New Grumo: Underwrite.io

Product demo video produced by Grumo Media.

Lenders have been using pretty much the same underwriting process since the 1970s, which wouldn’t be a big deal except that standard credit models kind of well… suck.

You see, too many bad loans are getting made and too many good borrowers are getting turned down. That means more people defaulting on their loans than they should, and the only way lenders have been able to keep up is by raising interest rates!

But at Underwrite.io, we’re introducing a new approach to credit decisioning that reduces defaults by 25% to 50%. Okay, we know that may sound too good to be true, but listen…

Technology’s come a long way since the 70s, and yet credit score calculations are still based on the same formulas that were once done on paper. So we decided to create a superior algorithm that would utilize artificial intelligence and modern computer processing. And here’s how it works:

We run all your portfolio data through our system, and it analyzes and searches for patterns on who defaulted on their loans. Once these patterns have been established, the computer then attempts to predict loan outcomes, testing itself by comparing its predictions to your historic portfolio data and tracking its accuracy.

It keeps doing this over and over and over again, refining its methods until it’s predictions are as accurate as possible. And all of this takes place in seconds.

Once our system is optimized, whenever you send us a loan applicant’s information, we’ll research their identity and full credit history, and show you exactly how likely they’ll be able to pay back their loan. It takes 3-4 seconds and costs $3 or less per applicant.

With this kind of cost and accuracy you’ll be able to offer more loans at lower interest rates without having to invest in a bunch of data scientists or a supercomputer. We’ll handle the credit decisioning and you can focus on your customers.

So give us a call or look us up at Underwrite.io and we’ll get started