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HOW A START-UP CONSUMER LENDER FOUND MORE THAN JUST A LOAN SERVICING PARTNER

Consumer loan servicing case study


CHALLENGE

A start-up consumer lender with home improvement, elective medical, and solar niche asset pools doesn’t have the expertise or knowledge needed to service their loans.

SOLUTION

The lender turned to Paramount Capital Group, a loan servicer with more than a quarter of a century of experience to provide loan servicing.

RESULT

The lender now enjoys peace of mind that their white-labeled loan servicing is cost-effective, maximizes collections, and reduces compliance risks so that they can focus on business growth.

OVERVIEW

Consumer Loan Start-Up Has Strong Start by Putting the Best Team in Place

A new consumer lender has had a successful launch in a highly regulated and competitive industry, and a company representative shares why.

“With the loans we offer, we’re ultimately helping people live better,” he explains. “Our home improvement loans help people make their environment better, while our elective medical loans help patients feel better about themselves, and our solar loans help homeowners and businesses feel better about helping the environment.”

Consumers agree. The company’s home improvement, elective medical, and solar niche asset pools are growing quickly—closing in on $750M in assets since their recent start.

”Making sure we had the right expertise in place was essential,” he said. “However, none of our team members had consumer loan servicing experience. We knew it wasn’t something we wanted to develop in-house. We wanted to focus on loan origination volume. It was critical for our success to bring on an experienced vendor to provide this missing expertise.”

A loan servicer can reduce compliance risk, lessen the burden on staff, decrease costs, and maximize collections. Choosing the right company to provide services can also make a difference in the success of the program. “After assessing our options, we knew Paramount Capital Group offered the best combination of services, safeguards, and solutions,” he shares. “With them at our back, we were able to hit the ground running with confidence that we were doing things correctly.”

Partnering for Loan Servicing—And Business Success

Paramount Capital Group has been servicing and financing loans for more than 25 years with flexible, personalized plans and tools to meet every client’s individual needs.

Ryan Paul, president and CEO of Paramount Capital Group, worked with the lender to ensure smooth start-up and flawless execution. “Setting up the lender’s loan servicing was exciting because we embedded ourselves in the company and worked together to design it from the ground up. We developed services and controls for their unique needs to cover the entire loan relationship from origination through the final payoff.”

Paramount Capital Group provides the lender with:

  • A 100% U.S.- based call center
  • 100+ custom dashboards and reports showing up-to-the-minute data for real-time decisions on:
    • Loan production
    • Payment collections
    • Delinquencies
    • Settlements
    • Loan volume
    • And more
  • Customized investor and lender reporting packages
  • Private white-labeled communications
  • Compliance oversight

“Because they were a start-up, we also consulted with them on their business processes along with providing capital markets advice based upon our teams’ extensive experience in specialty finance,” Karl Buettner, Chief Growth Officer at Paramount Capital Group, explained. “It’s all part of what we can do to ensure our partners’ success.”

In fact, the relationship that developed between the lender and Paramount Capital Group extends far beyond being just a loan servicer. “Working with Paramount Capital Group is like having your own advisory board,” the client shares. “Their vast knowledge and experience were critical for our start-up and continues to be invaluable as the business grows.”

Looking for the Right Loan Servicing Partner?

“Having Paramount Capital Group as our partner makes all the difference,” the client believes. “We can relax knowing that our loan servicing is being done correctly and cost-effectively. Plus, their data and analytics have helped us reduce business risk during volatile financial markets and from problematic loans. We can put our energy into growing the business instead of worrying about loan servicing.”

Interested in finding out what Paramount Capital Group can do for your loan servicing? Contact us today to set up a time to speak with a member of our Partner Development Team.

“Working with Paramount Capital Group was the best decision we made,” the company representative says. “There’s no way that we would be where we are today if it wasn’t for their expertise, help and support.”

Speak with a Loan Servicing Specialist Today

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Account Servicing is managed by Paramount Capital Group, LLC, NMLS #1114719. CA debt collector license #10508-99. For more information, visit NMLS Consumer Access www.nmlsconsumeraccess.org.

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