Point Predictive joins with defi SOLUTIONS to automate the lending process and protect lenders from fraud.
Lenders face market pressures to expedite the lending process and improve the customer experience through digital transformation. In higher value loans, such as auto lending, there are stipulations set and additional documentation required that slows the process and adds to the cost. Often these stipulations are set without a complete understanding of the true risk of loan default.
Point Predictive helps lenders leverage their data in combination with the nation’s only industry fraud consortium to mine historical fraud patterns and build artificial intelligence-based solutions. The lender’s application process gets smarter, fast-tracking low-risk applications while reducing the risk of fraud and early payment default (EPD).
Point Predictive’s Auto Fraud Manager (AFM) streamlines the underwriting process and assesses the risk of early payment default and fraud in auto lending. Low-risk applications can be underwritten quickly without the cost and hassle of added stipulations. Only the fraction (typically 10% or less) of loan applications that are at risk for early payment default, material misrepresentation, or fraud require additional scrutiny. The result: underwriting cost reduction, reduced losses, faster turnaround, and more profitable loans.
Point Predictive also offers IncomePass, an effective income verification product.