Launcher recently finalized another partnership to help finance companies shore up their underwriting.
The technology provider specializing in originations announced an integration of Launcher’s appTRAKER Loan Origination System (LOS) with Truework, which provides immediate access to income and employment data for more than 35 million employees.
With appTRAKER LOS, the Launcher team wanted to create a more efficient way for finance companies to consume data.
“Ultimately the quality of data used during the loan origination process helps those lenders to build more profitable portfolios,” Launcher said in a news release.
The integration with Truework can help accelerate applicants through the conversion funnel, giving fast and accurate income and employment results, effectively speeding up the underwriting process.
The companies highlighted that more users are seeing the value that Truework brings in reducing costs, automating the process, and converting more applicants.
The service providers also pointed out that increasing competition paired with market uncertainty has driven demand for more robust and accurate data sets to build more resilient underwriting models, especially in this time of market slowdown.
When used within appTRAKER LOS, finance companies automatically can access employment and income information, helping to reduce time and errors that incur risk in a manual process.
Launcher president Nikh Nath indicated that structured workflows and automated processes can be built around this data, ensuring finance companies can consistently meet their requirements.
“Adding Truework to our list of integration partners has been invaluable for our clients who are looking for a good source of income and employment verifications,” Nath said in the news release.
“We take pride in our team’s and system’s ability to be agile enough to integrate with almost any vendor for data consumption. Our lenders utilize the automated processes offered by this integration during originations to take advantage of the quality and flexibility provided to book loans quickly and efficiently,” Nath continued.
Truework is on track to power more than 12 million income and employment verifications, servicing more than 20,000 small businesses and 100 enterprises.
“We’re excited to be partnering with Launcher to bring innovation to income and employment verification in the auto lending space,” Truework CEO Ryan Sandler said.
“Lenders are increasingly looking for more cost-effective and technology-driven solutions and we’re looking forward to working with Launcher to educate their customers on the many advantages of Truework’s VOIE product,” Sandler went on to say.
Launcher, a technology provider specializing in originations, recently enhanced its integrated access to CARFAX Vehicle History Reports inside its core product — appTRAKER Loan Origination System — so finance companies have “additional ammo in their artillery.”
According to a news release, finance companies now have access to a robust suite of CARFAX data products for vehicles before executing a contract, protecting both the credit provider and consumer.
Launcher’s appTRAKER LOS now provides instant access for finance companies to a robust suite of CARFAX products including:
—Vehicle title report: Used to identify the last known titling state and possible lienholders on the title. VTR includes valuable information such as title records, registration records, liens recorded on the title, liens identified by the lienholders, and odometer readings and an estimate of current mileage.
—Demographic information: Contains basic information about the vehicle tied to the VIN, including the year/make/model, information on most recent titling and ownership location plus the estimated current odometer reading. This is all used to confirm that the correct vehicle has been identified.
—Potential problem indicator file: Delivers insight into specific vehicle history events that can impact a vehicle’s value or operational integrity. Eliminates manual processes like VIN submission and report retrieval. The file also delivers critical information including salvage, flood, and lemon title brands, odometer rollbacks, last reported odometer reading, and accident information.
—History-based value: Provides insight into history events affecting vehicle’s value such as service history, personal vehicle, damage brand, and actual mileage. History-based value also includes comprehensive installed features such as airbags, electronic braking systems, rearview camera and more. Finance companies can use history-based value to protect borrowers from overpaying, improve financing with better loan-to-value ratios, prioritize collections based on resale value and prevent powerbooking.
Launcher acknowledged the concept of finance companies reviewing vehicle data prior to funding a contract is not a new one, but many finance companies still leave out this important part when underwriting a deal.
The integration partnership between Launcher and CARFAX can give finance companies “additional ammo in their artillery” by allowing them to analyze every aspect of a deal to make the best holistic decision on every contract originated.
“An important piece of the origination process is the ability to accurately assess a vehicle’s value as collateral,” Launcher president Nikh Nath said. “Our new enhanced integration with CARFAX provides full access to any data point our Lending customers may require.”
TruDecision landed another client that specializes in providing auto financing in the non-prime segment.
The analytic platform-as-a-service provider announced last week that SameDay Auto Finance has integrated with the TruDecision Expert Auto Score in order increase service levels to dealers in Texas and offer additional approvals to underserved consumers.
SameDay chief financial officer and chief compliance officer Darren Maloney explained how TruDecision’s tool will help the finance company serve the statewide network of dealers it has build since 2011.
“While SameDay Auto Finance is focused on delivering high levels of service to both dealer and consumer customers, we are likewise committed to sophisticated analytics that help us better manage risk thereby broadening the segments we can serve in the marketplace,” Maloney said in a news release.
“TruDecision is the leader in the space with a robust, cost-effective, and easy to implement offering, which is why we selected TruDecision to partner with us as we grow,” he continued.
In 2018, TruDecision launched its sophisticated tools that are rapidly developed and deployed to meet each finance company’s unique needs. TruDecision offers solutions related to originations, credit quality, closure rate, pricing and collections optimization.
And now SameDay Auto Finance is part of its client portfolio.
“We are very excited to have the opportunity to partner with the professionals at SameDay,” TruDecision chief executive officer Daniel Parry said. “SameDay understands that in today’s environment, both auto dealers and customers need flexibility, and our models are designed to help them deliver on that.”
The eighth partnership or software integration finalized by 700Credit so far this year arrived on Tuesday.
The newest one formed by the provider of credit reports, compliance solutions and soft pull products, is an alliance with Mobauto, an engagement technology company.
Executives highlighted the new alliance integrates the 700Credit soft pull, prequalification solution seamlessly with various Mobauto products and services offering consumers a simplified way to get prequalified by mobile tap, scan, text or click while in-store, online or as they browse a dealer’s website.
In addition to compliant, text-based advertising and in-store NFC technology, Mobauto utilizes a floating website widget that follows the consumer as they navigate a site.
The company said this persistent button, and ultra-easy engagement process, can make it more likely the consumer will initiate the prequalification process.
“Mobauto’s implementation of our prequalification (soft pull) platform ensures the customer has multiple opportunities during their shopping to get prequalified for an offer from their mobile device,” 700Credit managing director Ken Hill said in a news release.
“Research shows that over 95% of consumers start their shopping process from their mobile device. Incorporating a 360-degree mobile approach to prequalification that drives increased engagement and shorter sales cycles which translates to more sales for our dealerships,” Hill continued.
Some of the other relationships 700Credit established this year have been with TradeVue last month as well as Vision Dealer Solutions and Scienaptic in June and Experian in March.
Now Mobauto is part of that collection.
“Integrating with the 700Credit soft pull platform creates a game-changing solution and simplified prequalification process for dealers and their customers,” Mobauto CEO Patrick Forte said in the news release. “Mobile phones are loaded with capabilities. Whether tap, scan, text or click, a customer’s decision to engage will almost always boil down to two key considerations: Is it needed and is it easy.”
LAUNCHER.SOLUTIONS and Carleton recently finalized an integration of two of their primary products that serve finance companies.
The integration involves the appTRAKER Loan Origination System LAUNCHER.SOLUTIONS with CarletonCalcs from Carleton.
The companies explained through a news release that CarletonCalcs is a suite of compliant financing calculation components that can provides assurances to LAUNCHER.SOLUTIONS’ clients that their products are calculated accurately and in compliance with state and federal consumer lending laws.
LAUNCHER.SOLUTIONS’ appTRAKERSM LOS supports all asset-type financing, ranging from mattresses to automobiles, as well as uncollateralized loans. The CarletonCalcs loan origination, compliance and amortization components can help maximize workflow efficiency within LAUNCHER.SOLUTIONS’ products.
“After a longstanding relationship with Carleton, it was only natural to rely on their expertise as we continue to expand our relationships with credit unions, banks, finance companies and other direct lending operations,”, President of LAUNCHER.SOLUTIONS president Nikh Nath said in the news release. “They have a history of excellence with their calculation engine and loan origination compliance expertise and their experience is immediately apparent when working through their seamless integration process.
“In the lending space, a customer relies on the credibility of the loan calculations and Carleton provides that validity.” Nikh continued on to say, “Integrating with our partners shouldn’t be difficult. We are able to quickly and easily adapt the Carleton integration to the customer’s use case, ensuring that compliant loan and payment disclosure data is returned wherever they need it in their workflow.”
Matt Ruszkowski, president and chief operating officer of Carleton added, “LAUNCHER.SOLUTIONS provides their clients the solutions needed to improve their efficiencies throughout the lending lifecycle as well as the flexibility to adapt quickly. It’s an approach that most digital platforms are striving for these days, and we believe their product capabilities put them ahead of the curve.”
This week, 700Credit announced a product alliance with Tekion and its Automotive Retail Cloud (ARC).
Executives explained the new alliance will provide Tekion dealers with seamless access to 700Credit’s credit report and compliance platform, optimizing the sales process and providing a smooth workflow.
Tekion has tried to challenge what it calls the traditional DMS paradigm by fully leveraging a cloud-native platform. ARC is a platform that includes all functionalities of a dealer management system (DMS) and accompanying tech stack to fully operate a retail automotive business.
“Tekion has jumped on to the DMS scene with quite a splash and is being quickly adopted by dealerships across the country,” 700Credit Managing Director Ken Hill said in a news release.
“We are extremely excited to have Tekion as a partner and welcome their customer base to our 700Credit family. Their integration of our cloud-based credit and compliance modules fits well into the Tekion workflow,” Hill continued.
Tekion senior vice president of commercial operations Napoleon Rumteen shared this perspective on working with the provider of credit reports, compliance solutions and soft-pull products.
"Tekion is driven to continuously expand seamless integrations in the automotive ecosystem to optimize the dealer and consumer experience. Partnering with 700Credit is a no-brainer in staying true to our commitment,” Rumteen said.
CreditMiner announced this week it’s now offering soft-pull pre-screen technology from Equifax as part of the CreditMiner API solution suite.
The company explained this integration is designed to help auto finance companies and dealers provide real-time pre-approvals to consumers who are considering financing a vehicle.
“As more of the car buying process moves online, we see that consumers are interested in getting pre-approved earlier in the search process. Our pre-screen technology is a win for the consumer, dealer and lender,” CreditMiner chief operating officer Sam Vukas said in a news release.
“It gives the consumer confidence to move forward in the buying process and gives dealers and lenders valuable insight on the consumer to help speed up the process and create a personalized buying experience,” Vukas continued.
With the CreditMiner API implemented, consumers who are searching for a vehicle online can get pre-approval early in the search process without having to enter detailed personal information such Social Security Number and date of birth.
CreditMiner pre-screen solutions can provide pre-approval and accurate payment information to consumers based on their credit score and selected vehicle, instead of estimated offers, using consumer provided information.
“Partnering with Equifax gives us a best-in-class soft pull pre-screen solution for lenders and dealers to offer a firm offer of credit to a consumer based on their credit score and vehicle,” CreditMiner vice president of strategic partnerships Ken Luna said.
“This offering will help create a more efficient interaction with consumers to meet consumers’ expectations of accurate information when they are ready to finance their vehicle,” Luna continued.
CreditMiner went on to say pre-approval information will be provided to the consumer, dealer and finance companies to help create a more seamless and transparent buying process, more important than ever as the vehicle-buying journey is shifting to digital at an accelerated pace.
“Today’s car buyers have high expectations of what the online shopping experience should be,” said Angelica Jeffreys, vice president and sales leader of Equifax Automotive Services.
“Working with CreditMiner is another way that Equifax is helping dealers and lenders streamline and personalize the car buying process for their customers,” Jeffreys added.
The number of integrations and partnerships involving 700 Credit has ramped up again in recent days as the credit reports, compliance solutions and consumer pre-qualification products landed relationships with Vision Dealer Solutions and Scienaptic.
According to the first of separate news releases, 700 Credit said its new integration with Vision Dealer Solutions will provide dealerships with seamless access to 700 Credit’s credit report and compliance workflow, optimizing the sales process even further.
The integration is meant to enhance Vision Dealer Solutions’ VisionMenu, which is a web-based F&I tool that can streamline the sales process and is completely customizable to give dealerships the power to build the process that best fits the exact needs of their F&I office.
“VisionMenu takes an innovative approach to providing unlimited customization options to match each customer’s buying preferences, so dealers can build the process that works best for their dealership. Integrating our credit and compliance platform further speeds the sales process so dealers can complete deals quicker and sell more vehicles,” 700 Credit managing director Ken Hill said in the news release.
“We are pleased to have Vision Dealer Solutions as a partner and welcome their customer base to our 700 Credit family,” Hill continued.
Vision Dealer Solutions president Ron Martin added, “We are very excited to offer 700 Credit robust compliance suite to all of our products. Whether the dealer is using the VisionSales, VisionMenu, or VisionTouch product, the 700 Credit tools are tightly integrated and easily accessible.”
Meanwhile, 700 Credit also landed a partnership with Scienaptic, a credit decision platform provider powered by artificial intelligence.
The companies said in the other news release that this alliance will enable Scienaptic to tap 700 Credit’s credit and compliance reports to enhance decisioning for its auto-finance clients.
“Integration of AI with rich data is radically changing credit underwriting,” Scienaptic president Pankaj Jain said. “Through this partnership, Scienaptic and 700 Credit will combine resources and expertise to focus on delivering a ‘best-in-class’ credit decisioning solution for auto lenders.”
Hill pointed out that 700 Credit now working with Scienaptic adds to the company’s client portfolio that already includes 14,000 automotive, RV, powersports and marine dealerships that use its offerings, which include credit reports, pre-screen and pre-qualification platforms, OFAC compliance, Red Flag solutions, MLA, synthetic fraud detection, identity verification, score disclosure notices, adverse action notices and more.
“Using rich data, auto lenders are empowered to make more informed decisions while safely extending credit to new applicants,” Hill said. “Scienaptic’s AI-driven credit underwriting platform, paired with our data, will allow auto lenders to approve more customers with confidence, mitigate risk, and deliver faster credit decisions.
“We are pleased to partner with Scienaptic to help auto lenders make better loan decisions for their customers,” he went on to say.
The QuickQualify platform offered by 700Credit now includes data via the Experian Boost tool.
According to a news release distributed this week, 700Credit’s web-based consumer prequalification solution that does not require a consumer’s Social Security Number or date of birth and does not affect their credit file has been integrated with a product offered by Experian that allows consumers to potentially “boost” or improve their FICO score.
The company said this new product feature is available at no charge to dealers who have the QuickQualify platform with Experian enabled. The credit score “boost” will occur after the consumer prequalifies and before they make it into the finance office to apply for financing.
When consumers enroll in Experian Boost, they provide Experian secured access to their online bank or credit card accounts to add positive cable, cell phone, and other utility bill payment history (as tradelines) to their Experian credit file.
Once the credit score is boosted, consumers can see the new score and it is reflected in their Experian credit report immediately.
“The addition of the Experian Boost tool to our QuickQualify solution adds a level of depth and value for both the dealer and the consumer,” 700Credit managing director Ken Hill said. “Consumers increasing their FICO score translates to better rates for the consumer when they reach the finance office and happy consumers make for increased and return sales for the dealer.”
Jeff Softley, president of direct-to-consumer at Experian Consumer Services, elaborated on the potential impact of this move with 700Credit.
“This integration allows more consumers to have control over their credit and leverage a good credit score to their advantage,” Softley said. “Experian Boost gives consumers the exclusive opportunity to add positive data like utility payments into their Experian credit file to give lenders a better view of their credit worthiness.
“And with an improved credit score, dealers can potentially offer improved financing and savings to consumers, so it’s a win-win situation,” Softley went on to say.
This week, 700Credit finalized another integration partnership to make available its credit reports as well as compliance and soft-pull solutions.
The latest relationship is with DriveCentric, a robust CRM, artificial intelligence (AI) and conversational engagement platform for automotive retailers. Officials from 700Credit said this new integration can provide dealerships with seamless access to its credit report and compliance platforms that can optimize the sales process.
DriveCentric has also integrated 700Credit’s prescreen solution that can provide dealers visibility to a consumer’s FICO score and current auto-finance information at the start of the sales process.
“The DriveCentric CRM has a strong following in the automotive industry. We are very thrilled to have DriveCentric as a partner and welcome their customer base to our 700Credit family,” 700Credit managing director Ken Hill said in a news release.
“The multiple integration points of our credit, compliance and prescreen solutions will maximize efficiencies for dealerships and expedite the purchase process, as well as help them sell more vehicles,” Hill continued. “Prescreen information enables dealers to make an accurate monthly payment at the beginning of the sales process.”
DriveCentric chief executive officer David Fultz added, “As we continue to innovate and look for ways to improve and streamline our dealership software, 700Credit was an easy choice for integration.
“For dealerships that use DriveCentric and 700Credit, this partnership will significantly impact the sales cycle by providing faster, more accurate quotes and reducing the time it takes to deliver a vehicle,” Fultz went on to say.
For more information about 700Credit, visit www.700credit.com.
