CPS speeds funding with quicker verifications | Auto Finance News CPS speeds funding with quicker verifications | Auto Finance News
Auto Finance News
Subscribe
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Wednesday, March 3, 2021
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

CPS speeds funding with quicker verifications

Bianca Chan by Bianca Chan
September 6, 2019
in Management
Reading Time: 2min read

Consumer Portfolio Services can verify loan information more reliably with the help of an upgraded system, SVP of Sales Curt Powell told Auto Finance News.

The original data feed was continually interrupted because it was “not compatible” with the pace and volume of information coming in, Powell said. After moving the feed to more dedicated and higher-volume servers, CPS has been able to scale while capturing the data more reliably. The completeness of the data also improved, Powell said, adding that “maybe 40% of the prior records had full employment and income data, and that number is now closer to 70%.”

In fact, CPS modified parts of its loan-decisioning logic so that data points — such as full-time or part-time status, working permits and background documents — could be accepted or denied based on certain patterns. In other words, some data coming from third parties for job time and income is acceptable to use even if it’s incomplete. “We have found it usable without all these pieces and some data we need the full picture in order to accept it into our decision logic,” Powell explained.

A major push for Irvine, Calif.-based CPS this year is to speed the loan funding process while maintaining disciplined verification procedures. Already, the lender has shaved off 0.3 days, or 20%, from funding time compared with last year.

Looking forward, CPS is working to enhance its internal modeling with artificial intelligence to further streamline the verification process. “We are able to model ‘like’ job types and determine average incomes for certain job types,” Powell said, adding if the customer fits a certain employment type and has other credit and payment characteristics, the volume of verifications could decline. “In other words, verify more thoroughly on higher risk loans and spend less time on better profile loans,” he said.

Don’t miss your chance to save on registration to the 19th Annual Auto Finance Summit returning to Las Vegas, October 28-30. Early registration ends Friday, September 13. Register now at www.autofinancesummit.com.

Tags: automated verificationsConsumer Portfolio Servicesdecision logic
Previous Post

FICO launches score to gauge driver risk

Next Post

Honda breaks sales record

Related Posts

TrueCar forecasts 16M SAAR in 2021 
Management

Work-from-home, e-commerce trends to continue through ’22, executives say

February 26, 2021
40-year public policy vet joins Tricolor Auto board, and other staff moves
Management

40-year public policy vet joins Tricolor Auto board, and other staff moves

February 23, 2021
Honda appoints Japan R&D chief Toshihiro Mibe as new CEO
Management

Honda appoints Japan R&D chief Toshihiro Mibe as new CEO

February 19, 2021
Next Post
Honda Finance injects $1B into ABS market

Honda breaks sales record

By subscribing you agree to our Terms of Use and Privacy Policy

Latest Magazine Issue

INNOVATION & TECHNOLOGY

Volvo to go electric-only and shift sales online from 2030

Volvo to go electric-only and shift sales online from 2030

March 2, 2021
Digital lending lags despite consumer expectations

Digital lending lags despite consumer expectations

February 22, 2021

CORONAVIRUS

Q4 brings positive delinquencies, mixed originations for auto finance

Q4 brings positive delinquencies, mixed originations for auto finance

March 2, 2021
Carvana enjoys Q4 hike in finance GPU, origination volume

Carvana enjoys Q4 hike in finance GPU, origination volume

March 1, 2021

SPONSORED

Collateral Protection Insurance (CPI): What is CPI and what does it do?

Collateral Protection Insurance (CPI): What is CPI and what does it do?

January 8, 2021
US auto sales poised for crash after slowest pace in a decade

Driving Customer Loyalty, Retention After Total Loss

December 9, 2020
When tough times hit, proactive strategies pay

When tough times hit, proactive strategies pay

November 2, 2020

About

ABOUT US

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Contact Us

ADVERTISE

HELP CENTER

EMAIL SIGN UP 

Follow Us

twitter twitter linkedin podcast

©2021 Royal Media & Auto Finance News

No Result
View All Result
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • Excellence
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings
    • Securitizations
    • Market Share Monitor
  • +PLUS
  • SUBSCRIBE
  • Log In / Account

© 2020 Royal Media

Go to mobile version