Ally chooses former Citigroup exec to be chief strategy officer


Coinciding with the finance company’s enhanced relationship with Carvana, Ally Financial on Wednesday announced that Dinesh Chopra has joined the company as its new chief strategy officer.

In his newly created role Chopra will lead Ally’s corporate strategy team, helping to foster its growth and evolution as a leading digital financial services provider and define the elements of Ally’s future strategic plan.

Chopra joins Ally from Citigroup where he served as global head of strategy, retail bank, mortgage, fintech and digital payments responsible for leading strategic planning and improving performance for the related lines of business. While at Citigroup, he oversaw many transformation efforts, most notably developing and executing a three-year strategic plan that helped turnaround performance of the group’s U.S. retail banking business.

Prior to Citi, he held leadership positions in strategy and banking at Capital One and McKinsey & Co.

Ally has expanded and diversified its offerings over the past 18 months, adding online wealth management and home mortgage products to its robust online banking, corporate finance and auto finance products and services.

As the company continues to diversify and evolve as a leading digital financial services provider, Chopra will play a critical role in supporting and advancing these efforts. 

“I am confident Dinesh’s experience and skills are a great match for Ally as we continue to grow our business and differentiate our industry-leading products and services,” Ally Financial chief executive officer Jeffrey Brown said.

“Adding a CSO to our leadership team will enable us to better evolve our business so that we keep a leading edge in the marketplace as we grow, while also maintaining our keen focus on innovation and a great customer experience,” Brown continued.

Commenting on his new post, Chopra added, “Over the last several years I have followed Ally closely and have been impressed with the firm’s growth as a financial innovator.

“In this new role I have an incredible opportunity to work with the leadership team to push Ally’s diversification strategy forward and support our mission of providing digital solutions and services that enable our customers to achieve financial well-being,” he went on to say.

Interest rate rise in December appears likely


With the Federal Reserve again passing on the chance to move interest rates higher this month, S&P Global Ratings is expecting the Federal Open Market Committee to tick the target range for the federal funds rate up by 25 basis points in December.

Coinciding with the announcement of a new Fed chair coming in 2018 if approved by the Senate, S&P Global Ratings explained that policymakers could have decided to leave interest rates alone for the balance of the year.

“U.S. inflation remains subdued and, on its own, should have been enough to give the Federal Reserve reason to pause on raising rates this year,” analysts said. “Indeed, with the personal consumption expenditures deflator at just 1.3 percent year over year in September, it seems that, rather than raising rates, the Fed would use that time to monitor the impact of its balance sheet reduction — which started in October — on the economy.

“However, it appears that concerns about the risk of falling behind the curve, reinforced by favorable financial conditions and solid GDP growth, will — for most Federal Open Market Committee members — outweigh concerns about currently soft inflation, resulting in a rate hike in December,” analysts continued.

In the statement released last week after the November FOMC meeting, the Fed left rates unchanged at 1 percent to 1.25 percent. S&P Global Ratings honed in on one segment of policymakers’ latest assessment, especially when they described growth as “solid” when evaluating U.S. economic health.

“The committee will carefully monitor actual and expected inflation developments relative to its symmetric inflation goal,” the Fed said. “The committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.

“However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data,” the Fed added.

Beyond the expectation that an interest-rate increase is coming in December, S&P Global Ratings also projected that three more rate upticks would come in 2018, consisting of 25 basis points each.

“How fast the Fed moves next year will depend on whether the softer inflation was as short-lived as it conjectured. But, if inflation does not warm, the Fed may have to acknowledge that something more persistent is to blame and will be forced to modify monetary policy accordingly,” analysts said.

Should the Senate confirm him, overseeing those decisions would be Jerome Powell as chairman of the Board of Governors of the Federal Reserve System. If approved by lawmakers, Powell’s four-year term would begin on Feb. 3.

Powell has been a member of the Fed’s top group since May 2012.

As President Trump made the announcement, the White House said in a statement, “Mr. Powell has demonstrated steady leadership, sound judgment and policy expertise. Mr. Powell will bring to the Federal Reserve a unique background of Government service and business experience.”

In accepting the nomination, Powell said, “I am both honored and humbled by this opportunity to serve our great country. If I am confirmed by the Senate, “I will do everything within my power to achieve the goals assigned to the Federal Reserve by the Congress: stable prices and maximum employment.

“In the years since the global financial crisis ended, our economy has made substantial progress toward full recovery. By many measures we are close to full employment, and inflation has gradually moved up toward our target,” Powell continued.

“Our financial system is without doubt far stronger and more resilient than it was before the crisis. Our banks have much higher capital and liquidity, are more aware of the risks they run and are better able to manage those risks,” Powell went on to say. “While post-crisis improvements in regulation and supervision have helped us to achieve these gains, I will continue to work with my colleagues to ensure that the Federal Reserve remains vigilant and prepared to respond to changes in markets and evolving risks.”

Powell would replace current chair Janet Yellen, who has been in the post since February 2014.

“I congratulate my colleague Jay Powell on his nomination to be Chairman of the Federal Reserve Board,” Yellen said.

“Jay’s long and distinguished career has been marked by dedicated public service and seriousness of purpose,” she continued. “I am confident in his deep commitment to carrying out the vital public mission of the Federal Reserve. I am committed to working with him to ensure a smooth transition.”

And with change coming at the top, the Federal Reserve Bank of New York also announced that its president and chief executive officer. William Dudley, intends to retire from his position in mid-2018 to ensure that a successor is in place well before the end of his term.

Dudley’s term ends in January 2019 when he reaches the 10-year policy limit in the role.

Dudley joined the New York Fed in 2007 as executive vice president and head of the Markets Group, where he also managed the System Open Market Account for the FOMC.

He was named the 10th president and CEO of the New York Fed on Jan. 27, 2009, taking over the remainder of his predecessor’s term. Dudley was appointed for his first full term as president and CEO in 2011 and reappointed last year.

“I have deeply appreciated Bill Dudley’s enormous contributions to the FOMC, his wise counsel and warm friendship throughout the years of the financial crisis and its aftermath,” Yellen said. “The American economy is stronger and the financial system safer because of his many thoughtful contributions. The Federal Reserve System and the country owe him a debt of gratitude.”

Dudley added, “For someone who has always had an interest in public policy and service, leading the New York Fed and being a member of the FOMC has been a dream job. I have had the honor to work at the Fed with colleagues who are amongst the most dedicated and talented public servants anywhere.”

TD Auto Finance’s top exec among AFSA award winners


Andrew Stuart, president and chief executive officer of TD Auto Finance, was among three recipients of a 2017 American Financial Services Association Distinguished Service Award (DSA) during AFSA’s 101st annual meeting.

The other two executives given the association’s highest honor included Scarlett Smith, vice president of sales, banking and payments at FIS, and Rex Ellison, president and CEO of Republic Finance.

AFSA highlighted the DSA is given to individuals who have contributed significantly to industry and association growth on a national level, advanced its mission and objectives and elevated its image.

Stuart joined AFSA in 2008 while he was with Volkswagen Group as executive vice president and chief financial officer of VW Credit. It was during this time that Stuart became actively involved in AFSA and went on to serve as Vehicle Finance Division Chairman from 2012 through 2014.

He co-chaired the annual AFSA/NADA Executive Forum that brings NADA’s elected leaders together with top executives from AFSA’s vehicle finance members involved in indirect auto lending with franchise dealers. In 2014, he chaired a successful AFSA Vehicle Finance Division Conference in New Orleans.

When the Consumer Financial Protection Agency issued a bulletin taking aim at fair lending practices, the association pointed out Stuart’s leadership and recommendation to the AFSA Board led to the commission of a comprehensive study of automotive lending practices conducted by Charles River Associations.

He served as chairman of AFSA 2014-2015 and continues to serve on AFSA’s Executive Committee, Board of Directors and Vehicle Finance Board.

Based in Virginia, Stuart directs the U.S. strategy for TD Auto Finance, a business focused on providing dealerships with indirect retail and commercial products and services.

For the last three years, Smith has served as chair of the AFSA Business Partner Board and is a member of the AFSA Board of Directors.

As the sponsor of the keynote speaker for the AFSA Vehicle Finance Conference, Smith also serves on the Vehicle Finance Conference Planning Committee.

Smith is a founding member of the association’s Women’s Leadership Council and serves on the Operations and Regulatory Compliance Committee’s Business Partner Resource Group.

She was instrumental in the establishment of AFSA University that provides critical compliance training courses to member companies. The curriculum of 260 modules is powered by FIS, a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions.

Ellison has been an active member of AFSA for many years. A strong supporter of the AFSAPAC, he started an Employee AFSAPAC program at Republic Finance.

In 2008, he served as the AFSAPAC Chair during the 25th anniversary Independents Conference in Arizona. Two years later, Ellison served as the 2010 Independent’s Section Chair. Ellison also serves on the AFSA Education Foundation Board, The EDGE Advisory Board, Operations Committee, State Government Affairs Committee and the State Traditional Installment Lending Subcommittee.

Ellison is also is the current president of the Mississippi Consumer Finance Association and president Elect of the Louisiana Finance Association. Republic Finance specializes in providing a variety of consumer loans, flexible lending options and customer service.

PointPredictive hosts roundtable to curtail auto-finance fraud


The fight against fraud in auto finance continued last week.

PointPredictive held its second Auto Lending Fraud Roundtable last week in Dallas with finance companies representing 48 percent of total automotive originations in the U.S. They met to further collaborate on progressing finance companies’ fight against fraud as well as protecting consumers that can be targeted by fraudsters and potentially unscrupulous dealer employees.

“Auto lenders continue to show significant interest in reducing fraud and increasing customer protection through industry collaboration, data sharing and our consortium-based predictive technology; they are thinking of the bigger picture when it comes to fraud,” PointPredictive chief executive officer Tim Grace said.

“We have invested heavily in organizing the fraud data consortium, collaborative lender roundtables and machine-learning predictive fraud detection models,” Grace continued. “Through lender testing and validation, we demonstrated that these solutions can identify multiple sources of hidden fraud and can help lenders reduce fraud and fraud-related early payment default losses by at least 40 percent.”

To advance the fight against fraud, PointPredictive demonstrated and announced the availability of Auto Fraud Manager 2.0, a consumer application scoring tool that can increase fraud detection by leveraging improved predictive algorithms that evaluate the entire application and recent applications from individual dealers to detect all types of fraud including identity, employment, income, collateral and dealer risk.

The company highlighted that recent retrospective results using the latest Auto Fraud Manager show false positive rates of 6:1 or better for high-risk applications.

PointPredictive also released DealerTrace 2.0, an automotive dealer scoring tool that identifies dealer misrepresentation risk across the industry. DealerTrace now includes cross-industry application history and risk assessments on multiple misrepresentation dimensions for more than 50,000 automotive dealers.

In other tests recently completed with large finance companies, Auto Fraud Manger and DealerTrace were able to identify nearly 50 percent of fraud and fraud-related early payment default (EPD) losses in the riskiest 10 percent of applications.

PointPredictive highlighted Auto Fraud Manager 2.0 and DealerTrace 2.0 include significant infrastructure enhancements that were demonstrated at the roundtable meeting. They now process more than 5,000 scoring transactions per second, thereby enabling finance companies to receive a complete risk analysis and assessment of each application and dealer in a fraction of a second.

PointPredictive also demonstrated new Web-based interfaces that provide dashboard reporting, “drag and drop” functionality for file-based scoring, and interactive real-time filtering and display of risky applications and dealer activity. Leveraging an industry-wide consortium that provides solutions for all types of fraud schemes and looking at the entire consumer application and dealer application history allows lenders to better protect themselves and their consumers.

“We are providing lenders with intuitive solutions to help them better visualize and understand hidden fraud risks,” said Kathleen Waid, head of go to market at PointPredictive. “Most of the traditional third-party tools lenders use today to prevent fraud are focused on identity theft; this is only 15 percent of their total fraud problem.

Our clients are seeing unprecedented results in tests that, in many cases, span two years of historical applications. With the release of Auto Fraud Manager 2.0 and DealerTrace 2.0, lenders can begin using our solution immediately,” Waid added.

For further information on Auto Fraud Manager, DealerTrace or to join the Auto Fraud Consortium, contact Waid at

GWC Warranty promotes manager to VP post


GWC Warranty, a provider of used-vehicle service contracts and related F&I products sold through dealers, recently promoted Cynthia Bodden to the position of area vice president of sales for the company’s Mid-Atlantic region.

In her role, the company highlighted that Bodden — who was previously the GWC dealer consultant in Philadelphia and southern New Jersey — will work with GWC dealer consultants in the eastern United States to improve existing dealer partnerships and seek new opportunities to help dealers sell more vehicles by giving shoppers the confidence to become buyers.

“Cynthia’s advanced knowledge and experience of our industry coupled with an outstanding rapport with dealers made her the ideal fit to lead GWC’s Mid-Atlantic region,” GWC Warranty chief executive officer and president Rob Glander said.

“We’re confident that her addition to the talented sales leadership team already in place will put GWC Warranty in position to deliver on our best-in-class promise to more dealers than ever before,” Glander continued.

Bodden’s promotion follows more than four years of successful account management at GWC Warranty. A King’s College graduate, Bodden immediately joined GWC and fostered strong partnerships with countless dealerships in Philadelphia and southern New Jersey.

As the area vice president in the Mid-Atlantic region, GWC Warranty indicated Bodden will oversee dealer consultants and work closely with dealers in Maryland, New York, New Jersey, Ohio, Pennsylvania and West Virginia.

Sword Apak elevates exec to global sales manager


Sword Apak, which provides financial systems to the global asset finance and banking sectors, recently appointed Kris Turner to head up its expanding global sales efforts, where momentum has seen the company’s interest expand across the United States, Europe and Australia during the last three years.

The company highlighted that Turner has progressed from his previous role as senior client relationship manager within Sword Apak, bringing with him a deep understanding of the business’ technology along with a real empathy for the challenges clients are seeking to address in what are increasingly dynamic and often disruptive times.

“The capabilities of our technology are undoubted, but arguably it is our people, their passion and our agile process that has enabled us to form so many successful partnerships throughout recent years,” Sword Apak vice president of global sales Jeff Bunch said in a news release.

“Deeply immersed in our customer-driven culture, Kris is perfectly suited to his new role and has already made a positive impact on existing and prospective clients; he’s a real asset to us,” Bunch continued.

Reflecting on his newest challenges, Turner said, “I’m really enjoying the new role, listening to customers and prospects and helping them to make the most of our expertise. ‘Sales’ may be in my title, but in truth, I’m here making our solutions easier to buy, matching our technology to the challenges our customers are facing.”

GrooveCar brings on 25 new credit union partners in Q3


More than 300,000 additional credit union members might be using GrooveCar’s platform to make a vehicle purchase.

The buying resource enjoyed another busy quarter and signed up 25 new partners in Q3.

“GrooveCar puts the platform in the hands of members, literally. Shop from any place at any time. Credit unions on the program realize 82 percent of members do their research through third-party sites. Without offering an auto buying service, credit unions risk missing out on auto loan growth opportunities,” said Robert O’Hara, vice president of strategic alliances at GrooveCar.

The new credit unions aboard the program include:

Chabot Federal Credit Union with assets of $70 million serving 2,045 members
SCE Federal Credit Union with assets of $680 million serving 52,927 members

North Shore Federal Credit Union with assets of $158 million serving 9,383 members

New York
CFCU Community Credit Union with assets of $1 billion serving 68,839 members
First New York Federal Credit Union with assets of $325 million serving 31,371 members

North Dakota
Prairie Federal Credit Union with assets of $123 million serving 7,772 members

Buckeye State Credit Union with assets of $81 million serving 16,363 members
LCE Federal Credit Union with assets of $38 million serving 5,067 members
New Horizons Credit Union with assets of $38 million serving 5,348 members
Riverview Credit Union with assets of $60 million serving 5,465 members
Steel Valley Federal Credit Union with assets of $27 million serving 5,375 members

Collegedale Credit Union with assets of $43 million serving 5,226 members
Holston Methodist Federal Credit Union with assets of $14 million serving 2,302 members
MPD Community Credit Union with assets of $27 million serving 2,997 members

Baylor Health Care System Credit Union with assets of $73 million serving 5,608 members
Beacon Federal Credit Union with assets of $152 million serving 17,206 members
First Central Credit Union with assets of $81 million serving 14,155 members
Hockley County School Employees Credit Union with assets of $31 million serving 3,054 members
Lifetime Federal Credit Union with assets of $40 million serving 3,688 members
Members Financial Credit Union with assets of $40 million serving 5,303 members
Metro Medical Credit Union with assets of $74 million serving 7,240 members
Scott & White Employees Credit Union with assets of $45 million serving 5,490 members
Texoma Community Credit Union with assets of $127 million serving 14,583 members

West Virginia
Pioneer West Virginia Credit Union with assets of $195 million serving 17,341 members

St. Mary’s & Affiliates Credit Union with assets of $33 million serving 3,913 members

“We are thrilled to welcome them onboard and begin servicing their members. With our marketing support programs, the message gets broadcast out to members through email marketing, social media engagement and digital exposure,” O’Hara said. 

PwC to present picture of how robotic technology could impact auto finance


Craig Schleicher of PwC sees robotic features having a much greater presence in auto finance in the not-so-distant future. No, C-3PO and R2-D2 from Star Wars likely aren’t taking over underwriting and servicing vehicle installment contracts, but the manager of consumer finance at PwC described how robotic process automation (RPA) can be a good thing. 

Schleicher is set to discuss RPA and other cutting-edge developments during his Used Car Week general session on Nov. 14 as the industry gathers in Palm Springs, Calif., for the annual gathering of thought leaders, operators and executives that touch all segments of the used-vehicle space.

During a phone conversation with SubPrime Auto Finance News earlier this week, Schleicher noted that two technology developments are percolating in auto finance; one within the customer-facing business segment and those connected to finance companies’ internal workings.

“On the customer side, the quality of inventory data and VIN level information has really changed the interaction model for a lot of lenders and allowed for direct to indirect conversion where lenders are presenting vehicle options and financing options on their website and becoming a lead referral source for their dealer partners, which really changes the dynamics of indirect lending,” Schleicher said.

“On the internal side, I see robotic process automation as something that has been adopted significantly in a number of other industries that auto finance is just starting to dip its toes into. To me, it has really significant potential to increase the efficiency of the back-office operations across the entire loan lifecycle,” he continued.

Before you open an online search engine to learn about RPA, check out how Schleicher succinctly explained the technology in two sentences.

“RPA you can think of as software overlay that works a lot like an Excel macro that also works across multiple different programs,” he said. “It combines an easy user interface to design programming with technology like optical character recognition to make it easy to automate repetitive tasks that are highly manual without having to go through a full system integration.”

Schleicher explained that one example where RPA could be impactful in auto financing is how the technology could produce review capabilities of contract documents against what is contained in the loan origination system. And not just a sample, but 100 percent of a portfolio.

PwC delved into the connection of RPA and auto financing through a project that’s available here. Schleicher will be elaborating on the topic more during his session at Used Car Week, and will also cover specific processes where RPA could enhance how finance companies operate.

“I’m really excited for the presentation because I think we’re going to take a strategic lens on some of the elements of auto finance that don’t get the publicity that they deserve,” Schleicher said. “We’re going to take a look at how lenders can start to think strategically about opportunities for innovation across the loan life cycle to improve their performance in the servicing and collections function specifically.

“One of the areas I’m most excited to talk about is I think there is a real opportunity for lenders to change how they think about the collections function from being just a loss-prevention tool to something that’s part of their bigger strategy and supports their overall goals of customer retention, loyalty and satisfaction,” he continued.

When finance company executives have down time, perhaps they can delve into the Star Wars series of motion pictures; maybe  robots can make their institutions more compliant or profitable.

“I also think there is a big opportunity and the need for continued evolution in the technology to improve the customer experience,” Schleicher said. “I expect that the pace of change in auto finance will be much greater over the coming years than it has been.”

Tommy Moore Jr.: Subprime Auto Finance Executive of the Year

PALM SPRINGS, Calif.  - 

Tommy Moore Jr. initially thought what sprouted to be First Investors Financial Services would just be a sideline business in auto finance. He was concentrated on another banking career in Houston at the time, focused on retail and commercial lending.

Now nearly 30 years later, First Investors Financial Services is a well-established auto finance company specializing in non-prime originations and servicing; a company that Moore calls, “virtually my child.”

Beaming as proudly as parents might about their children’s successes, Moore praises the efforts of the entire staff at First Investors Financial Services. And now the industry is praising Moore, as well, as he was named this year’s winner of the annual Subprime Auto Finance Executive of the Year Award, which is again sponsored by Black Book Lender Solutions.

“On behalf of everyone at Black Book, we wish to congratulate Tommy Moore Jr. on receiving the award of Subprime Auto Finance Executive of the Year from Cherokee Media Group,” said Jared Kalfus, who is senior vice president of sales and marketing at Black Book Lender Solutions. Kalfus will hand Moore his award during Auto Fin Con at Used Car Week.

“Tommy’s accomplishments in the industry are well-documented and also well-deserved,” Kalfus continued. “The subprime auto industry continues to perform extremely well, especially given the long run of growth since the end of the recession, and Tommy’s contributions over the years are certainly a leading reason why we continue to experience a robust industry, and also why his customers have such a high level of satisfaction year after year.”

Moore formed First Investors Financial Services back in 1988 to serve the special finance needs of dealers and consumers. Since then, the company has taken on vehicle installment contracts delivered at its network of dealerships, offering a wide range of financing programs that generally target consumers with credit scores of 510 and greater, including a strong emphasis on consumers who have gone through a bankruptcy process.

First Investors Financial Services also has a direct financing platform, targeting customers with an array of campaigns. The company also has a portfolio acquisition division, gathering performing, non-performing and charged-off portfolios.

“It’s a pretty simple answer for me. First of all, this industry is never boring,” Moore said in reply to being asked about what elements of the auto financing business he finds most exciting.

“I’ve been doing this now for 30 years, and I don’t think there’s ever been a boring moment in those 30 years,” he continued. “It’s also been pretty exciting and incredible to see how this industry has evolved over the years. It’s a pretty exciting industry.

“Back when I started this company, there wasn’t much of an industry. I just thought it was going to be a sideline business. It’s really been exciting to see how this industry has evolved to a mainstay, a normal part of the auto finance industry,” Moore went on to say.

Moore reiterated many times how the success First Investors Financial Services has posted stems from its workforce. He highlighted that there are 26 members on the senior management team who on average have been with the company for 16 years.

“It’s not much to do about me. It’s all about the team,” Moore said. “I’ve got an incredible team that we’ve put together that’s been here for a long time. This is truly about the team. This is not about an individual. It’s a team sport. It’s about the members.”

When he’s not leading the team at First Investors Financial Services, Moore is heavily involved with some of his other passions. One is exercise.

Moore mentioned that he’s completed 13 marathons and 25 triathlons. He runs almost daily anywhere from three to five miles, saying, “I run for my head more than my body.”

When not lacing up those running shoes, Moore and his family will climb aboard their boat for a journey in the Gulf of Mexico, which he described as “nourishment for my soul.”

Furthermore, Moore is greatly involved with Houston-area Goodwill, a non-profit organization strives to enhance the dignity and quality of life of individuals and families by helping people reach their full potential through education, skills training and the power of work.

“It’s like my second job,” Moore said of his Goodwill activities. “I’m very committed to Goodwill and helping people with a helping hand. It’s not just giving a handout. It’s life-changing through the power of work. I spend a tremendous amount of my time with that organization.”

Moore will have to have a hand out at least for a few moments when he is given the Subprime Auto Finance Executive of the Year Award during Used Car Week, which starts on Nov. 13 in Palm Springs, Calif. Moore joins past recipients, who include Bill Jensen of Chase Auto Finance, Ian Anderson on Westlake Financial Services, Dan Ulatowski of Credit Acceptance and Ozzie Ramos of National Auto Lenders.

“I’m pretty humbled by it,” Moore said. “I’ll be somewhat embarrassed when it’s announced publicly. But that’s who I am. I like to fly under the radar screen.”

While Moore thinks he might not be detected much, First Investors Financial Services certainly is part of the auto finance and dealership worlds.

“I’m incredibly proud of the company,” he said. “I can say I’ve not worked much my entire life because if you find something you love to do, you never work another day in your life. I love the industry, and I love this company. I’m incredibly proud. It’s virtually my child.”

DIMONT brings in 3 new experienced executives


DIMONT is coming to Used Car Week armed with three additional experienced executives within its workforce.

This week, DIMONT, one of the largest providers of insurance claims adjusting and collateral loss mitigation services, announced the addition of three industry experts to its growing staff including:

—Lynette Richter as director of investor claims

—Taylor Thurman as client development director of auto claims

—Suzi Straffon as director of engagement marketing.

Richter will focus on ensuring compliance with investor and insurer requirements and guidelines. Richter’s vast experience includes more than 35 years in claims and default management within the mortgage servicing industry.

Most recently, Richter served as vice president of claims, charge-offs and loss analysis with Bank of Oklahoma.  Much of her career focused on supervising large teams both within mortgage companies and consulting firms, as well as managing performance-based reimbursement structures, property conveyance and property maintenance, all aimed at reducing costs.

Thurman is an experienced auto finance business development professional, having most recently served as national sales manager for California-based National Creditors Connection (NCCI), a full-service borrower contact company.

Straffon is also an experienced marketing professional with 15 of her 25 years in marketing spent within the auto finance industry. Past roles include marketing management positions at Exeter Finance, a Dallas-based subprime finance company, and RouteOne, an online credit application management system serving franchised dealers nationwide.

Straffon’s experience includes designing and implementing all aspects of marketing, including advertising, media relations, public relations, communications, events, social media and strategic planning.

“Our recent appointments of these three great contributors will greatly enhance our ability to grow and service our mortgage and auto clientele,” DIMONT president and chief executive Denis Brosnan said. “These professionals each bring a unique set of experiences, skills and relationships that will continue to drive our business forward.”