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DownHome Solutions

CDFIs and DownHome Loan Manager

DownHome Loan Manager (DLM) was designed from the ground up to meet the specialized needs of CDFIs (Community Development Financial Institutions) – and among the first to offer a true cloud-based loan servicing software solution expressly for community lenders. DLM’s unparalleled flexibility and reporting capabilities make us a great option for servicing your portfolio whether you’re already a CDFI or hoping to become certified.

What is a CDFI?

Community Development Financial Institutions are institutions like loan funds, credit unions, banks, or venture capital providers that share a common goal of providing new access to financial services for underserved communities. Access to lending capital is a key element of success for businesses and individuals alike, but historically many communities have not had access to the loans they need to start a business, buy a home, and have the capital they need to thrive.

Flexibility

Particularly in a post-pandemic lending environment, community lenders are devising creative, non-traditional financing options for their clients, and need a loan servicing system that will be both reliable and flexible to meet these challenges. Whether working with consumers, businesses or large-scale community development projects, DownHome Loan Manager offers the tools you’ll need to handle everything from standard term loans, irregular schedules, to workout arrangements. DLM makes it easy to adjust loan terms, recalculate payment schedules, payoff statements, etc. DLM offers a built-in Help Center filled with FAQs, a Feedback tool to instantly contact our support staff, and even a calendaring tool to schedule personalized Zoom sessions for trouble-shooting issues and ongoing training. We’ve got you covered.

Reporting

As part of the responsibilities of becoming a CDFI, or applying to become one, you’ll need to collect and report data to the CDFI fund annually, and at your recertification. Since DownHome Loan Manager was designed for use at one of the very first CDFIs, we have built specialized tools for reporting to various federal entities such as the CDFI Fund, Small Business Administration (SBA), and others. 

DLM’s CDFI reporting module produces the Transaction Level Report (TLR) for submitting electronically to the CDFI’s AMIS website (Awards Management Information System) without having to enter all of your loan and demographic information multiple times. Even better, DownHome’s promise to you is that we’ll track updates to the CDFI TLR and Abbreviated TLR reporting requirements, and build them into our reporting modules as soon as possible after release. It’s one less compliance element you have to worry about. DLM will prompt you to enter all of the CDFI information you’ll need to develop a compliant TLR report. Then when you’re ready to submit to the CDFI, DownHome compiles your report from your existing servicing data, and we’ll even provide you helpful guidance on how to upload the file to AMIS.

Are you a CDFI ready to move forward with DLM to make your lending easier?

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