Empowered Financial Spreading Software for Small Business Lenders

Changes in commercial lending regulations can be difficult for small lenders that might not have a dedicated compliance team. But with FlashSpread's financial spreading software, lenders can quickly and easily comply with all new requirements.

Automated Financial Statement Mastery: Power and Pitfalls Unveiled

The House Financial Services Committee approved H.R. 7351 on May 1, 2022, which seeks to extend the supervisory authority of the Consumer Financial Protection Bureau (CFPB) to non-bank small business lenders. Changes in commercial lending regulations can be difficult for small lenders that might not have a dedicated compliance team. But with FlashSpread’s financial spreading software, lenders can quickly and easily comply with all new requirements.

The bill responds to the growing number of non-bank lenders that have entered the market in recent years. These lenders offer loans to small businesses that cannot, or choose not to, get financing from traditional banks.

The CFPB currently has the authority to supervise banks and credit unions, but not non-bank lenders. This bill, if passed, would give the CFPB supervision over non-bank small business lending companies.

What Are the New Lending Regulations?

The new lending regulations would extend legal protection from abusive or predatory lending practices to borrowers seeking loans from non-banks. 

For lenders currently exempt from these regulations, it could potentially mean having to spend time and money ensuring the loans they issue are compliant with the Bureau’s regulations. 

How FlashSpread’s Financial Spreading Software Can Help

FlashSpread financial spreading software helps lenders automate the loan application process, which not only speeds up the lending cycle but also ensures that documents are in order and loans are made in compliance – without compromising the quality of loan products. 

FlashSpread provides borrowers and lenders with a highly streamlined and efficient way to connect. Unlike traditional lending practices, which can be slow and cumbersome, FlashSpread utilizes cutting-edge optical character recognition (OCR) technology to process loan applications and get funds flowing quickly.

And, by facilitating direct communication between the borrower and lender, FlashSpread helps eliminate costly intermediaries that drive up prices. This makes it an ideal solution for lenders who might soon need to comply with increased regulatory commercial lending scrutiny. With its advanced risk analysis capabilities and direct communication platform, FlashSpread can help lenders abide without spending time and money on compliance. 

Flashspread uses advanced OCR technology to analyze returns and identify potential risks or compliance issues. In addition, it automatically generates accurate reports that help loan officers keep track of a borrower’s financial position throughout the application process.

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By using this cutting-edge tool, lenders can focus their efforts on providing high-quality service to their clients while ensuring decisions are backed by accurate, up-to-date information. Overall, this makes complying with regulatory requirements much simpler and more efficient, helping lenders minimize risk while scaling their businesses. 

Benefits of Financial Spreading Software for Borrowers and Lenders

There are many benefits of using FlashSpread for both borrowers and lenders. Some of these benefits include:

How FlashSpread Benefits Borrowers

  • Streamlined application process that is quick and easy
  • Direct communication with lenders helps to eliminate costly intermediaries
  • Accurate, up-to-date information and risk analysis capabilities that help lenders make informed lending decisions quickly., so no waiting weeks for a decision

How FlashSpread Benefits Lenders

  • Efficient compliance with new regulations governing commercial lending
  • Advanced risk analysis tools that help identify risks and issues early on in the loan application process
  • Greater flexibility and control when it comes to making lending decisions

When lenders use FlashSpread, they get a more detailed understanding of the borrower’s credit history. By looking at the borrower’s credit score and other credit-related information, lenders can decide whether to approve a loan and what interest rate to offer. This can help borrowers get the financing they need while protecting the lender’s interest.

Enhance Your Lending Cycle and Ensure Compliance

Complying with proposed new regulations can be challenging for small business lenders who might not want to hire trained compliance personnel, but you can quickly navigate these changes with ease if you have the right tools. 

Any lender who wants to ease compliance with evolving lending regulations can benefit from FlashSpread. It is also an excellent tool for commercial lenders who want to take advantage of advanced OCR technology and risk scoring to manage their loan applications more efficiently. 

Regardless of the size of your institution, FlashSpread is an ideal tool for helping you stay competitive in the fast-paced lending landscape. So if you’re looking for a solution that can help you navigate today’s complex regulatory environment, look no further than FlashSpread.

With FlashSpread’s financial spreading software, you can be confident that you comply with the new lending regulations. Contact us to learn more about how we can help you!