Optimizing Lending Software: Leveraging Third-Party Integrations for Efficiency

 Lending Software

Optimizing Lending Software: Leveraging Third-Party Integrations for Efficiency

Date published: 19 Jun 2018

Table of Contents


An essential trait of any successful lending software is its ability to integrate with third parties and platforms to leverage the best services and solutions available in the Lending Ecosystem. The Lending Software can manage the core operations of the lending portfolio. Simultaneously, external data, information, and services can be seamlessly integrated with the Loan Management System to access various offers from the marketplace of third-party suppliers. The point is that lenders can spend their precious resources on something other than reinventing the wheel within services such as Lead acquisition, Lead Scoring and decision processing, Payment Processing, E-Sign, Dialer for CRM, Secure Document Storage, Email, Messaging, Collections, and Reporting.

Scoring and Decisioning in Lending Software

Scoring and decisions in Lending Software are two key automated processes that assist the lender in verifying or qualifying a lead. Scoring happens after any lead hits the Loan Management System and passes the underwriting. New data aggregation technologies, enhanced analytics, and increased data availability strengthen the capacity to assess a consumer's worthiness. Most lenders have been relying on scoring their leads based on traditional data. This trend may alter as non-traditional data has increasingly attracted attention in the lending industry because of the emergence of many non-traditional data sources. Credit scoring with traditional data is a tiny part of the application process. Lenders are under increasing pressure to deliver more accurate, comprehensive, fast lending assessments. Consumers want quick credit decisions, and with the help of automation, decisions are more convenient and affordable.

1. Clarity Services

Clarity Services, Inc., a credit reporting company now a part of Experian, offers data to providers and creates effective and efficient data reporting tools to assist companies in lowering high-risk lending. It helps lenders gain a competitive advantage by viewing subprime consumer data.

2. DataX

DataX is an alternative data provider offering premier financial management solutions to lenders through a suite of advanced products focused on mitigating risk. It provides a comprehensive suite of real-time credit reporting, data verification, and authentication services that benefit financial service providers

3. decision logic

DecisionLogic is an advanced bank verification system that enables lenders to instantly verify a potential borrower's banking information online and in real-time. DecisionLogic now offers Identity Verification (DL match®). Utilizing industry-leading Identity Verification Technology, DecisionLogic instantly verifies a potential customer's Name, Phone Number, and Social Security Number. DL match® helps to add a layer of risk detection, helping to identify key risk indicators associated with a customer's identity.

4. FactorTrust

Lenders need FactorTrust's alternative credit data, analytics, and risk-scoring information to make well-informed judgments about the customers they want to work with. Now a part of TransUnion, the business is steadfastly committed to "more" by providing lenders with accurate credit data and tested analytics. FactorTrust + SparkLMS integration will allow lenders to score their leads in real time to mitigate risk and make informed decisions.

5. MicroBilt

MicroBilt Corporation designs, develops, markets, licenses, and supports a wide range of integrated risk management reporting, decision, and analysis solutions for the short-term lending industry.


Email and Text Messaging are essential to every lender's arsenal for communication with customers and prospects. These types of emails or text messages get triggered by a user's actions, such as loan approval, denial, payment reminders, payment receipts, offers and rebate notifications, and collection tracking. These messages could be for notifying transactions or notifying promotions.

Many service providers can handle the sending and delivery of such messages promptly. Most of these services include administrative tools for tracking, the capacity to modify emails, automatic email response capabilities, and other services. SparkLMS readily integrates with the following providers in the market, thereby allowing seamless communication between the lending portfolio and the consumers.

1. Amazon SES (Amazon Simple Email Service)

Amazon SES is a cloud-based email-sending service for sending marketing, notification, and transactional emails. It is a reliable, cost-effective service for businesses of all sizes using email to contact customers.

2. MailChimp

With the help of the marketing automation platform MailChimp, lenders can quickly create eye-catching, customized email campaigns and automation to improve their connections with current and new clients.

3. Mailgun

Mailgun is a powerful service that enables lenders to send, receive, and track email effortlessly from SparkLMS’s Loan Software for Lenders. Lenders can send transactional marketing emails with its SMTP relay and flexible HTTP API.

4. Mandrill

Mandrill by MailChimp is a transactional email service that can be integrated with SparkLMS. It's reliable, robust, and ideal for sending data-driven emails for a lending portfolio.

5. Solutions by Text

Solutions by Text, popularly referred to as SBT in the market, provides fully compliant SMS solutions that can give lenders a competitive edge by extending SparkLMS' ability to communicate through SMS.

Telephony & Dialer Integration

Though any Loan Software for Lenders should be integrated with multi-channel interactions and supporting services, telephony is the mainstream interaction for customer acquisition and retention. If the lender needs a dedicated team of Agents to serve the customers telephony, in other words, a dialer integration with SparkLMS, is essential.

Many telephony providers in the market offer low-cost VoIP calls, intelligent list management, dialer, and click-to-call dialer features. Here are some players offering Telephony services:


Five9 provides robust integrations with rich and extensive options like predictive, progressive, power, and preview dialing, increasing agent productivity and enhancing the user experience.

With Five9 embedded into SparkLMS, lenders can create a powerful combination of telephony and Loan Software for Lenders that works better together.

Secure Document Storage

Integrating the Lending Software with cloud storage services like Box and DropBox Business will allow the Loan Management System to store all the documents generated and received automatically. Documents like Loan Agreements, Customer-submitted documents like Pay stubs, Driving licenses, Bank statements, and Vehicle Documents are automatically synchronized to the Lender's Cloud Storage Account so that the lender has access to them all the time.

In the following article, we will further discuss more integration options to empower a lending portfolio. If you are interested in a demo of SparkLMS, write to us at [email protected]