XpressCredit Adds Customer Verification Tool to Loan Origination System
XpressCredit added a customer information verification tool, FacTrack, to its loan origination system.
SYRACUSE, N.Y. — XpressCredit added a customer information verification tool, FacTrack, to its loan origination system.
FacTrack is a highly flexible tool for lending institutions to verify and cross reference customer information. Integrated employment, paystub and budget tools analyze application data for discrepancies. A score is determined based on the verification results to confirm authentication of stipulations.
Questions, answers and the related scoring system are customized to a lender’s criteria. A comprehensive system for building custom forms allows verifier notes to be added to any field. Upon completion of the process, the FacTrack verification report can be printed, emailed and archived. This versatile tool was designed to be used in conjunction with the XpressCredit platform, but it can be used as a standalone web based application.
“The FacTrack tool is a key component in the loan approval process. This additional functionality allows lenders utilizing XpressCredit technology to create their own verification criteria and score applicants based on the information provided. This will further streamline the loan origination process, enhancing lender efficiencies and profitability” said Mark Louer, XpressCredit executive vice president.
More Auto Finance
Interest Rates Further Squeeze Auto Consumers
Last month’s hike and a potential second increase this month add to a growing list of inflation woes that could continue to dent overall car sales.
Read More →
Mind Your Process
Consistent steps taken in various aspects of the F&I office can make valuable differences over time, similar to an outline for a best-selling book.
Read More →
Top Five Credit Application Fraud Flags
Compliance audits regularly reveal bad habits that can lead to fraud charges and should have been stamped out decades ago.
Read More →
More Auto Loans for the Taking in August
Riskier categories were on the uptick for the month as lenders loosened access in several areas while balancing out the exposure in another, Cox Automotive reported.
Read More →
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →