[loganfrederick]

I second all the questions here, having worked in consumer lending alongside Risk teams as well. The big questions alongside these that come to my mind are:

1. Who has the lending licenses? Given the website footer disclaimer says Pier isn't the lender. I would guess it's either a banking partnership or a license arrangement carried over from Stilt/JG Wentworth?

2. How does Pier think of itself in relation to someone like LoanPro (who from my industry conversations has had a lot of positive momentum as the best origination software) and the other origination/servicing platforms? I gather the idea is a bundled "origination + decision + servicing" platform.

LoanPro doesn't do the decision engine piece itself, but from what I gathered it was partially due to the precisely the complexity and compliance risks parent commenter noted.

Definitely best of luck to the team, as the space can always use better software than what I've seen at older institutions.

[jess-zhang]

1) see response above

2) a lot of existing solutions such as loanpro are good at supporting "vanilla" credit products, but tend to struggle with "chocolate & sprinkles on top" like configurations. we've talked to so many companies who told us that after they purchased these existing solutions, but had to spend another 3-6mths+ of engineer resources to configure it to their use case, and even that is still quite brittle with more manual involvements.

these configurations impact the entire loan cycle from origination, APR calcs, state rules and many more. for example, repayment cycles pegged to salary schedules, irregular 1st payment date, balloon payments, min payment for lines of credit, etc.