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May 10, 2017 - Industry News

Longtime Wells Fargo Dealer Services Exec Joins CRB Auto

Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.

Tags: auto finance, Bill Katafias, CRB Auto, Indirect Lending, Mechanics Bank, Wells Fargo Dealer Services

October 6, 2016 - Industry News

Reynolds Acquires Wolters Kluwer's Indirect Loan Origination Solutions

Reynolds and Reynolds has completed its acquisition of Wolters Kluwer’s indirect loan origination solutions for around $36 million in cash. As part of the acquisition, Reynolds gets Wolters Kluwer’s AppOne software, risk mitigation services and bankers systems.

Tags: Dealer Software, Indirect Lending, Reynolds & Reynolds, software, Wolters Kluwer

July 19, 2016 - Industry News

OCC Expresses Concern About Rising Risk in Auto Finance

The Office of the Comptroller of the Currency has once against expressed concern about rising credit risks in the auto finance arena, noting that underwriting standards for both direct and indirect auto loans have begun to decline due to increased competition.

Tags: Indirect Lending, Regulations, Study, Underwriting

July 12, 2016 - Industry News

Q1 Delinquencies Fall in 7 of 11 Loan Categories, ABA Reports

According to the American Bankers Association, indirect auto loan delinquencies were one of the categories to show a decrease, while delinquencies in the direct auto loan space showed an increase.

Tags: 30-day delinquency rate, American Bankers Association, Delinquencies, Indirect Lending

December 3, 2015 - Industry News

Huntington Bank Adds Auto Finance Veteran

The bank named Tom Wirth auto finance product and strategy director. The 25-year auto finance veteran will be tasked with helping the bank’s continued expansion in the indirect auto finance channel.

Tags: auto finance, Huntington Auto Finance, Huntington Bank, Indirect Lending, Rich Porrello, Tom Wirth

October 7, 2015 - Industry News

CFPB Considering Ban on Arbitration Clauses

The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.

Tags: arbitration agreements, auto finance, CFPB, Indirect Lending

September 17, 2015 - Industry News

NADA Expands Effort to Protect Dealer-Assisted Financing

As part of a new initiative to preserve the indirect financing channel, the National Automobile Dealers Association has created a new website and a video including testimonials from real consumers who benefited from receiving financing through a dealership.

Tags: CFPB, Consumer Financial Protection Bureau, Indirect Lending, NADA, National Automobile Dealers Association

September 3, 2015 - Industry News

Millennials Continue to Stump Traditional Banks

A new report from Bank Director showed that today’s Baby Boomer- and Gen X-run banks are still trying to figure out the next big generation of consumers.

Tags: auto finance, Baby Boomers, banks, direct lending, Indirect Lending, Millenials

August 4, 2015 - Industry News

Wells Fargo Dealer Services Opens Second Office in New Jersey

The new location represents Wells Fargo Dealers Services’ 56th Regional Business Center. It’s also the first of two new offices the company plans to open in 2015.

Tags: auto finance, F&I manager, F&I process, Indirect Lending, Wells Fargo Dealer Services

April 14, 2015 - Industry News

CFPB Faces Mounting Criticism, New Bipartisan Bill

On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.

Tags: Ally Financial, CFPB, Congress, Consumer Financial Protection Bureau, Department of Justice, Indirect Lending, legislation, Richard Cordray

September 18, 2014 - Industry News

Wells Fargo to Split Consumer Credit Solutions Organization

Shelley Freeman will serve as head of the Consumer Credit Solutions organization.

Wells Fargo announced this week that it is separating its Consumer Lending Group’s Consumer Credit Solutions organization into two businesses with the impending retirement of Tom Wolfe, who headed up the organization.

Tags: Dawn Harp, Indirect Lending, Wells Fargo Dealer Services

May 13, 2014 - Industry News

VinSolutions Connects Desking Platform to Carleton’s SmartCalcs

VinSolutions Inc. has integrated Carleton's consumer lending and leasing calculation engine into its recently enhanced desking platform.

Tags: Carleton, desking, Indirect Lending, leasing, VinSolutions

April 8, 2014 - Industry News

CU Direct’s Auto Lending Network Hits 11,000 Dealers

The company’s CUDL auto lending network reached a new milestone, adding 1,000 dealers since breaking the 10,000-dealer mark less than a year ago. Official also report that CU Direct credit unions generated a record $16.3 billion in auto loans through the network last year.

Tags: credit unions, CU Direct Corporation, dealer, Indirect Lending

March 20, 2014 - Industry News

Evergreen Bank Moves to Flat Fees Due to Regulatory Pressures

Earlier this month, Evergreen Bank Group issued a statement about its decision to move to a flat fee pricing model. The move was in response to a low FDIC rating and alleged violations of the ECOA.

Tags: CFPB, Consumer Financial Protection Bureau, discrimination, Equal Credit Opportunity Act (ECOA), FDIC, Indirect Lending

May 9, 2013 - Industry News

DOJ Taking Closer Look at Auto Finance

The CFPB isn’t the only regulator interested in what goes on inside the F&I office. The U.S. Department of Justice also is taking aim at retail installment transactions.

Tags: Auto Loans, Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, Indirect Lending

November 3, 2011 - Industry News

Auto Finance Companies Originating More Loans Than Banks, Credit Unions, Equifax Reports

Auto finance companies have increased lending by more than 47 percent over the past two years, according to the latest Equifax National Credit Trends Report.

Tags: Auto Loans, Consumer Credit, Credit, Delinquencies, Equifax, Finance, Indirect Lending, special finance, subprime

October 13, 2011 - Industry News

CUDL Credit Unions Picking Up the Pace

After hitting a monthly low in March, CUDL credit unions have increased their market share by nearly 2 percentage points, and have maintain a share of more than 17 percent since May, CUDL revealed in late September.

Tags: Auto Loans, Credit, credit unions, CUDL, Indirect Lending, market share

September 15, 2011 - Industry News

MB Financial Bank, Wolters Kluwer Expand Relationship

Wolters Kluwer Financial Services announced that MB Financial Bank is expanding its use of the AppOne Platform to help with its expansion into personal watercraft and powersports markets.

Tags: AppOne loan platform, compliance, Credit, Indirect Lending, MB Financial Bank, Wolters Kluwer Financial Services

August 8, 2011 - Industry News

Wolters KIuwer Provides Access to NADAguides Through AppOne

Wolters Kluwer Financial Services announced it will provide users of its AppOne platform with access to NADAguides valuation data for boats, recreational vehicles (RVs) and powersports vehicles.

Tags: AppOne loan platform, Indirect Lending, NADAguides, Wolters Kluwer Financial Services

May 5, 2011 - Industry News

Wolters Kluwer Launches Indirect Lending Directory

Wolters Kluwer Financial Services has launched the Indirect Lending Directory, a listing of more than 600 lenders that accept and use the company’s retail installment contracts to document the financing of automobiles, boats, RVs and powersports vehicles.

Tags: banks, credit unions, Indirect Lending, retail installment contracts, Wolters Kluwer Financial Services

February 3, 2011 - Industry News

Wolters Kluwer Endorsed by Louisiana Automobile Dealers Association

Wolters Kluwer Financial Services has been added to the Louisiana Automobile Dealers Association (LADA)’s list of endorsed companies.

Tags: Indirect Lending, Wolters Kluwer Financial Services

November 30, 2010 - Industry News

Dodd-Frank Act, New Protection Bureau to Dominate Concerns in 2011

Coping with the uncertainty of the Dodd-Frank Act and its newly-formed Consumer Financial Protection Bureau (CFPB) will be among U.S. financial institutions’ foremost concerns in 2011, according to the experts at Wolters Kluwer Financial Services.

Tags: Consumer Financial Protection Bureau, Indirect Lending, Risk-Based Pricing Rule, Wolters Kluwer Financial Services

November 29, 2010 - Industry News

Crescent Bank Integrates With Open Dealer Exchange

Open Dealer Exchange LLC has formed an agreement with Crescent Bank & Trust (CB&T) to integrate the lender directly within the dealer management system (DMS) during the loan approval process.

Tags: Indirect Lending, subprime

November 9, 2010 - Industry News

Wolters Kluwer Offers Universal Lease Agreements

Wolters Kluwer Financial Services is now offering captive finance companies, lenders and auto dealerships universal closed-end motor vehicle lease agreements for all 50 states.

Tags: Indirect Lending, leasing, Wolters Kluwer Financial Services

October 21, 2010 - Industry News

Gateway One Joins Wolters Kluwer’s AppOne Platform

Wolters Kluwer Financial Services announced that Gateway One Lending & Finance is now on its AppOne platform, which automates the indirect lending, credit approval and compliance processes for lenders and auto, RV, marine and powersports dealers.

Tags: Indirect Lending, Wolters Kluwer Financial Services

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