Solifi announced the latest product enhancements for its wholesale finance solution, including new features designed to provide North American customers with an enhanced lender and dealer experience, such as expanding functionality for captive lenders and syndication support, and maximized business process efficiency.
“We are pleased to offer additional value to our wholesale lenders and their dealer customers with these new features,” Bill Noel, chief product officer at Solifi, said. “With our 2023 releases, our SaaS-based wholesale solution better supports our customers with functionality which provides lenders with the flexibility of reducing manual tasks through automation, as well as a streamlined portal aligned with the dealers’ requirements.”
Some of the highlights of the latest enhancements to the platform include:
Captive Lender Support
The current trend toward larger dealer groups has led to an increase in loan syndication activity. Solifi has been improving its support of both lead and passive syndication (participation) with simpler reconciliation, better account statements, and detailed reporting on participation loan transactions. Captive lenders can leverage enhanced automation for periodic reconciliation, interest and fee accrual in payments. They can also diversify portfolio risk by involving additional participants in large loans through the integrated workflow of Solifi’s platform. The manual reconciliation process is eliminated, and lenders receive a comprehensive view of syndication balances and interest/fees earned (lead) and due (passive).
The platform includes an enhanced user experience on the portal with streamlined navigation and intelligent presentation of workflow, data and screens based on the types of loans active with each borrower. Users can potentially save time with a customized yet functional system interaction that is aligned with a dealer’s unique needs and workflows.
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