Monday, Jul. 02, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
KING OF PRUSSIA, Pa. — Fiserv Auto Solutions announced it has integrated its Loan Origination System with RouteOne.
"There are two factors that impact a lender's success in indirect automotive finance: dealer relationships and the ability to quickly respond to credit applications," Fiserv executives explained. "The integration of the Fiserv LOS with RouteOne provides lenders with access to a critical mass of dealers and streamlines the application and approval process."
Mike Jurecki, chief executive officer of RouteOne, added, "Integration with the Fiserv LOS connects our mutual lending customers to franchise and independent dealers that use the RouteOne platform. It is an efficient and cost-effective way for the lenders to facilitate portfolio growth."
According to officials, Fiserv LOS gives lenders an advantage offering immediate approval notification on most applications. Moreover, executives said integration of Fiserv LOS with RouteOne provides an almost instantaneous link between credit managers and lenders to accelerate application transmittal from dealer to lender, credit decisions back to the dealer and messaging between the credit manager and lender.
"When a lender receives a credit application from a dealer via RouteOne, our Fiserv LOS automatically creates a new application file without any re-keying of data," pointed out Kevin Collins, president and CEO of Fiserv Automotive Solutions.
"It instantly evaluates the credit application based on financial institution risk tolerances and credit policies," he continued. "If the credit application falls squarely within or completely outside the lender's approval parameters, the system immediately sends notification that the loan or lease has been approved or declined."
Furthermore, officials said LOS recognizes applications that meet some but not all approval requirements and sends those applications to a queue for credit analyst review.
"The credit analyst can communicate conditional approval of the loan or lease and indicate any stipulations for the rate, loan amount or down payment," executives noted. "The credit manager has the ability to send questions or additional information to the lender until all the conditions and terms are resolved.
"This interactivity enhances the level of customer service that lenders can provide to dealers by getting credit managers the results they need in a more expedient manner," they continued.
David Pallin, senior vice president of indirect auto finance for Brookline Bank, reported, "The Fiserv LOS tools that systemically configure credit policies and automate decisioning and work queuing quicken our responses to our RouteOne dealers.
"The automated decisioning allows us to concentrate on and review only our gray area or higher-risk applications that fall above our minimum credit tolerances. This provides a win-win of improved dealer service and better risk management," he concluded.