PASADENA, Calif. — VantageILM, a provider of integrated lender/leasing management solutions for finance firms, banks, leasing companies and credit unions, recently announced it has upgraded its collection program.

According to officials, the additions are designed to ramp up their on-demand, SaaS platform to increase the productivity and monitoring of collection staff. 

Driveway Financial in Scottsdale, Ariz., and Tracker Recovery in Fort Myers, Fla., are the newest clients to adopt the enhanced version of VantageILM, the company noted.

"We maintain an ongoing dialog with our clients, so whenever we see an opportunity to make valuable enhancements, we're nimble enough to rapidly refine our product to meet their evolving needs," said Andy Wilson, VantageILM's chief executive officer. 

"These latest upgrades allow lenders to be even more efficient with collections, and help increase the success of collecting on past due accounts, which directly impacts our clients' bottom lines," he continued.

New list management features give lenders more tools to control when and which collectors should make calls and to which customers, executives explained. 

In fact, the collections process is more automated than before, allowing collection managers the option of building call lists to match a broad range of collection scenarios and automatically assigning the lists to collectors or teams.

Assignments can be made for a full-loan lifecycle or may be dynamically reassigned based on the status of the loan, the company noted. Collection managers can also build one-time call lists or build recurring lists that automatically generate call queues based on dates and account statuses.

Another new feature that will help collectors communicate more effectively with customers is the capability to assign multilingual correspondence by jurisdiction. This upgrade allows clients to upload and catalog their welcome letters, as well as delinquency and repossession letters in various languages and by jurisdiction, officials explained. 

Once set up, lenders can specify the preferred language and the appropriate state for each customer, and the system will automatically generate the correspondence accordingly.

Driveway Financial and Tracker Recovery, both independent automotive lenders that specialize in creative programs for a variety of credit tiers, will soon be using all the features offered by VantageILM, the company noted. 

"I've been in the lending business for 25 years, and VantageILM is the first platform I've found that effectively integrates every phase of the lending process in one application," said Dick Hollinger, president of Driveway Financial.

"VantageILM really represents the next generation loan management system with its ability to accommodate, quickly and easily, both direct and indirect origination processes. I'm also impressed with the system's flexibility, which allows them to respond to requests for product enhancement quickly rather than having to wait months for the next major release," he added.

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