When borrowers apply for a loan at your auto dealership, your loan origination system can be a useful tool for setting up their account and processing their application. However, once this is complete and your borrowers drive off the lot, this system is not equipped to provide long-term loan services to help with communications, risk management and payment tracking. With Verifacto’s loan management system, you can effectively monitor and control every aspect of your loan program to save time, reduce overhead and increase revenue.
At Verifacto, we provide supreme solutions to improve the way your business connects to your borrowers.
What is a Loan Origination System?
A loan origination system is a platform utilized by the auto industry to process loan applications at the dealership. Once your prospective borrowers provide the necessary information for their loan application, the system assesses their creditworthiness based on a set of predetermined factors including their risk projections and credit scores. If approved by the system, your business can work with borrowers to complete the loan application process so they can leave the lot with their new vehicle.
But after the loan is initiated, you need a solution that features effective communication capabilities, CPI programming and payment tracking to mitigate your risks and manage your portfolio.
What is a Loan Management System?
A loan management system utilizes innovative technology to help your business collect timely loan payments while monitoring the insurance risk and loan status of every borrower. Using this state-of-the art-software, you can check for compliance, assign CPI insurance and engage in GPS tracking to afford you the ultimate control over your loan management program. By using an automated loan management system, you will optimize your business operations while reducing losses and increasing profitability.
Why Make the Upgrade to a Loan Management System?
While a loan origination system is an invaluable tool you can continue to use for your business, it simply cannot afford you the many benefits offered by Verifacto’s loan management system. Some of these advantages include:
- Efficient onboarding. With quick onboarding capabilities, you can manage your borrowers’ loans without the delay associated with other loan management systems.
- Smart collection system. Leveraging AI technology, Verifacto’s system optimizes the collections process by generating impactful messaging content and reminders that will encourage your borrowers to stay current on their loan payments.
- Compliance check. Pair this software with your loan origination system to check for compliance during the loan onboarding process.
- QuickBooks integration. Convert transactions made through your loan management system into QuickBooks entries.
- Automated communications. Program your platform to send automated SMS messages and emails to respond to borrowers in a timely manner.
- Comprehensive Integration. As one of the most robust insurance tracking systems in the United States, Verifacto’s system features comprehensive integration with CPI programming and payment processing so you can open and manage accounts instantaneously.
Take Your Business to the Next Level with Verifacto
By pairing your existing loan origination system with Verifacto’s loan management system, you will be equipped with the technology and tools needed to efficiently run your loan program so you can increase your revenue and drive your business to succeed.
Contact us online or call us at 678-783-8123 to learn more about the system and schedule a free demo.
At Verifacto, we deliver the absolute best in innovative solutions straight to your business.