eContracting has made it so indirect auto lenders can process contracts and fund their dealers faster. Unfortunately, many dealers haven’t given up the paper contracting habit yet, so lenders must find ways to beef up their contract processing on two fronts.
It can be a challenge for lenders to deliver faster funding for paper contract packages, especially if their in-house operations are set up for a certain level of processing volume.
Lending institutions can find themselves understaffed for peak car buying season, but reluctant to scale up permanently knowing that their loan volume will ebb and flow. Still, lenders must find a way to receive contracts, accurately enter all the data into their system, finalize the funding package, get the package through review and approval, and store all of the paperwork for the appropriate period.
The resources required for this process vary depending on the size of the lender, but the workload fluctuates regularly either way.
So how can a lending institution maximize their resources to keep loans processed efficiently?
One solution that many lenders turn to is a partnership with outside experts who can handle the contract submission workflow and help lenders stay flexible and improve their efficiency and profitability. This support team can facilitate both paper and eContract processing to give lenders optimum workflow year ‘round.