NewtekOne Automates Insurance in Loan Origination for Faster Closures
NewtekOne, Inc., a financial services and solutions company based in Florida, has successfully integrated an automated insurance feature into its loan origination system. This advancement offers borrowers immediate access to insurance policy quotes that are compliant with lending requirements, thereby expediting the loan closing process. The insurance policies are generated by Newtek Insurance Agency, enhancing both lender and borrower security against unforeseen risks.
The automation is possible through NewtekOne’s proprietary software, which efficiently provides necessary insurance quotes to applicants during the loan application process. This integration into the Company’s NewTracker® operating system supports adherence to regulatory requirements and internal policies, effectively reducing delays caused by the need to secure insurance coverage separately.
Over its 23-year history as a lender, NewtekOne has consistently aimed to minimize complexities for business owners seeking financial assistance. The new system automates insurance options, allowing borrowers to receive pre-arranged, bindable quotes through Newtek Insurance Agency's extensive network of carriers, using data collected during loan applications.
Barry Sloane, NewtekOne’s Chairman, CEO, and President, remarked, "Embedding automated, comprehensive insurance options into our loan processing enhances both the speed and the quality of loan closings. This process reduces the traditional burden on borrowers to independently acquire insurance coverage, providing them instead with multiple options that are integrated directly with their loans. Benefits include faster closings, competitive pricing, and improved collateral protection."
The company also plans to offer this technology to other financial institutions, such as SBA lenders and credit unions, which might benefit from such automated insurance solutions but lack the resources to develop them in-house. NewtekOne believes this initiative could boost efficiency in loan origination and ensure borrowers have adequate insurance protection.
Sloane further noted the value of NewtekOne’s technology, stating intentions to form partnerships with lenders who could potentially benefit from the company's advanced technological resources. This strategy is part of NewtekOne's commitment to developing robust, technology-driven services across various financial sectors, including lending, payments, and insurance.
NewtekOne, Inc., known for providing diverse business solutions nationwide, now includes services such as banking, business lending, electronic payment processing, and more, and prides itself on delivering state-of-the-art support to independent business owners. The company continues to emphasize technological innovation as a core component of its offerings, positioning itself as a leading solutions provider in the financial services industry.