Nowadays, managing a collection system and a recovery system separately proves difficult, according to a webinar hosted by FICO yesterday. Keeping two systems has become harder to defend when a single system lowers labor costs and is more efficient, FICO said. There are many similarities between collection and recovery systems,Read More

As more millennials enter the car-buying market, it becomes an integral part of any lender’s business plan to enhance mobility efforts to meet consumer technology demand. Mobile apps have penetrated virtually every industry there is, from food delivery services to online dating. Financial services, and auto finance in particular, areRead More

There was some variation in what data was considered alternative, according to FactorTrust’s Alternative Data Survey Results. Overall, the definition of alternative data was quite unanimous as “credit related data not found on the traditional three credit reports,” according to the June survey. For example, FactorTrust, LexisNexis, Clarity, TransUnion L2C, TransUnion TLO,Read More

The key to closing the gap and establishing trust between dealers and lenders is technology, said Theodore Papailion, director of value engineering at eOriginal, during a webinar called “How to Enhance Vehicle Finance Processes and Operations” hosted by eOriginal. The paper process during a transaction is a challenge lenders faceRead More

Consumer Financial Protection Bureau exams are typically dreaded across the industry, but Calvin Hagins, the Bureau’s deputy assistant director for originations, said lenders “should look forward to them,” during a panel discussion at the 2017 Auto Finance Risk & Compliance Summit. The exams are an opportunity for the CFPB to learnRead More

Used-vehicle prices have been on a wild ride lately, but will dropping prices be a positive sign for the economy? The answer is “barely yes,” according to William Strauss, senior economist and advisor for the Federal Reserve Bank of Chicago. “In fact, I would get nervous if we started to seeRead More

Communication is key with respect to the compulsory process, said Colin Hector, an attorney at the Federal Trade Commission (FTC), during a panel at the Auto Finance Risk & Compliance Summit last month. When the FTC was created in 1914, its purpose was to prevent unfair methods of competition in commerce as part ofRead More