Best Practices in Loan Servicing Detailed by Ally, Hyundai Capital, First Associates

The administrative aspects of servicing the life cycle of a loan from origination until pay off has become an industry in and of itself. Banks, captives, and primary loan servicers, all must pay special attention to how they are collecting principal and interest on the loan well after the borrower leaves the dealership. It is also […]
  • Nicole Casperson
  • August 15, 2018
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Defining the Job of BCFP Director

Since I last wrote for Auto Finance Excellence, the Senate held a hearing for Kathleen Kraninger, the White House’s nominee to be the new director of the Bureau of Consumer Financial Protection. For someone as unknown as she is in the financial services community, the consensus seems to be that she held her own in […]
  • Michael Benoit
  • August 9, 2018
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Auto Finance Excellence Relaunches as a New Community for Industry Professionals

Auto Finance Excellence today relaunched as a comprehensive online community and industry resource for best practices and advice for auto lending and leasing professionals. At the new Auto Finance Excellence (www.autofinanceexcellence.org), formerly known as the Center for Auto Finance Excellence industry executives will find insights, ideas, and innovation on the practice of auto finance. The […]
  • Nicole Casperson
  • August 6, 2018
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Ten Years Later: CFPB, the Financial Crisis, What Have We Learned?

I know it’s hard to put an exact date at the beginning of the financial crisis but think most “scholars” would agree things started going south rapidly in the Fall of 2008. A celebratory feeling at this approximately 10-year anniversary mark is likely a stretch, but it’s worth acknowledging what happened, how to prevent or […]
  • Samuel Ellis
  • July 30, 2018
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Kathleen Kraninger Selected to Be Next BCFP Director

PRESS RELEASE — President Donald Trump this week nominated Kathleen “Kathy” Kraninger as the new director of the Bureau of Consumer Financial Protection. Once confirmed by the Senate, Kraninger will replace the bureau’s Acting Director Mick Mulvaney, who also serves as director of the Office of Management and Budget (OMB). Trump named Mulvaney as acting […]
  • American Financial Services Association
  • June 22, 2018
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Will Disparate Impact Auto Finance Claims Disappear?

As of this writing, the Senate has passed a joint resolution under its Congressional Review Act authority disapproving of the Consumer Financial Protection Bureau’s March 2013 auto lending bulletin that addressed discrimination in indirect auto finance transactions. The House is slated to follow suit, and the president is expected to sign it. The joint resolution, […]
  • Michael Benoit & Rick Hackett
  • June 15, 2018
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How E-Signature Technology Can Benefit Lenders

Improving customer satisfaction, mitigating security risks, and lowering costs are important factors for lenders to improve their practices — and in this era of digital distribution, adapting to e-signature technology may be the answer to obtaining these benefits. Greater customer satisfaction serves as a top advantage because it means there’s a higher chance of repeat […]
  • Nicole Casperson
  • June 13, 2018
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How Smaller Lenders Can Improve Their Fraud Teams

DALLAS — As fraudsters continue to grow smarter and increase in activity, auto lenders have to be extra vigilant in keeping a close eye on their operations. From synthetic to impound fraud, the avenues in which lenders can be taken advantage of is growing. And while bigger lenders and banks have the resources to devote […]
  • Matthew Wood
  • May 30, 2018
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The Next TCPA Battle

The Telephone Consumer Protection Act of 1991 (TCPA) was a well-intentioned and early attempt to limit the number of telemarketing calls consumers receive. Among other things, it restricts telephone solicitations (i.e., telemarketing) and the use of so-called “autodialers.” Over the years, it’s been a challenge to determine what equipment is an autodialer and what isn’t. […]
  • Michael Benoit & Michael Goodman
  • May 25, 2018
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