If you guessed digital contracts, you’re right! Today we announced our new partnership with eOriginal, Inc., the experts in digital transactions. Together we’re bringing secure eContracting and eVaulting capabilities to our growing lender community. With the integration of eOriginal with the defi loan origination system, our lenders will be able to eliminate costly paper processes and accelerate their funding times. The new capabilities will also help our lenders meet stringent compliance requirements and put them on the leading edge of all buying and funding processes going 100% digital.
For auto lenders and their dealers, the partnership will streamline loan processing and enable accelerated funding cycles through fully digital collateralizations and securitizations.
“eContracting and the automotive industry go hand-in-hand,” eOriginal President and CEO Stephen Bisbee said. “By connecting digital loan origination systems and dealer management systems, funders can more rapidly link with dealers and, in some cases, complete the financing process before the borrower even drives off the lot in their new vehicle, which empowers dealers to improve operational efficiencies and reduce floorplan costs.”
“defi’s software enables lenders to respond quickly to loan applications and improve their existing auto lending programs,” says Georgine Muntz, COO and strategy leader at defi SOLUTIONS. “The partnership with eOriginal will accelerate funding, while eliminating costs associated with paper processes and allowing lenders and dealers to meet stringent compliance requirements. Moreover, it lays the vital foundation for lenders and dealers as they prepare for the inevitable move into a fully digital buying and lending process.”
defi’s loan origination system (LOS) allows lenders to focus on the actual lending part of business by taking care of the more technical aspects of processing and decisioning loan applications. In addition, the technology offers the speed and performance to make the loan origination process as simple as possible. With its new digital financial transaction solution, the partnership empowers customers to better address regulatory compliance and optimizes lenders’ flexibility to move assets on to the secondary market via collateralization or securitization.
“With eOriginal, loans can be executed in minutes and dealers are funded by lenders in hours not days,” said Randy Crow, senior vice president of sales at eOriginal. “Taking paper out of the vehicle buying processes improves the customer buying experience, reduces dealer overhead costs and expedites funding cycles.”
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About eOriginal, Inc.
Founded in 1996, eOriginal is the trusted expert in digital transaction management solutions, specializing in the post-execution management of financial asset documentation. eOriginal SmartSign® and eAsset® Management Services enable an end-to-end solution for fully electronic transactions that must be managed with the highest levels of security and compliance throughout their lifecycle. By treating every transaction as having assets that must be verifiably secure, legally compliant and enforceable, eOriginal provides its customers and partners with eCertainty®. For more information, please visit http://www.eoriginal.com. eOriginal®, eAsset®, eOriginal SmartSign® and eCertainty® are trademarks of eOriginal, Inc. and are registered in the United States or in other jurisdictions.
