Spring is a time for sunshine, new beginnings, and filing away old emails. In this release, we’re excited to bring new ways to help our clients scale their business, reduce their risk, and improve their experiences. Learn more about our May 2024 release below.
Aurora Loan Origination System (LOS)
1.1 Feature: Aurora Syndicate
Scale your business, keep your best customers happy, optimize capital utilization, and access new opportunities for growth with our Syndication for co-lending solution.
- Manage syndication in Aurora with new lender accounts with contact and funding source records.
- Create scorecards to automate lender decisions and evaluate a deal against multiple scorecards.
- Track deals through syndication steps and manage funding source and application decisions easily.
Note: This is an add-on feature, please contact Sales at Northteq for information.
1.2 Feature: Aurora Syndicate Lender Portal
Create a great experience for your lender partners to review a shared deal and related information and easily obtain the required documents—with nearly zero effort from your team.
- Send secure access to a deal via a secure portal to one or multiple partners.
- Customize the data to share, including equipment, personal guarantor, and application related-documents.
- Printable information for lenders.
1.3 Feature: Aurora Fraud360
As fraud tactics become increasingly sophisticated, Northteq brings together powerful 3rd party fraud prevention and detection features into a single at-a-glance summary, to protect your business and ensure a smooth and secure experience for your customers.
- Use biometric identity verification to protect against identity theft and stop fraudsters in their tracks with our updated Plaid app.
- Analyze documents for doctored details and deep-fake replicas via Plaid for ID Verification and Ocrolus Authenticate for Bank Statements.
- Check for unusual activity during credit review and see high-risk markers/behaviors that may indicate a synthetic identity or other high fraud risk in our Fraud360 Summary.
- Get individual Fraud Risk indicators for Borrowers, Personal Guarantors, Vendors, and Equipment Vendors – a full 360 view.
Note: Plaid and Ocrolus are add-on apps.
1.4 Enhancement: Pricing Table support for multi-modifiers, cloning, and staging
In this release, our pricing tables can now be cloned and staged. Users can set start and expiry dates on pricing tables, clone the pricing table, and configure new rate changes. The system will use the new rates as configured. This feature reduces the need to use an import and audit process for updating rates.
Additionally, pricing tables now support multiple modifiers to add or subtract all pricing table types (interest, rate factor, and residual tables). Our clients can build a primary rate table (ex. for the margin/base rate) and one or more modifier tables to add/subtract to the primary rate (ex. for a cost of funds).
1.5 Enhancement: Borrower Application supporting pricing options and checklist
We have made some minor UI enhancements to our Borrower application. We have also included our checklist component to allow borrowers to upload necessary documentation and communicate with their
We have also included a pricing option component to reduce back-and-forth emails. When a known borrower logs into an existing application, they can see available pricing options to select from – for example, showing different terms.
1.6 Enhancement: Line of Credit addition to support revolving types
Now our clients can see their lines of credit and adjust the available amount when a line is revolving, and the contact(s) will have payments applied to their current contract balances.
Northteq Apps and Integrations
2.1 Plaid: ID and Biometrics Verification
We are adding to our Plaid app to support Plaid Identity Verification. Clients that have purchased the Plaid app can invoke the Plaid email ID workflow for any contact in Salesforce. Our integration returns important information such as:
- KYC checking
- Watchlist checking
- Biometrics check through a ‘selfie’ and match to ID
- Behaviour risk check, such as fraud ring or bot detection
- Synthetic and Stolen identification scores
2.2 Ocrolus: Bank Statement Detect API
We are enhancing our Ocrolus integration to include the Detect check for bank statements. Clients who have purchased the Ocrolus app can now send bank statements through the Ocrolus upload and have an authenticity score returned.
2.3 TValue: APR calculations, custom events, and date formats by user locale
We enhanced our TValue app with readily available features/functions upon installation and date formatting by user locale. The enhancements include:
- Readily available fee fields to use in the TValue calculation to support the Annual Percentage Rate calculation.
- Added ready to use custom events to make configuration easier.
- Modified TValue to use date formats per user and not per Salesforce org.
2.4 Scorecard: Scoring null values and only process for parent scorecard(s)
We enhanced our Scorecard app to process scorecards only for the parent/base object being requested and allowing null values to result with a score when configured.
2.5 Credit Bureau: Equifax and Experian added data
schedule demo
