Point Predictive Launches AutoPass

By Staff Writer August 03, 2022

Point Predictive, the San Diego-based company that provides artificial intelligence solutions to lenders, launched its newest product, AutoPass, which allows auto lenders to approve or decline decisions on a loan application based solely on the likelihood of fraud or material misrepresentation. AutoPass customers can expect to automate 30% to 70% of application decisions while reducing defaults due to fraud by 40% to 60%. Streamlining low-risk applications provides for faster funding, reduced origination cost, and an improved experience for both borrowers and dealers.

“Having the ability to auto-decision both low-risk and high-risk auto loan applications helps our customers reduce the cost of loan origination as well as decrease losses due to fraud, which leads directly to increased profits,” said Tim Grace, co-founder and CEO of Point Predictive. “AutoPass is a huge step forward in increasing automation, improving loan pull-through and cost-effectively rooting out fraud and misrepresentation. It enables auto lenders to leverage technology and AI to make better, streamlined decisions and reduce costs to fund a more profitable portfolio of loans.”

AutoPass leverages the depth and breadth of the Point Predictive data consortium and is purpose-built for risk management and loan application decision automation. The data consortium is built using information from more than 120 million auto lending applications and provides insight into the hidden risk of fraud and default. It includes more than 12 billion risk attributes and data from applications associated with more than $4.5 billion in confirmed early payment default.

AutoPass identifies low-risk applicants for streamlined processing, favorable pricing, and other credit terms or credit-based incentives (such as a reduction in down payment requirements). It can also be used in conjunction with credit scores to refine credit strategies.

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Last modified on Monday, 08 August 2022 09:48