Whether a broker or lessor, most companies in our industry receive credit applications that fall outside of the organization’s predetermined credit window. Salesforce.com can be an effective tool for managing and reporting on these syndications. Typically, our clients have experienced success utilizing a custom “funding source” child object from within the opportunity. This allows them to:
1. Track which lenders receive their syndications
2. Track responses from those lenders
3. Report which lenders return approvals
4. Track timeliness of lender responses
Much of this can be done by configuring native Salesforce. The process can be further streamlined by implementing the “Lender Rules for Salesforce.” This rule engine allows rules to be configured specific to each lender, then it is able to report deal eligibility based on lenders.
When faced with a collection of leases or loans to sell, it can be challenging to determine which deals are eligible for each lender. Here, you can also use the “Lender Rules for Salesforce” to apply lender criteria to your deals in Salesforce and determine a list of eligible lenders. This tool facilitates the setup of each lender’s credit criteria; e.g., minimum FICO scores, equipment types, industries. The software is also able to generate potential portfolio groups. A simple report can then be used to generate an extract of the deals eligible for sale.
No one likes to waste time and have to re-key deal information. Re-keying can be time consuming and increases the opportunity for human error. It’s ideal to allow your originators and/or partners, to submit a deal with just the click of a single button. The Tamarack Syndication for Salesforce app provides this useful functionality.
For brokers, this will save a considerable amount of time re-keying credit application information into a lender portal. While for lenders, offering brokers or vendors an API to submit deals will create a more seamless user experience and minimize re-keying mistakes. Tamarack has fully integrated lender APIs with Broker’s Salesforce instances using the Syndication for Salesforce app.