In the summer of 2001, the predecessor to Allegro™, DILLS™ Version I, was released to its first few credit union users. That first version was pretty simple. It was designed for managing indirect lending only, was not integrated with any other system and offered no auto-approval of applications. Today, the Allegro™ Lending Suite is a complete loan origination system with modules for indirect, direct and lifestyle lending. Allegro™ also includes a unique feature that enables a separate entity, called a “Conductor”, to manage lending programs for multiple lenders. Conductor is a powerful tool that provides an easy way for after-hours underwriting services, credit union service organizations, lender agents, bank holding companies, credit union leagues and other types of lending managers to confidentially, quickly and efficiently manage lending processes for any number of lenders, including underwriting and funding.
LSI (formerly known as Lending Solutions, Inc.) is a pioneer in utilizing Allegro™’s powerful Conductor feature. LSI began utilizing a similar feature in Allegro™’s predecessor, DILLS™ Version 2™, in 2007 and transitioned to Conductor when it was released as part of Allegro™ in 2018.
In the lenders’ world, results are a function of response time. Borrowers are increasingly impatient with dealers, merchants and with technology. They expect answers to their requests for credit within a few minutes if not seconds. LSI promises its lender clients that LSI’s underwriting team can handle all their underwriting needs, providing support during peak times, as well as during off-hours 24/7, to maximize their service bandwidth and strengthen customer loyalty. Conductor makes it possible for LSI to deliver on its promises of speed, confidentiality and accuracy for multiple lenders simultaneously without ever changing systems.
Allegro™ only requires one login id to access all its systems for all its lenders utilizing LSI’s services. LSI Underwriter Denise Welch commented that, “Allegro is such an easy platform to sign into with one user id and password.” According to LSI Underwriter Esther Egan, “With most other platforms, there is a separate set of credentials that needs to be maintained and updated every 30 days for each individual client, which can be a bit time consuming”.
Esther has also found that using Allegro’s Deal Maestro feature can maximize efficiency. Deal Maestro is a tool that serves partly as a messaging system and as a sandbox area where underwriters can test different deal parameters. “If used properly, it can save a lot of time reviewing and making adjustments to a deal structure…. When we’re ready to finalize a counter-offer, it takes only a single click.”
According to Will McGregor, ILT’s CEO, “LSI has been a significant contributor to the development of the current version of the Allegro™ Conductor feature. They have offered several suggestions for enhancements over the years and have been a major contributor to the current version of Conductor. Many lenders and other Conductor users are beneficiaries of LSI’s heavy use and experience. They’ve been very good partners.”
Allegro’s Conductor platform is a powerful solution to the growing demand for lending software to handle high volumes of consumer applications 24/7. LSI Underwriter, Denise Welch, added that “Navigating throughout the application is very easy and seamless.” ILT promises that Conductor will be continually updated to improve as it adapts to the rising demands of CUSOs and similar organizations.