Nowlake Technology and Informed.IQ announce the launch of an originations automation solution that fully automates the collection, analysis, and funding of auto loan applications.
Informed.IQ analyzes each auto loan application package, by first classifying all of the data and documents submitted by the consumer and identifying additional income sources for multi-income applicants. The solution will then verify the documents for accuracy, analyze the information on the documents, and match it to the inputs on the credit applications all without any human involvement. If any defects are detected in the application package, such as documents that are out of date range, Informed.IQ reaches out to the applicant on behalf of the dealer and Westlake to gather additional information. The technology can even help mitigate fraud by comparing the document to a known fraud database.
“Informed.IQ’s technology accurately calculates income, and verifies proof of residence, proof of identity, and insurance,” advised Kyle Dietrich, SVP of Originations with Westlake Financial. “This technology will exponentially improve our funding time and service levels to our dealers while increasing Westlake’s scalability to process auto loan contracts.”
Nowlake and Informed.IQ have been collaborating on the technology for three years. Currently 70% of Westlake loan documents are cleared using the AI technology. Westlake expects this to jump to 90% by the end of 2021. “Informed.IQ’s technology has helped us lower the average funding time by more than 50% with the fastest funding time now within 1 hour of receiving the deal package,” added Dietrich.
“Nowlake and Informed.IQ have been collaborating closely for several years to provide automation and hands-off funding,” stated Justin Wickett, CEO of Informed.IQ. “The goal of the partnership is to fully automate the analysis and funding of consumers’ auto financing applications at various points of their journey: at the time of online applications, at the dealerships as dealers submit financing applications, at the point of underwriting, or at the time of funding.”
Nowlake Technology is the parent company of Westlake Financial. Westlake Financial is a full spectrum indirect auto finance company that works with franchise and independent dealers nationwide. Westlake program offers dealers rates as low as 1.99% and funding times as fast as 1 hour. Dealers interested in signing up with Westlake Financial are invited to contact Westlake directly at 1.888.893.7937 or online at www.westlakefinancial.com.
About Westlake Technology Holdings
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $12.14 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through its ALPS division (Advanced Lending & Portfolio Services), www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer title loans are offered through Westlake’s wholly owned subsidiary Loan Center, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.
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Informed.IQ’s AI analyzes consumer credit applications in real-time, automating the validation of the application against the consumer’s submitted documentation and permissioned online data sources. Informed performs income and asset calculations in real-time and according to the lender’s policies, clears stipulations such as residence, insurance, etc. and clears the application for funding. Click here to view a video demo of our product showcasing how we facilitate the collection of data from applicants and use it to render decisions in accordance with a financial institution’s policies and procedures.
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