Once onboarded, it only takes a few hours to implement SYFRR and begin testing. Current process information and named users are all that is needed to start testing. Production loans can begin going through the system within hours.
Applicants can apply for a loan, complete underwriting, and receive signature-ready documents in less than three minutes.
First, an online application can be completed in a few clicks. The process starts with a QR code or a link to the online app.
After entering a few pieces of data, the automated underwriting and documentation processes complete in real-time. Borrowers receive a text to their phone and signature-ready docs to their email within seconds.
If additional data or documentation is required for the loan, the application is sent directly to a loan officer ready to help, if needed. After underwriting approval, multiple options are presented to the borrower. This gives the borrower complete control when choosing terms, payment, insurance, warranties, etc.
Financial institutions can rest assured that their data and processes are secure. SYFRR uses cutting-edge security practices and highly complex encryption methods to protect confidential data in flight and at rest. SYFRR uses a hybrid approach that combines mathematics and molecular biology to create a “hyperchaotic” and highly-recursive system that processes a very high number of rules simultaneously per iteration. This makes the data virtually impossible to decrypt without knowing the starting point, the starting construction, all the rules, the number of iterations, the timing and any backsteps made during the process.
SYFRR uses industry leading infrastructure practices within highly secure data center environments. SYFRR data, applications, and systems are designed to remove any single point of failure utilizing redundancy at every layer, multiple locations, redundant data and failover processes to protect against outages and service affecting downtime.
We are required to reflect industry best practices for data security in flight and at rest. We are actively engaged with security and compliance experts and SOC2 auditors.
SYFRR does not require any restrictive, hard-to-exit, long-term contracts. SYFRR uses a consumption-based pricing model. We offer a base price determined by your institution’s forecasted queries and then a per-query price with discounts for high-volume users.
SYFRR continues to build a very robust ecosystem of technology partners, value-add resellers, and strategic relationships. Some examples include: CUNA Mutual LoanLiner, JD Power - NADA, Experian, Equifax, TransUnion, Route 66, Callahan and Associates, Sherman and Associates, Corelation, Jack Henry, CU Prodigy, AWS, Salesforce, SSF, Okta, and Cloudflare.
At SYFRR, we are always looking for ways to improve. New integrations may come available.
Yes, SYFRR has been nominated for the following industry awards/recognitions:
- Innovations in Lending 2023 (Top 4 Nominee)
- New CUSO of the Year
- The Next Big Idea