Direct Auto Finance: The Lenders’ Story, Part 2

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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.