LendAPI Product Update v1.7

We are pleased to announce to our clients another release of our platform v1.7. In this release we bring major updates to our popular Product Builder module to give our client another powerful tool to create complex application workflow and create a deeper connection to the LendAPI’s decision engine.

LendAPI Product Builder Update:

• We call this new feature “Multi-Paths”. To put it simply, our clients can design multiple application paths based on decision nodes from each decision tree.

  • For example, if the applicant filled out a specific field about their income, the Product Builder can use that information and direct the applicant to another path that may need a Plaid login.

  • Another example, if the application’s credit score is greater than 700, you can now re-route this applicant and bypass the Plaid log in page and land them directly onto the offer page.

  • One more example, if the applicant’s identity score is lower than the acceptable range, you can configure the multi-paths to route the applicant to a page where they need to upload additional identity verification documentation.

  • The multi-paths feature allows product managers and credit risk managers to create different application page routes base on application data and third party data.

  • In subsequent releases we will show an visual display of multi-path so product and risk owners can clearly see the various application paths designed by themselves.

LendAPI Credit Decision Engine Update:

• We have upgraded our Plaid module. We are now using Plaid’s Asset product to generate a variety of Plaid variables for our risk professional to design credit risk underwriting rules

LendAPI Banking and Lending Product Update:

• Business Checking Account Opening: We finished building a small business checking account opening process template for banks and credit unions to quickly launch their DDA product. We’ve put together a demo site bankdemo.lendapi.com for any banks to play around with our tool. Please sign up on the bank demo site and we will send you a video and guide you through the process.

• We have also optimized this DDA or Demand Deposit Account opening process on mobile.

LendAPI Workflow Orchestration Platform:

• Military Lending Act or MLA Flag is now visible in the Application detail view within the workflow orchestration platform for back office personnels to review.

• When verifying an end customer’s identity, the workflow orchestration platform used by back office personnel can send the end customer an OTP code to their mobile phone to conduct a multi-factor authentication. This SMS text message is now sped up. 

LendAPI is offering a 30 day free trial. Sign up today at app.lendapi.com/signup. For more information please write to us at info@lendap.com or visit us at www.lendapi.com

P.S. Please excuse the dust, we are adding a few major sections to our website. We have built a product section, an industry section. We are working on the rest so please excuse us while we are getting more information out there for you guys.