Acuity knowledge partner, an established provider of research, analytics, and technology solutions to the financial services industry, launched its retail lending services to support commercial and retail banking institutions with lending, processing, underwriting, closing, and follow-up.
Acuity has expanded its business to include it all Lending Divisions so it can enable banks to leverage their domain expertise for all of their lending services.
Robert King, CEO at Acuity Knowledge Partners, specified:
“The strong economic recovery coupled with rising demand for residential real estate in the US shows that homebuyers and small business owners need quick responses to their loan applications. Banks are partnering with Acuity to streamline lending processes. With Acuity’s deep domain understanding and flexible personnel model, banks can achieve faster response times, improved risk decisions and 35-40% cost savings in lending, underwriting and service activities. “
Acuity has nearly two decades of experience helping global banking institutions across the credit lifecycle. Its retail credit services provide origination, settlement, underwriting, closing, and post-closing support for consumer mortgages and other retail products.
With a mix of professionals, processes and technology, the company offers its more than 90 bank customers tailored solutions in the areas of private, business, medium-sized, real estate and leveraged finance loans.
Damian Burleigh, Chief Revenue and Marketing Officer, Acuity Knowledge Partners added:
“We are now officially supporting banks in both institutional and retail lending. The tangible and measurable results our partnership has achieved in institutional business have resulted in many of our clients engaging us in retail and mortgage lending businesses. This natural expansion will certainly create economies of scale for our existing customer base and open up new avenues for our services with regional banks and other strong retail players. “
Rajul Sood, Global Head of Commercial and Retail Lending Solutions, Acuity Knowledge Partners, noted:
“We expect credit volume to increase over a period of time as the economy gradually recovers from the effects of the pandemic and housing supply falls slightly. Our mortgage underwriting, due diligence and loan service capabilities will provide our clients with a competitive advantage during this critical phase to help them improve their speed to market and streamline their loan processes. “
Acuity’s loan officers aim to standardize and improve the entire loan approval, underwriting and service process, aided by technology-enabled platforms, while detecting red flags in loan applications such as high credit card utilization, late payments or no established loan history.
As mentioned in the announcement, Acuity is helping banking platforms expand their loan portfolios, improve the customer experience, and address the potential risk of default and default on their outstanding loans.
The ongoing economic recovery from the COVID-19 crisis, as well as relatively strong savings and low mortgage rates mean that the home ownership goal of new homebuyers may be achievable. While the data suggests that the housing market may cool, competition in the market is likely to remain stable in the short to medium term, the announcement said.