background

Roadrunner Financial Aims to Double Originations in 2018

Near-prime lender Roadrunner Financial is seeking to double the total originations earned year over year, Mark Davidson, head of sales, told Powersports Finance.

Roadrunner is already on pace to complete this goal, which has been caused in part by new data that has been collected over the last several years, validating their credit models and allowing the company to “see what’s really happening,” Davidson explained.

“What this is allowing us to do is identify the customers who are trying to build credit that we are lending responsibly to because we don’t want to lend to just anyone,” he said. “And it’s allowing us to do that likes this [snaps fingers] when, historically, it would have taken several highly trained underwriters trying to figure out if this is a good responsible loan.”

While he did not disclose the originations total from 2017, the company was “pretty happy” with how it performed last year, he said.

“Granted, we had a lot of controls on keeping originations suppressed,” Davidson explained. “We’re a credit-first organization. What we don’t want to do is run out and drive a billion dollars in originations and then go ‘Oh my god, I didn’t see this blind spot’ and all of a sudden our entire world blows up.”

New York-based Roadrunner currently makes loans for consumers with as low as a 580 Fico score and works with 21 manufacturers and more than 1,500 dealerships.

1 - Reader Likes This Article