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Banking & Finance

Tech Firm Expands Loan Products

By Jenny Callison, posted Apr 5, 2023

A Wilmington-based financial technology firm has announced the expansion of its subscription-based digital consumer loan products. 

NewLine.ai has added home equity and home equity line of credit software to its portfolio, client services manager Jason Marone said recently. 

NewLine.ai has been around for about seven years, but its focus has changed significantly. 

“In 2016 we started as a lender, but once COVID hit, that model became unprofitable so we transitioned away from lending,” Marone said. “We took the software we created and redeveloped it. Now our targets are community banks and credit unions. We have an automated underwriting software that allows these smaller customers to have online digital presence. It takes the pressure off our customer financial institutions, who are often stretched thin because of staffing issues. Our software allows them to work more efficiently.” 

The new software will allow NewLine.ai customers to offer home equity and HELOC loans directly to their customers and members, he added. 

NewLine.ai’s customizable automated lending software “eliminates the need for manual underwriting and significantly reduces the processing and closing time associated with home equity lending,” the company’s news release stated.

The new products join NewLine’s existing personal loan, credit card and auto refinance loan products, “extending and reinforcing its commitment to providing a full suite of consumer and business loan products to accelerate its clients’ digital transformation efforts,” according to the release. 

Marone, along with founder and CEO Kevin Small and client services agent Matt Stevens, work in the Wilmington office. NewLine.ai has offices in Pennsylvania and Indiana as well; its developers work remotely. 

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