Loan Processing Platform Development

Situation: A newly founded financial services marketing company specializing in federal student loan consolidation products, needed to develop a loan processing platform that could be customized to their needs to accommodate the ever-changing federal student loan consolidation environment, and that would continue to grow as the company itself matured.

Solution: Convergence Group was retained to provide strategic operational and IT resources in support of a proprietary full service loan consolidation processing system. The loan processing system was fully integrated from the initial inbound application (either via telemarketing, direct mail or the Internet) through to the closing of the loan and funding. The loan processing platform supported real-time decisioning, eSignature, and a customer “My Account” module where applicants could track the status of their loans in addition to viewing and printing their applications.

Result: Convergence Group helped this startup become a leader in educational lending, with over $3 billion in loans originated, $650 million in loans under management and a 398% growth rate over a two-year period.