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eOriginal: Digital Adoption Rises in Lending Industry, EF Volume Up 31%

September 11, 2020, 07:20 AM
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Topic: Industry News

eOriginal, Inc. announced rapid growth across its digital lending business, spurred by demand for purpose-built technology that makes lending frictionless, secure and trusted, from closing to the secondary market.

In response to COVID-19, originators and borrowers have recognized the need to social distance, which has driven demand for remote and contactless lending solutions. Institutions offering consumers the ability to apply and close remotely are seeing significant demand for their lending programs. This includes all loan types: mortgage, auto, student loans, SBA, personal loans, and even vacation ownership.

“eOriginal saw tremendous demand for our solutions for SBA PPP loans this past spring, whereby $1.2 trillion of loans were issued in weeks and months,” said Brian Madocks, CEO, eOriginal. “Since late April, we have seen accelerated and sustained demand from all segments of the loan industry. We are seeing this not only at eOriginal, but with our key partners such as DocuSign. We believe these are permanent secular tailwinds that will continue to drive digital adoption.”

eOriginal has also experienced record activity this year for securitizations closed on its platform. Forty-four securitizations have been closed in 2020 YTD, bringing the life-time total to 285 digital securitizations. This year's volume is up 39 percent over 2019, representing approximately 18 percent of the ABS market volume.

Other notable trends include:

  • Equipment finance volume is up 31 percent
  • Approximately 95 percent of all eNotes were created and registered on the MERS eRegistry by eOriginal
  • Auto industry volume has returned to pre-COVID levels, driven by a high level of direct-to-consumer clients such as Carvana, Carmax, and Vroom
  • Over 50 new clients added to the platform in 2020, bringing total clients to over 600

“The COVID-19 pandemic has underlined the critical importance of purpose-built technology to enable remote and contactless digital lending,” added Madocks. “We have laid out a vision to simplify and secure digital lending, and we are fully executing to deliver the most trusted technology for buyers and sellers of digital assets and securities in the midst of today's extraordinary economic circumstances.”

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