Awash in paperwork? SRI to the rescue!
A local auto loan company – lets call them IAC – provides loans for folks whose credit is less than perfect. The process for applying for one of these loans is more like applying for a mortgage. Because of the credit risks, more documentation is needed to make sure the applicant can afford the loan. Applicants are required to provide utility statements, W2’s, copies of rent checks, etc. If these documents are missing the loan process gets stalled.
Auto dealerships occasionally have prospective customers who have less than perfect credit (customers who can’t obtain a bank loan due to credit problems, but customers they would like to have nonetheless). These dealerships contact IAC and make the loan through IAC, thus relying on IAC to get the needed documentation from the customer.
The IAC Program
The system developed by Software Resources captures information about the applicant, automatically dials the credit reporting agency and downloads the credit report, parses and scans the credit report and gives a tentative "approved" or "not approved" decision. Our system also contains flags indicating which documents have been provided. For example, a loan application may be missing a copy of a water bill. SRI designed and programmed a fax notification system that sends each dealership a list of outstanding loans and reasons why the loans are stalled. Faxes are routed to the salesman and the sales manager so that missing documents can be obtained and loans closed. After all of the documentation has been obtained, the loan moves into the underwriting department, which works with sources to obtain funding. IAC then cuts a check to the auto dealership and the customer gets their car.
One of the primary benefits of our system to IAC was that the resultant database became a source of useful analysis. The system also helped IAC, and the various auto dealerships that used IAC, to track potential customers who were using fraudulent addresses and fraudulent information in a desperate attempt to get a car.
The man-hours saved by this system were tremendous! The result was more efficiency, a reduction in staff required to process paperwork and an increase in customer satisfaction.
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