What does Informed do for Recreational Vehicle (RV) Lending?
Informed speeds up the loan process and reduces bias for RV lenders through Artificial Intelligence (AI) and machine learning technology. A real-time underwriting and funding process greatly improves the consumer experience which is even more important in a rising interest rate environment.
Reducing Friction in the RV Lending Process
RV lenders are leveraging AI and machine learning to decision and fund consumer credit applications in real-time with higher accuracy, in a compliant and auditable fashion while decreasing bias and reducing error rates. Real-Time verification of consumer documents improves speed and accuracy.
Reducing friction in the RV lending process is important not only to consumers, but also to lenders and dealers. Leading RV dealers and lenders are discovering that they can offer faster, easier, and more secure customer experiences simply by leveraging their mobile phones.
Banks Are Shifting Focus to Income Verification Controls
Further improving the experience is the automated validation of dealer documents. Everything from the RISC, VSC, GAP waiver, odometer statement, book out sheet, etc can be checked for accuracy against lender’s specific funding rules. And, with the prevalence of fraud and collections increasing, banks are focusing on income verification controls. Dealers can verify identity at onboarding and lenders can verify and authenticate income which mitigates fraud and decreases credit risk. And, capture rates increase, contracts in transit times decrease and dealers get paid faster.