Grow Your Business While Mitigating Risk
After hitting an all-time low during the 2008 financial collapse, the automotive industry is hot again. As auto sales continue to rise and lenders experience higher rates of return on their investments, now is an optimal time for those looking to re-enter or expand into the indirect lending market. However, as lenders begin to take on significantly greater volumes, their risk of non-compliance also increases.
With the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB) placing significant regulatory burdens on lenders within the next few years, now is an ideal time to begin preparing. A good starting point is to review your existing compliance documentation and processes to ensure they satisfy all current state and federal requirements before even more changes come your way.
Auto Lending: Big Opportunity, Big Risk
Grow your auto financing business and keep risk in check.
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Wolters Kluwer Financial Services can help you prepare for what lies ahead. Our comprehensive Indirect Lending solutions include:
- Bankers Systems Retail Installment Contracts provides both lenders and dealerships with warranted, compliant contracts and ancillary documents through a range of preprinted, E-form and software solutions.
- AppOne® streamlines and automates the traditional tasks of credit application processing, credit decisioning and the printing of clean and compliant loan contracts and documents.
- AppOne® RMS helps mitigate regulatory compliance risk and fraud from indirect auto lending operations by providing services such as due diligence and underwriting; dealer F&I services; and documentation services.
- CompliSource online research tool provides fast access to practical explanations of state-specific legislation in all 51 U.S. jurisdictions to help you meet and keep pace with changing regulatory environments.
