As of September 30, 2016, Reynolds and Reynolds has purchased the indirect lending solutions, including its AppOne software, risk mitigation services and Bankers Systems® Indirect Lending documents from Wolters Kluwer Financial Services.
Many financial institutions do not have sufficient internal staff or the expertise necessary to work with independent auto dealers to grow their book of indirect loans. Reynolds offers lenders an experienced and knowledgeable team of auto finance experts skilled in executing the indirect lending process as a part of our AppOne Risk Mitigation Services.
AppOne Risk Mitigation Services ensures your institution receives clean funding packages that help meet your lending guidelines and stipulations by providing end-to-end management of the independent dealer loan origination process through the AppOne technology platform and dealer network.
Reduce Risk and Fraud
AppOne Risk Mitigation Services’ processes are designed to lessen business and regulatory compliance risk and fraud from your indirect auto lending operations by providing the following risk mitigation services:
Every Indirect Loan Transaction Is Managed to Your Requirements
- Dealership due diligence and underwriting — our RECON underwriting process mitigates the risk of dealership fraud. All dealers must go through an extensive underwriting process using our proprietary risk scoring system prior to being approved as an AppOne dealer. We conduct a thorough set of credit and background checks, require a personal guaranty from each dealer and conduct site visits and annual reviews.
- Dealer F&I services — we assist dealers with lender program training and rehashing and structuring of deals to ensure lender’s guidelines and requirements are stringently applied.
- Vigilant Documentation services — our staff receives all funding packages from the dealers, performs fraud checks and ensures clean funding packages are sent to each lender. We perform all of the comprehensive screens and checks you expect from your internal resources, including:
- Identity verification.
- OFAC screening.
- CARFAX® check.
- Contract review and validation.
- Identity authentication.
- Tracking and monitoring of any suspicious activity.
- Verification of lender stipulations — we perform all funding package audits and verifications to help meet each lender’s requirements.
- Produce loan documents.
- Conduct Red Flags Audits.
Our team of indirect auto lending experts provides end-to-end dealer relationship management, handling all of the details of loan transactions and ensuring every condition and stipulation is rigorously met to your satisfaction. Our experienced staff provides the following functions for AppOne Risk Mitigation Services customers:
- Contract funding escrow and disbursement — we fully manage the flow of funds between lenders and dealerships.
- Lien perfection — we research titles and release contract proceeds to dealers upon lien verification.
- Reserves and chargeback management — we process and manage loan exceptions and chargebacks to help meet policies and procedures.