Wolters Kluwer Financial Services will switch its AppOne indirect loan-origination platform to a totally electronic system by the third quarter, David Mitchell, business development manager for indirect lending, told Auto Finance News.
The current version of AppOne allows a consumer to sign the required documentation electronically, once a deal is approved. However, a paper document submission is required for the final credit application, the retail installment contract, and all supporting or ancillary documents before funding can occur, Mitchell said. The new system will speed the process and eliminate the need for a back-and-forth exchange between the dealer and lender via fax or mail, Mitchell added.
Separately, Wolters Kluwer has seen more indirect lending activity in the powersports industry, and the firm is focused on serving that market, a spokesman previously told AFN. Since 2010, Wolters Kluwer has had a 50% increase year over year in the volume of powersports applications flowing through the AppOne system, Mitchell said. “In 2015, we saw over 35,000 applications into our system just for powersports,” he added.
Wolters Kluwer Financial Services is a software provider specializing in risk and compliance solutions. The company currently offers services to three powersports lenders — two of which offer subprime financing — and 1,200 authorized dealers. The company projects to onboard three more lenders and about 500 more dealers by the end of 2016, Mitchell said.
This story originally appeared in Auto Finance News Update. Subscribe to receive more exclusive stories in your inbox.