As a direct auto lender, operational and business goals are typically clear; identify more prospects, qualify more candidates, and close more loans. Meeting these goals brings positive returns, including increased revenue and profitability. A critical element in accomplishing these goals is making the entire lending process easy and fast for the consumer.

Technology has assisted in streamlining the direct lending process. For years, direct lenders have had the ability to qualify consumers in minutes, sometimes within seconds. Origination of the lending package has also been automated through the use of proprietary or third party loan origination systems, or completed through web-based applications. These capabilities have greatly assisted in creating a more efficient lending process, but what is still left is a lengthy, tedious and costly paper trail.

eOriginal’s SmartSign electronic signature and lifecycle management solutions have allowed direct lenders to close this loop, completely streamlining the lending process – from qualification to closing, all in one quick session. SmartSign enables these accelerated processes without compromising the legal or negotiable value of the documents being signed.

• Tightly integrate into existing loan origination systems and web-based applications
• Close more loans, faster, with increased adoption rates
• Reduce operating costs
• Process loans faster while eliminating costly errors
• Maintain legal compliance and secondary market requirements, enabling the ability to electronically sell, collateralize, and securitize your negotiable instruments

eOriginal is the leading technology provider for eContracts securitized in the secondary markets and accepted by rating agencies in the automotive industry for the fulfillment of UCC 9-105 requirements on e-chattel and transferable records. eOriginal’s technology has allowed lenders to electronically originate, sign, and securitize billions of dollars in direct auto loans, removing process and compliance barriers for financial institutions.

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Recently, a friend was looking to purchase a new vehicle. So like many other purchases in today’s world, his search began online. With instant access to manufactures websites, vehicle reviews, and dealership websites with local inventory his search was narrowed down in no time at all. After comparing a few different models and local dealers he found the vehicle he was looking for to fit his need and budget.

Now all he needed to do was get approved for a car loan. With all his other research and comparisons completed online, he wanted the same convenience to apply for a loan. Again he jumped online to compare a few websites, lending options, and interest rates. What he found was that his current bank provided the best option, and since his bank integrated eOriginal’s SmartSign Web directly into their consumer lending portal, he was able apply for and electronically sign loan agreements online in a familiar and secure environment.

SmartSign Web allowed my friend and the bank to:

• Instantly sign loan agreements;
• Reduce costs and save time with no need to fax, ship, or physically travel to complete the process;
• Review, underwrite, and fund the loan instantly to get him on the road faster;
• Create and participate in a completely streamlined electronic process without excess paperwork, travel, or complications.

The best part was he was able to walk into the dealership the same day with an approved loan and drive out with the car he wanted. The process was quick and easy for both parties. With more and more consumers researching and making purchase decisions online, it only makes sense for businesses to implement online tools and electronic processes to meet the needs of their consumers.

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The automotive finance industry has been a leader in adopting paperless lending packages/eContracts by implementing electronic signatures. And since that time, eOriginal SmartSign^® has been the leading solution in the automotive industry to improve business operations and streamline the closing process by enabling paper–free electronic signature and transaction management solutions.

eSigning and Process Benefits

Through bank websites, in a single online session consumers can access, apply for and electronically sign their loan documents using the consumer lending portal creating a completely automated direct-to-consumer auto loan process.

• Extensive integration capabilities extend eContracting across existing loan origination systems, dealer management systems, banking websites and servicing systems to complete the automation of the financing process.

• Lenders to review, underwrite, and fund loans instantly.

Secure Retention and Lifecycle Management Benefits

The integrated trusted repository and transferable records management capabilities creates a digitally sealed audit trail for legal compliance and negotiability, while extending the lifecycle management capabilities with the tools that enable organizations to meet particular transfer requirements.

• Risk management is addressed by our technology ensuring legal compliance (ESIGN, UETA and UCC 9-105) and secondary market requirements are met.

• Protect, manage, and resell eContracts on the secondary market in a way that assures both the finance source and the investor community of a legal transaction.

The Whole Package

eOriginal SmartSign^® is the only complete end-to-end solution that will allow lenders to execute a loan package electronically while also meeting all requirements for re-sale on the secondary market while also:

• reducing operating costs with no need to fax, ship, scan, copy, store or handle paper manually;
• eliminating errors and reducing processing time; and
• limiting your organization’s impact on the environment, reducing your dependency on paper.

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