Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that 2012 was a record-setting year for its Automotive Loan Origination System (LOS), with more than 10.8 million loan applications and 3.7 million contracts processed through the company’s auto lending platform. This marks a 31 and 33 percent year-over-year increase for applications and contracts, respectively.
The growth reflects the return to health of the automotive industry that was driven, in part, by renewed consumer demand following the past year’s uptick in the economy. The industry has witnessed the emergence of both established and new lenders vying to meet the needs of growing segments.
“We are seeing continued growth in the sector due to favorable interest rates and pent-up consumer demand, which contributed significantly to the record-setting volumes being supported by our Automotive Loan Origination System,” said Kevin Collins, president, Lending Solutions, Fiserv.
Fiserv technology gives lenders access to robust workflow tools that help them view their borrowers and their auto lending portfolios more holistically. This enables them to make smarter decisions and fund the most appropriate type of loans.“Three key elements are currently driving best-practice use of auto finance technology: third-party collaboration and integration of applications that offer seamless services; eContracting and other digital initiatives that eliminate paper and reduce costs; and business process outsourcing, which delivers high-quality services as an extension of a lender’s business,” Collins added. Automotive Loan Origination System from Fiserv is a comprehensive end-to-end solution for automotive originations, from electronic application capture through efficient credit processing, funding verification, validation and booking of new loans and leases. The system assures a fast and efficient origination process, enforces compliance, mitigates risk and promotes profitable growth by lowering processing costs. Additional Resources:
- Fiserv Automotive Loan Origination System - http://www.autofinance.fiserv.com/automotive_loan_origination_system.aspx