NewtekOne Automates Bindable $3M Key Person, Flood Insurance for Faster Closings
NEWT•NewtekOne launched automated integration of bindable insurance products into its proprietary loan origination system, delivering instant lender-compliant quotes within the loan process. The internally developed platform offers key person life insurance up to $3 million plus flood and property & casualty coverage, accelerating closings and reducing borrower and lender risk.
1. Automated Insurance Integration
NewtekOne embedded a fully automated insurance module into its NewTracker® loan operating system, providing borrowers with instant, bindable quotes for lender-compliant insurance policies directly within the loan application workflow.
2. Coverage Features
The platform generates policies through Newtek Insurance Agency, offering key person life insurance up to $3 million assigned to loans, flood insurance where required, and property & casualty coverage, all based on borrower data captured during application.
3. Operational Impact
By streamlining compliance and removing the manual search for required insurance, NewtekOne accelerates loan closings, enhances collateral protection, and reduces both lender and borrower exposure to unforeseen risks.
4. Expansion Plans
NewtekOne is evaluating licensing this automation platform to SBA lenders, credit unions, banks, and non-bank lenders, aiming to unlock new fee income streams and extend its technology-driven franchise value.
