Quilo introduces real-time loan syndication network

NEW YORK CITY — Lending platform Quilo unveiled its real-time syndication network that allows banks to digitally originate loans during FinovateFall 2022 in New York City. The Staten Island, New York-based company’s technology supports individual loan syndication for personal unsecured fixed-installment loans up to $60,000 and individual home improvement loans up to $160,000, according to Quilo co-founder and co-CEO Don Shafer. The platform can also instantly underwrite, and syndicate the loan in seconds, with fractional participation from participating multiple financial institutions within the Quilo network, who take a piece of the loan. Splitting up the loan enables these banks to lower their risk, take on more loans, and, participate in other loans other banks are pushing through the network, per a release from the company. “With hyperinflation, you have interest rates going sky high and fears of recession of when these things are going to happen,” Shafer said. “With the Quilo platform, [lenders] can start syndicating at the time of the application submitted, in real time, for any individual personal or home improvement.” [caption id="attachment_222109" align="alignright" width="300"] Image by CanStock [/caption] Fintechs can plug into the cloud platform through open APIs and access the dashboard, which allows lenders to set thresholds and risk parameters for loans, according to a company release. The company said it has partnerships with 40 community banks and credit unions, including $1.4 billion First State Bank , $442 million Pendleton Community Bank and $205 million First Community Bank and Trust . Larger loan amounts will soon be available for homebuyers, with a five- to six-minute window for issuing, Shafer said. “[Quilo] will enable all lenders to provide more loans, larger homes, for longer terms, to people with less risk than ever before,” he said. Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. <a tabindex="-1" title="https://bankautomationsummit.com/agenda/utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Agenda&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1659714508578.1659722007702.175&__hssc=41615677.13.1659722007702&__hsfp=1191625704" href="https://bankautomationsummit.com/agenda/utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Agenda&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1659714508578.1659722007702.175&__hssc=41615677.13.1659722007702&__hsfp=1191625704" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Footer&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1659714508578.1659722007702.175&__hssc=41615677.13.1659722007702&__hsfp=1191625704" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Footer&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1659714508578.1659722007702.175&__hssc=41615677.13.1659722007702&__hsfp=1191625704" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit Fall 2022">register for Bank Automation Summit Fall 2022 .

Quilo introduces real-time loan syndication network

FinovateFall 2022

How to Deploy an Omnichannel Payment Strategy

Goldman Sachs, Citigroup boost lending to Latin America startups

Related Posts

United Wholesale Mortgage’s AI-powered virtual assistant closes 80K loans in first year

LeadX organizing UCC data to boost user sales

TD’s agentic AI tool doubles same-day mortgage approval rates

Goldman Sachs, Citigroup boost lending to Latin America startups

Stay Informed with Our Newsletters

EMERGING FINTECH DIRECTORY

The Buzz Podcast

SPONSORED

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Is Your Technology Supplier There for You?

Hiding in Plain Sight: How to Use Data to Spot Consumer Accounts Being Used by Small Businesses

Connect

Welcome Back!

Retrieve your password