eOriginal reported growth across its digital lending business, spurred by demand for remote and contactless lending solutions. According to eOriginal, in response to COVID-19, originators and borrowers have recognized the need to social distance, which has driven this demand. Institutions offering consumers the ability to apply and close remotely are seeing demand for their lending programs, including loan categories such as mortgage, auto, student loans, SBA, personal loans and vacation ownership.
“eOriginal saw tremendous demand for our solutions for SBA PPP loans this past spring, whereby $1.2 trillion of loans were issued in weeks and months,” Brian Madocks, CEO of eOriginal, said. “Since late April, we have seen accelerated and sustained demand from all segments of the loan industry. We are seeing this not only at eOriginal, but with our key partners such as DocuSign. We believe these are permanent secular tailwinds that will continue to drive digital adoption.”
eOriginal also has experienced record activity this year for securitizations closed on its platform, with 44 securitizations in 2020, bringing the company’s lifetime total to 285 digital securitizations. This year’s volume is up 39% over 2019, representing approximately 18% of the ABS market volume.
Other notable trends include:
“The COVID-19 pandemic has underlined the critical importance of purpose-built technology to enable remote and contactless digital lending,” Madocks said. “We have laid out a vision to simplify and secure digital lending, and we are fully executing to deliver the most trusted technology for buyers and sellers of digital assets and securities in the midst of today’s extraordinary economic circumstances.”
eOriginal is a provider of digital lending technology.
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