How eContracting is Changing Indirect Lending
Do you ever wonder why it sometimes can take weeks for loan documents to arrive at your credit union after a deal was contracted? Many of these delays are caused by missing documents and signatures or incorrect customer information and loan figures.
Funding delays can result in headaches for your members and credit union. Members are often forced to make trips back to the dealership to re-sign paperwork and your credit union must work quickly to book the new loan and generate a welcome packet for your member before their first payment comes due.
One way to minimize these delays is through the use of eContracting. Digital (electronic) contracting, has gained a lot of popularity in recent years due to the convenience and accuracy it provides for dealerships, customers and lenders.
eContracting is available on RouteOne and DealerTrack. The intuitive system automatically populates customer information and loan figures from the selling dealer’s DMS (Dealer Management System) onto the selected lienholder’s required documents. Borrowers sign the loan documents online using a signature pad, tablet, or smart phone. The signatures are authenticated, and a funding packet is generated and sent securely to the lienholder. The system will not allow a deal to be finalized if there are blank documents, numerical or typographical errors, or missing signatures, which helps to minimize funding delays caused by human error.
As technology advances, consumers have come to expect smoother and faster transactions and will show loyalty to companies who meet these expectations. eContracting provides borrowers with a smooth buying process, strengthening the relationship between borrower and credit union by showing them that their time is valuable. These positive first impressions promote member loyalty and repeat business. Click here for more tools to enhance member convenience.
About KLA Keystone Lending Alliance prioritizes convenience and accuracy for our credit unions, borrowers and dealerships and are excited to announce the addition of eContracting on Route One and DealerTrack. If you would like to learn more about eContracting, or our proven credit union solutions, give us a call at 724-934-3394. Our management team would love to discuss these options further with you to see if they would be a good fit for your credit union’s needs.
Keystone Lending Alliance, LLC 6021 Wallace Road Ext. Suite 100 Wexford, PA 15090 724-934-3394 (p) | 724-934-3389 (f) www.keystonelendingalliance.com