Nowlake Launches Originations Automation Tool

By Staff Writer April 06, 2021

Nowlake Technology and Informed.IQ announce the launch of an originations automation solution that fully automates the collection, analysis, and funding of auto loan applications.

Informed.IQ analyzes each auto loan application package, by first classifying all of the data and documents submitted by the consumer and identifying additional income sources for multi-income applicants. The solution will then verify the documents for accuracy, analyze the information on the documents, and match it to the inputs on the credit applications all without any human involvement. If any defects are detected in the application package, such as documents that are out of date range, Informed.IQ reaches out to the applicant on behalf of the dealer and Westlake to gather additional information. The technology can even help mitigate fraud by comparing the document to a known fraud database.

“Informed.IQ’s technology accurately calculates income, and verifies proof of residence, proof of identity, and insurance,” said Kyle Dietrich, SVP of originations with Westlake Financial. “This technology will improve our funding time and service levels to our dealers while increasing Westlake’s scalability to process auto loan contracts.”

Nowlake and Informed.IQ have been collaborating on the technology for three years. Currently 70%  of Westlake loan documents are cleared using the AI technology. Westlake expects this to jump to 90%  by the end of 2021.

“Informed.IQ’s technology has helped us lower the average funding time by more than 50% with the fastest funding time now within 1 hour of receiving the deal package,” added Dietrich.

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Last modified on Wednesday, 07 April 2021 20:10