Context
Amplifi Lending offers financing options for recreational purchases such as RVs, boats, trailers etc. Working with dealerships, the company aims to provide easy to use, fast and responsive lending options for its customers.
Dealer relationships are an important part of their business. To keep the flow of applications moving from submission to credit review, underwriting, and offer, the process needed to be expedited so dealers can give their customers an answer without unnecessary delays.
As application volume continued to grow at an alarming rate, Amplifi Lending needed a reliable way to improve the application process. To accomplish this goal, Amplifi Lending wanted to establish a direct relationship with its dealership network and automate routine tasks associated with evaluating each application, without adding more manual work for the lending team.
Problem
There were several steps involved in processing a dealer application. The information moved across different systems, while the team manually conducted credit checks, appraised collateral, performed underwriting, and drafted offers. So, processing large volumes of applications resulted in slower decision making.
The key challenges included:
- No automated method to capture dealer applications directly and integrate into lending workflow
- Manually retrieve credit reports for both applicants and co-applicants
- Separate lookups to determine the value of RVs and boats
- Applying credit policies and underwriting rules manually
- Spending time preparing and sending offers back to dealers
- A separate process to verify borrower income if additional verification required
Solution
Amplifi Lending teamed up with Cloud Maven, Inc. to automate their application-to-offer workflow. Once the dealer submits the application via AppOne, it gets automatically transferred into the company's lending platform. Any data necessary to evaluate the application is automatically retrieved and processed.
The key capabilities include:
- Direct integration with AppOne for dealer applications intake
- Automated credit checks for applicants and co-applicants
- Automatic valuation of RVs and boats through a direct link with NADA
- A decision engine that applies Amplifi Lending’s credit policy and underwriting rules
- Automatic generation of offers based on the underwriting decision
- Delivery of offers to the dealer by email and through AppOne
- Conditional income verification through Plaid when required by the underwriting rules
Income verification that kicks in automatically when needed. The Plaid request goes to the dealer along with the offer. If the verified income differs from what was reported, the system reevaluates the application and sends an updated offer to the dealer.
Implementation
Cloud Maven, Inc translated all of Amplifi Lending's existing credit policies, underwriting requirements, and offer rules into system-driven logic. Our team then integrated external systems so the required information could move through the workflow. This eliminated the need for staff members to enter data multiple times or manually coordinate each step.
Results
Amplifi Lending moved from a process that relied on several manual steps and separate systems to an automated workflow so it can take a dealer application through underwriting and offer creation.
Key outcomes include:
- Dealer applications flow directly into the lending process without any duplicate data entry
- Instant credit and collateral information retrieval without needing separate manual lookups
- Underwriting rules apply uniformly across all submitted applications
- Once the required information is received from dealer, decisions and offers are made instantly
- Income checks happen quietly in the background, and offers update on their own if the numbers change
- Dealers experience faster turnaround times and fewer communications with the lending staff
- The company processes more applications without creating additional manual labor for employees
