LSI found a way to manage multiple client credit unions’ underwriting needs through Allegro Lending Suite’s Conductor platform.
LSI provides various loan-related services, including afterhours underwriting, solutions for indirect lending and more for hundreds of credit unions. When an Allegro client seeks afterhours support, they can get that assistance through LSI, and LSI can then see all the joint clients’ indirect loan applications in queue through the Conductor platform. Conductor also allows individual credit unions to set their specific underwriting parameters, ensuring third-party underwriters understand the credit union’s risk appetite.
LSI’s underwriters like Conductor because they have a single sign on to access multiple credit unions’ loan application queues. “Each underwriter has a username and password and can login to see all loans in queue for all clients and can filter by client, which is really nice,” LSI Underwriting Supervisor Jessica Krech explained. This streamlining makes it fast and convenient.
Plus, LSI’s management likes Conductor because it makes training easier, Jessica added. New underwriters can train on a single platform rather than various disparate platforms for each credit union.
Conductor also allows the underwriters to access prior loan decisions. Being able to quickly see the audit history regarding previous decisions helps underwriters get a better picture of a particular loan applicant’s activity, according to LSI Corporate Development Manager Aimie Anderson.
Jessica pointed out that the Deal Audit Summary is an excellent feature. It allows underwriters to view an overview of the deal rather than having to click on various detailed tabs to dig out the information they need, providing them with more time to review more loans.
Additionally, Aimie highlighted Conductor’s new overflow feature. When a credit union is backed up because loans are coming in faster than staff can handle them or someone calls out sick, that can mean missed opportunities for the credit union. But Overflow notifies LSI when a credit union doesn’t respond in a certain amount of time, so LSI can handle the underwriting. It also lets the credit union know that LSI has the application, and the credit union can move on to the next one.
“Conductor allows business partners, CUSOs and even larger credit unions to easily run indirect lending programs for multiple credit unions that may not be able to do it on their own,” ILT Vice President of Business Development Peter Vehko said. “It’s a win-win, bringing more revenue in to everyone and streamlining the process at the same time. And, like Allegro Lending Suites’ other products, Conductor works with DigiDocs to make documentation and document management a breeze.
“We’re very pleased LSI and others have found value in the product, and we expect many more will see Conductor’s advantages in the time to come.”