution that is designed to help lenders assess the creditworthiness of potential borrowers quickly and efficiently.
  • Kabbage: Kabbage is an online lender that offers a variety of small business loan products. Kabbage offers an underwriting software solution that is based on artificial intelligence (AI). Kabbage’s AI-powered underwriting software can assess the creditworthiness of potential borrowers in as little as five minutes.

Pricing and Implementation Considerations

The pricing of underwriting software can vary depending on the features and functionality offered. Some software solutions are priced on a monthly subscription basis, while others are priced on a per-loan basis.

When implementing underwriting software, it is important to consider the following factors:

  • Data Migration: The software should be able to import data from existing systems, such as loan origination systems and credit bureaus.
  • Training: The software should be easy to use and understand. Lenders should be provided with training on how to use the software effectively.
  • Support: The software provider should offer ongoing support to lenders, including technical support and training.

Conclusion

Underwriting software can be a valuable investment for small business lenders. By automating tasks, improving accuracy, and providing lenders with detailed reports, underwriting software can help lenders make better informed lending decisions.

If you are a small business lender, we encourage you to explore the top-rated underwriting software solutions available and find the one that is right for your business.

To learn more about underwriting software and schedule a demo, please call toll-free at (877) 227-7271 or visit Fundingo.com.