Step one is simple: Whatever your loan application source, (auto, doctor's office, furniture store, home repair), whatever your channel, we have an internet connection! Receive a loan application from any source including: the DecisionLender portal, DealerTrack, RouteOne, a merchant's point of sale system or your internet web site. Our integrated eProcessing system is compatible with a wide range of application sources.
2. DecisionLender Collects Data
DecisionLender automatically prepares a file according to your credit policies. Third party data such as credit bureau, auto valuation, ID verification, or OFAC data is pulled and all calculations such as DTI and LTV are calculated your way. If you desire the application can be automatically decisioned whether auto approved or declined and an instantaneous decision transmitted to the loan source. Or, the file can be sent to a queue for underwriter review.
3. Fully automated decisioning for instant response or routing to a priority underwriting queue
The loan originator works the file to ensure your lending criteria and stipulations are met. The score card tab highlights any loan deficiencies. From this point the underwriter can view the credit report, utilize the trade line editor to eliminate medical debt or make any other adjustments to make the deal fit within your guidelines. "What if" scenarios can be used to make counter offers and an audit trail is captured of how the file was worked.
4. Offer with Stips Transmitted to Merchant or borrower
Loan originator quickly and easily appends all necessary stipulations to the offer and returns an offer electronically, with stips clearly indicated, to the merchant or borrower - no cumbersome faxing, no shuffling and transmitting of paper. Loans can be closed quickly and efficiently, while customer is onsite and ready to buy!
5. Electronic document package Package Automatically Populated and Sent for Signature
TCI's eProcessing includes Wolters Kluwer compliant loan package (optional), or it can work seamlessly with your own custom loan package. Simultaneously with the offer, the loan package -- including all correct corresponding forms for that lending channel -- is automatically populated with complete, correct information (not entered by a third party!), and electronically transmitted for signature. Utilizing a Wolters Kluwer contract forms package assures you of greater compliancy, they monitor all forms for government changes, therefore, everything is up-to-date. Because all forms are stored electronically, the correct forms are always sent to dealers and retailers, reducing the waste and expense of paper forms.
6. Loan package signed at any location
With our innovative eSignature process, the loan package can be electronically signed at the customer's convenience, at any location - the merchant's office, at their own home, on any mobile device. A co-signer/co-borrower can be at a third location. After identity verification, the borrower enters the signing room and is "walked through" each step, which assures that all forms in the loan package are completed correctly. The vault updates the status of the signing process-borrower has entered signing room, documents are partially signed and a notification that the loan package is completed. With our automated and secure eSignature platform, a verifiable and legally enforceable signature is captured on every required document in the loan.
7. Merchant Returns Stips via e-Fax or e-Docs
eFaxing eliminates the receipt of paper faxes and the need to route paper to particular files/departments or enter data manually. Utilizing our 2-D barcode process, all stipulation documents are electronically returned from the merchant via eFax. eFaxing routes and posts the documents for review directly to the loan application. All missing stips are highlighted and with electronic messaging, the dealer can be informed of any discrepancies. Everything is handy, organized and ready for immediate review.
8. Funding File Review / Approved
As you review the file, you can be assured all information is complete and accurate. Any missing stipulation is shown as open. Because the borrower cannot proceed through the eSignature process without signing in every required location, and since they cannot make any changes to the documents, the loan package is completed correctly, the first time. Therefore, our eProcessing reduces the margin of human error and expedites the loan approval process. After determining that all the stipulations and the loan package is complete, the dealer is notified that the loan is being funded. Funding information is sent to the servicing system.
9. Approved Loan Package Exported to Servicing System for ACH of Funds to Merchant
Once exported to the servicing system, the approved loan is finalized and funds are "ACH'ed" to the merchant. The deal is closed - the merchant has funds, lender begins earning interest, customer enjoys product - everyone is satisfied with a rapid, secure, compliant and audit documented process.
Today’s lending marketplace is a crowded and competitive place. TCI’s eCelerate® is the fully paperless differentiator that gives lenders a cost-effective and customer-satisfying edge