Leveraging Sigma’s Loan Management System
A FinTech for Future Success Story

LMS Implementation, done right

Taking Off with LendFoundry

CLIENT BACKGROUND

The client is a leading online provider of personal loans. The company was launched in February 2016 and shares headquarters with its sister company, which is one of the largest lenders of mortgage loans. The company offers its personal loans through a market leader, known for investing billions of dollars each year in personal loans. The client offers unsecured personal loans with fixed interest rates for a wide variety of purpose.

THE NEED

The client wanted to implement an off-the-shelf Loan Management and Collections solution to service the loans generated on its online loan origination platform. They were on the lookout for the right partner and after due diligence, they chose LendFoundry due to the comprehensive and the quick go-to-market capabilities.

40
reduction in the effort towards collections and servicing of loans

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SOLUTION

The client leveraged LendFoundry features go to market & gain quick marketshare:

API driven platform

On-board new loans without manual intervention

Automated Daily

transaction reports with P&L calculations

Amortization

of the loans

Funding Options

Electronically fund loans and collect monthly installments, payments and payoffs

Full stack lending platform

Designed from the ground-up

Enhanced Capabilities

Handle scenarios, stop payments for a loan on-demand

In built Credit Bureau Reporting

Metro 2 reports for the active loans in the system

Constant Customer Engagement

Sending reminders, emails through the platform

Role based access to the solution

To provide information on a need to know basis

Scalablity

State of art micro-services based architecture

Customer Operations

Provides complete audit trail and complete visibility to operations team

KEY BUSINESS BENEFITS

  • 40% reduction in the effort towards collections and servicing of loans
  • Provides self-help capabilities, reminders and alerts to borrowers to make sure that the borrower doesn’t miss out on due dates. 60% reduction in number of requests to RocketLoans customer support team
  • API driven platform to ensure ensures that the integrations are well defined and any changes on RocketLoan’s side or LendFoundry side don’t impact the solutions
  • 24*7 availability with near zero downtime
  • Integrated with various 3rd party providers like Sendgrid, ACH, Credit Bureaus
  • Off-the-shelf operational reports to keep track of business health and monitoring
  • Built-in support for credit bureau reporting to ensure compliance and the platform does this automatically

MONITORING

Kibana | Sysdig | Logz.io | Fluentd | Elastic Search

TECHNOLOGY PLATFORM

Net | Node JS | Polymer | Mongo DB | Rest APIs — 100% API based integration with micro-services | Elastic Search | Responsive Design

INFRASTRUCTURE

Hosted on AWS with 100% redundancy for uptime and disaster recovery | Docker | Mesosphere DC OS | Scalable and Load Balancing capable | SSL and HTTPS based security

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