Wolters Kluwer Financial Services today (July 10) launched a new comprehensive fair lending training program targeting the automotive, recreational vehicle, marine and powersports dealer industry, according to a press release.
Developed as a response to increased lender pressure and industry scrutiny of fair lending practices within the dealer marketplace, the training provides dealers with a comprehensive program to educate finance department personnel and equip them with fair lending standards needed to help them ensure compliance and maintain strong lender relationships.
In March, the Consumer Financial Protection Bureau (CFPB) published Bulletin 2013-02, Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act. Since then, the CFPB has issued subpoenas in an expansive probe into indirect auto lending practices, and the justice department is investigating auto dealers for their rate markup practices, hinting that further legal action targeting dealers directly may be on the horizon. It has prompted a great deal of analysis, discussion and concern within the network of dealers and their lender relationships.
“While dealers generally fall outside the jurisdiction of the CFPB, recent developments have made it clear the lenders they work with will not escape the scrutiny of regulatory bodies which enforce ECOA compliance. These lenders are certainly starting to exert pressure on dealers to find ways to demonstrate that they are in compliance with fair lending regulations,” says Chip Zyvoloski, senior attorney, indirect lending with Wolters Kluwer Financial Services. “Our fair lending training is designed to help dealers comply with the law, protect them from risk and at the same time provide them with a way to demonstrate ongoing compliance to their lender relationships.”
The National Independent Automobile Dealers Association (NIADA) has announced their endorsement of the Wolters Kluwer Financial Services fair lending training program.
Wolters Kluwer Financial Services announced today that First Approval Source LLC, a marine and recreational vehicle (RV) financial services company, has joined the AppOne platform.
According to a press release, AppOne helps automate the credit approval, document preparation and financing processes for lenders and the dealerships they work with. First Approval Source will use AppOne to help prepare loan documents, automate credit application processing and connect its dealer customers with lenders.
“We are committed to helping dealerships provide lending, insurance and extended service contracts to their customers without overhead costs,” said Kurt Backus, president, First Approval Source. “AppOne helps us improve this service to dealers by simplifying each step of the loan documentation and origination process.”
“Working with First Approval Source complements our focus on helping the indirect lending market meet compliance and legal requirements,” said Jason Marx, vice president and general manager of indirect lending and residential ending at Wolters Kluwer Financial Services. “At the same time, we can help our lender customers connect with another trusted F&I service provider, which can help them build their indirect loan portfolios.”
For more information, visit www.wolterskluwerfs.com/indirect.
Michigan-based multi-location dealer General RV Centers has joined Wolters Kluwer Financial Services AppOne platform to help automate the credit approval, document preparation and financing processes, according to a news release.
General RV will use the AppOne interface within the Astra G2 Sales and F&I module, which helps dealers manage and monitor each step of the sales process. AppOne was integrated with Astra G2 last year, allowing dealers to pull financial data already entered into their dealer management software to populate credit applications and submit them to lenders for approval via AppOne.
The dealership is also able to access and print Wolters Kluwer Financial Services’ state-specific Bankers Systems loan documents, including retail installment contracts and required ancillary forms, from within AppOne.
“Like Wolters Kluwer Financial Services, we have been focused on providing exceptional service to our customers for decades,” said Larry Peter, vice president at General RV. “Investing in new technology has been critical in maintaining that goal, and AppOne further supports our efforts by simplifying both the credit application and contract creation process.”
“We help dealerships provide complete, accurate and compliant loan documentation, which is a critical area of focus for many dealers right now as the Consumer and Financial Protection Bureau (CFPB) begins to expand its oversight to vehicle loans,” said Jason Marx, vice president and general manager of Indirect Lending and Residential Lending at Wolters Kluwer Financial Services. “We are very excited to help another well-respected dealership make the loan documentation process more efficient and connect with lending sources using AppOne.”
Credit Union Acceptance Co. (CUAC), a credit union service organization that represents 130 credit unions, will now offer Wolters Kluwer Financial Services’ AppOne platform to its network of marine, powersports and RV dealerships, according to a news release.
This announcement builds on Wolters Kluwer Financial Services existing relationship with CUAC, which joined the AppOne platform last year to expand originations in the independent auto dealer market. AppOne technology helps lenders and dealers automate indirect lending processes, including loan documentation generation, and provides a suite of compliance and risk mitigation services.
“Expanding our relationship with AppOne allows us to offer our network of marine, powersports and RV dealers access to a centralized origination platform to connect with our member credit unions,” said Kurt Howard, executive vice president at CUAC.
“One of the main concerns and challenges among dealers right now is funding customer loans,” said Lee Domingue, CEO of Indirect Lending at Wolters Kluwer Financial Services. “By offering our marine and RV platform across the country, CUAC can help dealers using AppOne access more credit union financing options for their customers.”
For more information about the Indirect Lending business unit at Wolters Kluwer Financial Services, visit www.wolterskluwerfs.com/ilsolutions.
Founded in 1998, Credit Union Acceptance Co. is headquartered in Houston and was formed to assist credit unions with member auto loan retention and new member loan acquisitions. CUAC currently facilitates indirect lending services in 10 states with 130 credit unions.
Wolters Kluwer Financial Services announced today (March 15) that Bank of America’s Dealer Financial Services unit will join its AppOne platform to automate and help simplify the marine and RV finance process.
Bank of America’s Dealer Financial Services unit provides retail loan financing and commercial banking services to auto, marine and RV dealers across the U.S. AppOne automates the indirect lending process for lenders and dealers by providing credit application workflow automation and compliant document preparation.
AppOne enables lenders and dealers to more easily connect for applications as well as funding packages nationally. AppOne helps lenders and dealers deliver quicker application response times and faster loan transactions with its DocOne document printing engine and validation tool. DocOne allows dealerships to print loan documents from a standard color laser printer onto plain paper at the point of sale and finance at the dealership location. DocOne also helps ensure that loan documentation is accurate and compliant before reaching the lender for funding consideration. DocOne utilizes Wolters Kluwer Financial Services’ Bankers Systems line of documents, which is built upon more than 50 years of experience and is protected by Wolters Kluwer Financial Services’ industry-leading compliance warranty. DocOne provides data merging and population of these forms through a centralized Web-based delivery source.
“Not only does AppOne automate the finance and credit approval processes, but it also provides forms that are covered by the industry’s leading compliance warranty to document every marine and RV loan,” said Deborah Nunnally, senior vice president of fulfillment at Bank of America’s Dealer Financial Services unit. “Current and accurate loan documents that can be easily reviewed and processed help increase efficiency and improve the dealer/lender experience.”
“Our relationship with Bank of America provides great opportunity for marine and RV dealers to simplify the lending process,” said Lee Domingue, CEO of indirect lending at Wolters Kluwer Financial Services. “Dealers working with Bank of America are now able to more easily connect with this lender through the AppOne platform, which helps them serve their customers faster and more efficiently.”
Wolters Kluwer Financial Services announced today (June 17) that it has formed a new indirect lending business unit to strengthen its commitment and expand its reach across the broader indirect lending market.
Over the past two years, Wolters Kluwer Financial Services has been focused on expanding its customizable compliance tools, services and partnerships in the indirect lending space, as well as offering more compliance solutions to marine and RV dealers and the lenders that serve them.
The creation of a dedicated indirect lending group aligns all of Wolters Kluwer Financial Services’ indirect lending offerings within one business unit. These offerings include:
- AppOne – A process patent-pending technology that automates indirect lending, credit approval and compliance processes for auto, marine and RV dealers and lenders.
- CompliSource – A solution comprised of modules containing comprehensive information about the current laws and pending legislation related to specific areas of indirect lending.
- DMSOne – A web-based dealership management system and portal specifically designed for independent auto dealers.
- DocOne – A document printing engine and compliance validation tool that makes the finance process easier for dealers by providing data merging and population of compliant forms.
- Electronic and paper contracts – A complete selection of forms and documents that support the financing of motor vehicles and goods and services, such as watercraft, recreational vehicles and major appliances.
- RefundOne – A patent-pending, integrated credit application and tax preparation service tailored to meet the needs of the automotive dealership market.
Wolters Kluwer Financial Services has named Lee Domingue CEO of indirect lending. His team will include Brad Fleener, director of product development; Chris Herndon, COO; Kevin Kopp, director of market management; Param Ramakrishnan, chief technology officer; and Daniel Willis, lender development manager.
“There is great need in the indirect lending market for tools that can simplify the various aspects of regulatory compliance-particularly in the current marketplace where many businesses are required to do more with less resources,” said Ken Newton, executive vice president of banking at Wolters Kluwer Financial Services. “The creation of this business unit will enable increased focus to deliver the right compliance and risk management solutions for customers.”
Wolters Kluwer Financial Services provides compliance, content and technology services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP Mortgage Solutions, PCi, AppOne, GainsKeeper, Capital Changes, NILS, AuthenticWeb and Uniform Forms. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of $4.9 billion and approximately 20,000 employees worldwide.