ELFA - Equipment Leasing and Finance Association - Equipping Business for Success

Aurora’s Upgrades Bring New Possibilities with AI, Fast Funding, and Section 1071 Readiness

Posted 09/12/2023

Northteq Addresses Equipment Finance Industry and Regulatory Challenges with New Product Features and Upgrades

MINNEAPOLIS, MINNESOTA (September 12, 2023) - Northteq, Inc., a leading provider of Salesforce loan origination solutions, announces upgrades to its Aurora platform. Embracing AI technology and user-centric design, these updates once again emphasize Northteq's commitment to driving fintech forward in the equipment finance industry.

Northteq’s AI model seamlessly transforms handwritten applications into digital credit applications, while pre-configured tools expedite the entire lending process to just three minutes. Borrower authentication upgrades ensure a frictionless, compliant process and allow lenders to be ready to implement Section 1071 requirements. The enhanced credit summary offers a tailored borrower snapshot for precise decisioning.

Key feature updates include:

Intelligent Application Entry: Instantly populate credit applications directly into Aurora using Northteq’s trained AI model. Now, lenders, brokers, and vendor partners can take a picture of a handwritten application and securely upload it from any device or drag and drop a pdf application directly into a lender’s loan origination system in seconds.

End-to-End in 3 Minutes: Out of the box, pre-configured components, like the approval matrix, scorecards, pricing tables, and more, come ready to use, cutting down implementation time for new clients. Lenders can take a deal from application to documentation, all fully automated in just three minutes on installation.

Section 1071 Borrower Authentication: Users can effortlessly meet credit authorization needs, modify applications, and securely upload necessary documents from any device. The platform's intuitive interface makes completing credit and compliance requirements as easy as one click. Aurora is primed for the impending Section 1071 requirements, ensuring a seamless integration for lenders to be ready when the regulations take effect.

Enhanced Credit Summary: Get a comprehensive picture of a borrower in a single screen. Now lenders have the added advantage of customizing the credit summary screen with the data that matters most for credit decisioning.

Check out the full list of upgraded products and features here.

About Northteq

Northteq, Inc. is a Minneapolis, Minnesota-based fintech company that has helped over 175 lenders provide their customers, vendors, and employees with intuitive, thoughtfully designed lending solutions.

Northteq’s flagship product, Aurora, is an automated, Salesforce powered loan origination system and partner portal. Northteq also offers turnkey Salesforce apps created through key partnerships with fintech industry leaders including Middesk, PayNet, FICO, Equifax, Experian, D&B, TimeValue, LexisNexis, Nintex, Ocrolus, Plaid, and many more. For more information visit northteq.com

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