Baker Hill brings cloud lending thrills to First Bank
North Carolina-based First Bank, with 102 branches and assets of $5.6 billion, has selected Baker Hill’s consumer lending and online loan application solution, reports David Penn at Finovate.
Baker Hill uses 30 years of industry experience to provide banks and credit unions with cloud-based loan origination and portfolio management solutions for business and consumer lending.
The company’s NextGen loan origination, risk management, and analytics solution lets businesses apply for loans, and conforms to the specific credit policies of each individual institution to provide creditworthiness determinations based on application data, credit scores, and other calculated information.
More than 20% of the top 150 banks in the US and 20% of the top 25 credit unions use Baker Hill’s technology. The company’s commercial lending clients manage more than $1.3 trillion in commercial loan opportunities, while Baker Hill’s small business lenders have submitted almost $153 billion in SME loan applications via its platform.
Last month, the company announced an agreement with Virginia’s Old Point National Bank, which will deploy Baker Hill’s loan origination technology to support both commercial and consumer lending.
In addition, Baker Hill upgraded its omni-channel marketing suite in April, and teamed up with Built Technologies in March to recommend each company’s solutions to the other company’s clients.
With offices in both Carmel, Indiana, and Beaverton, Oregon, Baker Hill was founded in 1983. The company was acquired by the Riverside Company, a $4.6 billion global private equity firm, in a 2015 leveraged buyout.
