loan servicing software community bank small business

USED VEHICLE VALUATION TIRE-KICKING RULE # 1: DON’T GUESS

The defi Team defi INSIGHT, defi LOS

It’s impossible to tell precisely how much a used vehicle is worth without detailed historical data. You can kick the tires or take a peek under the hood, but this only gives you a small fraction of the information you need. For instance, it doesn’t tell you how many people have owned the vehicle or whether the airbags have ever been deployed. These factors can significantly impact a used vehicle valuation.

Auto loan application approved with a dollar and coins laying over it.

LENDING SOFTWARE: HOW IT HELPS IN A RECESSION

The defi Team defi INSIGHT, defi LOS, Thought Leadership

As of this writing, there’s no pending recession, though there’s frequent speculation of a downturn, perhaps in 2020. When that downturn eventually arrives, competition for lending will be intense. Lenders will have to employ every method to minimize lending risk and operational costs. Regardless of the type of your business—bank, credit union, or finco, the biggest factor in maintaining profitability during a recession is likely to be your lending software.

community bank lending workflow

THE BENEFITS OF CREDIT RISK MANAGEMENT AUTOMATION FOR LENDERS

The defi Team Automation, defi INSIGHT, defi LOS

For many lenders, credit risk management depends on years of experience. Their credit risk expertise is a mix of shrewd loan portfolio analysis and an innate intuition about borrower risk. While that may have worked in the past, credit risk management is shifting from human judgment to automated, data-driven lending decisions that assess credit risk far more accurately.

loan servicing software community bank small business

FOUR WAYS DECISION RULES DRIVE LOAN ORIGINATION AUTOMATION

The defi Team Automation, defi INSIGHT, defi LOS

Decision rules are a big reason why modern, cloud-based loan origination solutions are so efficient. Decision rules may be used in nearly every step of the process. They are the foundation for loan origination automation. Unlike legacy lending software, decision rules don’t need in-house programming skills or outside consultants to make loan origination process modifications. Instead, they are created and managed by using configuration menus.

auto loan servicing

IS IT TIME TO UPGRADE YOUR AUTO LENDING PLATFORM?

The defi Team defi INSIGHT, defi LOS

If you can’t remember when your current auto lending platform was originally implemented, it’s probably time to consider an upgrade. Technological improvements in recent years deliver functionality that dramatically improves loan origination efficiency, lowers overall processing costs, and supports well-informed lending decisions.