ASPs Leading the Charge to Bring Bank Loans Online
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The e-finance ASP intends to put the money to work to offer financial institutions a better way to do business on the Web. Dorado.Com plans to launch a mortgage application service that allows financial institutions to originate and transact home loans over the Internet.
The venture funding will be used to expand operations, hire additional engineering and sales staff, and to initiate an aggressive marketing campaign. With its stash of cash at hand, Dorado.Com intends to soon be a leader in the rapidly growing e-Finance market.
Bank2Business.com lets financial institution's offer small business lending, predictive credit modeling, and compliance documentation services for an undisclosed per transaction price. Automated underwriting is the first of several Bank2Business.com features set to revolutionize the small business loan process.
Bank2Business.com utilizes Internet technologies to dynamically manage the small business loan application process from inception through document preparation. Baker Hill serves as the ASP responsible for all hardware, software and support, which minimizes banks up-front investment for the service.
According to Mark Hill, president of Baker Hill, competitive pressures are forcing banks to evaluate ways to streamline and improve loan processing, while minimizing risk to loan portfolios. Bank2Business.com allows financial institutions to efficiently process small business loans while expanding delivery channels for banks credit services.
Bank2Business.com accepts applications from within the bank or directly from customers through the bank's web site. The application is forwarded for decisioning by conducting a fraud check, requesting credit bureau reports, and generating a credit score using Fair, Isaac and Company's (FIC) Small Business Scoring Service (SBSS) models.
Customizing the bank's defined underwriting parameters, Bank2Business.com prices the loan and delivers the complete package back to the lender or underwriter for review in a matter of minutes. Baker Hill predicts that banks save 25 to 75 percent in underwriting costs by streamlining and automating their underwriting process online with Bank2Business.com.
Few banks are currently accepting small business loan applications at their Web sites. Baker Hill is banking that financial institutions accept its core technology as a one-link means to expand their small business loan processing services on the Web.
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