Bill Nass has seen the financial services industry continuously evolve in 34 years, and the president of TCI has used that experience to adapt with every change.
The makers of DecisionLender 4, TCI was founded in 1982, making them one of the most established loan origination solutions providers in the industry, Mr. Nass said. An established company by the time the internet was born, TCI was well-positioned to capitalize on the new medium and quickly saw the possibilities, he added.
Fast forward to 2017 and TCI has the most comprehensive loan origination solution in the industry, Mr. Nass believes.
“We’re providing the software that manages everything from the reception of an application all the way through the underwriting process, decisioning, generation of documents and contracts, to the exporting of that information into the servicing system,” Mr. Nass said. “It’s a full turnkey software product that is configurable by the user.”
Mr. Nass said DecisionLender 4’s configurability is a key feature as it allows clients to add fields and collect data from them based on their underwriting requirements. They do not need to come back to TCI to get code written for each task.
That’s a long way from the 1980s when technology was focused on terminal building before moving to PC software and then to the true SaaS offering TCI has today.
“The loan origination technology used to build products years ago wasn’t configurable to the end user,” Mr. Nass explained.
When a bank finance company needed to make system changes they had to enter tickets which were sent to developers who then had to configure, demonstrate, test and then release a demo model into production.
“It wasn’t fast enough,” Mr. Nass conceded. “The market was really screaming for more configurable tools where our customers could make and implement change quickly.”
Mission accomplished, Mr. Nass said. DecisionLender 4 is totally configurable to each lender, more than 700 of whom use it in industries such as automotive financing, home equity, furniture financing and credit cards.
“We support everything in the consumer world,” Mr. Nass said.
Mr. Nass said the original peer-to-peer and marketplace lenders were quite different from asset-based lenders, but many of those upstarts are changing their approach to become more asset-based. The brick and mortar companies did not originally participate in online lending but that too is changing. Now with so many players in the space, some of whom have used technology to serve specific niches, it is imperative to create highly configurable solutions, Mr. Nass added.
When researching solutions providers, one key question to keep top of mind is compliance, Mr. Nass said. Loan originators need specific certifications before they can connect with different data providers. Industry bodies and multiple state and federal examiners push hard to ensure proper security and protections are in place.
Best to leave such intricacies to those who have proven they can satisfy all regulations.
“It’s a lot for someone to try and manage all of that internally,” Mr. Nass said. “We’re providing all of that to our customers in a turnkey solution.”