Lenders Cooperative and Lumos Data are thrilled to announce the expansion of their successful partnership, which has transformed how financial institutions approach small-dollar commercial lending. This continued collaboration brings cutting-edge technology to lenders, further streamlining loan decision-making and enhancing profitability in both conventional and SBA small business lending.
Cary Cooper, “We’re seeing increasing demand from our partner banks and credit unions for solutions that drive efficiency and profitability in their small-dollar lending portfolios. The Lumos Prime+ Expected Loss Credit Model has been a critical component of our end-to-end loan origination process, providing score-based decisioning that simplifies credit assessment. With this expanded partnership, our clients can now leverage new tools like the Lumos Business Report, which automates key data elements within the credit memo narrative, reducing manual underwriting time and accelerating loan decisions.”
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The Lumos Business Report is a powerful solution that uses machine learning and proprietary data to provide valuable insights that optimize the credit memo process. This automation bridges the gap between initial data collection and final credit decisions, equipping lenders with the intelligence needed to drive better outcomes for their small business clients.
“Financial institutions utilizing the Lenders Cooperative platform with Lumos Prime+ integration can now more effectively support their small business customers by delivering faster access to capital,” said Brett Caines. “We are excited to see how this enhanced partnership will continue to unlock new opportunities for both financial institutions and the businesses they serve.”
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