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The company also experienced record activity in 2020 for securitizations closed on its platform. Forty-four securitizations were closed in 2020 YTD, bringing the lifetime total to 285 digital securitizations.
FREMONT, CA: The leader in digital lending technology, eOriginal announced rapid growth across its digital lending business, spurred by demand for purpose-built technology that makes lending frictionless, secure, and trusted, from close to the secondary market. In response to the COVID-19 pandemic, originators and borrowers have recognized the need for social distancing measures. This has driven the demand for remote and contactless lending solutions. Institutions offering customers the ability to apply and close remotely are seeing the significant need for their lending programs. This includes loan types like 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."
The company also experienced record activity in 2020 for securitizations closed on its platform. Forty-four securitizations were closed in 2020 YTD, bringing the lifetime total to 285 digital securitizations. This year's volume is up 39 percent over 2019, representing approximately 18 percent of the ABS market volume. Nearly 95 percent of all eNotes were created and registered on the MERS eRegistry by eOriginal. The auto industry volume has returned to pre-COVID levels, affected by a high district level to consumer clients like Carvana, Carmax, and Vroom. The equipment finance volume is up by 31 percent, and more than 50 new clients were added to the platform in 2020, taking the total number of 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."