> ## Documentation Index
> Fetch the complete documentation index at: https://docs.amlok.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Alternative lender benchmarks

> Evaluate non-bank lending without conflating different products, borrower populations or repayment structures.

Alternative lending includes materially different credit structures. Separate consumer installment, mortgage, merchant, invoice and other business-finance cohorts. Institution type alone is not a risk label.

## Financial-risk measures

| Measure | Definition and comparison rule |
| - | - |
| Payment performance | Contract-defined due amounts, arrears and cures by product and months on book. |
| Cash-flow burden | Required payments or remittances against supported cash flow, following the actual agreement. |
| Vintage loss | Mature loss and recovery relative to originated amount or exposure, with the denominator stated. |
| Concentration | Exposure by originator, broker, merchant, sector and geography where supported. |
| Evidence coverage | Available source history, verified fields and unresolved reconciliation differences. |

## Public benchmark sources

[CMHC's mortgage industry report](https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-research/research-reports/housing-finance/residential-mortgage-industry-report) provides mortgage-market comparisons by reported lender populations. Use only the applicable population and period. It does not establish a loss benchmark for MCA, invoice finance or unsecured installment loans.

Use the [business financing pages](https://docs.amlok.io/research/industries/business/business-financing.md) for product-specific definitions. An observed higher-risk borrower mix must be controlled before comparing a non-bank portfolio with a mainstream bank book.

## AMLOK evaluation

Stratify evaluation by origination channel, product, term and evidence completeness. Include later vintages and, where feasible, an originator excluded from model development. Measure calibration and false-positive burden on the lender's actual eligible population.

Score contract interpretation and payment reconciliation before credit prediction. Treat refinancing, restructuring and prepayment separately from successful full-term repayment. For Signal, compare alert lead time and confirmed changes at the same observation horizon.

Apply the [common evaluation design](https://docs.amlok.io/research/industries/index.md#amlok-evaluation-design); do not assign a universal alternative-lender default rate.


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