You either approved a “bad” loan or failed to give a loan to a customer who turned out to be a great prospect for future business. Although the number of nonperforming loans is relatively low these days at 1.6%, lending pitfalls are not just related to non-payment or late payments.

Fueled by low mortgage interest rates, PPP loans, the rise of tech-powered real estate buying/lending, and the work-from-anywhere trend, consumers are making significant decisions about where to move, who to borrow from, and what to do with new capital.

Sutton Bank, a progressive Ohio based independent, community bank, has chosen Lendsmart, an AI-driven digital lending platform to streamline its digital lending operations and better serve its customers. 

Smaller lenders have a huge advantage over larger financial institutions. Although they may not have as much to spend on marketing, they benefit from a level of personalization and client intimacy and care that a larger financial services company may not be able to deliver.

As we know, the housing market has been booming this year, due to lower mortgage rates and the “live and work from anywhere” trend, created by the pandemic.

NEW YORK, July 13, 2021— Lendsmart, an AI-driven digital lending platform, today announced they have integrated with Freddie Mac Loan Product Advisor® (LPA℠), the company’s automated underwriting system (AUS).