Cloud Lending Solutions has instituted loan buyback support for CL Loan™ and CL Marketplace™. It is a free upgrade for current clients.
Because lenders need to be licensed in every state where they operate, expansion comes with additional challenges. Financial institutions team with banks to initially fund the loan before buying it back. They often split the origination fee while paying a service interest fee.
CL Loan now includes the buyback option. That lets lenders originate loans which will be funded by a partner bank. The buyback comes faster, with increased accuracy and transparency.
“Our mission is to help lenders improve profit margins by generating greater revenue, increasing operational efficiencies, and improving credit risk management,” CEO Snehal Fulzele said. “The updates in our new release, including the new loan buyback option, were created with the success of our clients in mind.”