Reliable, Experienced, Motivated

Consumer Loan Services

Online Unsecured Consumer Loan Facility

Durkin Group was engaged to perform an initial review of an existing $500MM whole loan purchase program from a start-up online consumer lender providing unsecured installment loans to prime borrowers. In addition to a review of the portfolio’s credit composition and historical performance since inception, we reviewed the Company’s compliance with its stated loan origination, credit, and servicing policies and procedures. Our work included a review of underlying loan and credit underwriting documentation in comparison to the loan data tape and loan servicing system. We reviewed the portfolio for proper consumer notifications, portfolio aging accuracy, and performed a review of cash receipts to ensure all loan proceeds are being properly forwarded to the loan purchaser. Durkin Group made recommendations for improvements to the Company’s collateral reporting and cash receipts procedures as well as recommendations to policies and procedures where appropriate.

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