Application volume at Westlake Financial Services shot up 50% in March — to 690,000 applications — thanks to pass-through agreements that have “ramped up” in the past 18 months, said Senior Vice President of Sales and Marketing Mark Vazquez.
Westlake inked its third pass-through arrangement, with a subprime lender, last month. For the quarter, Westlake has received 370,000 applications from its pass-through partners, up from 100,000 in the first quarter of 2018, Vazquez said.
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Automated decisioning helps Westlake manage the higher volume. “We’re very proud of the fact that 100% of our applications are automated decisions, whether it be a turndown or approval,” Vazquez said.
As such, the company is “definitely in the market for more relationships that want to pass applications over to us,” he said, noting that Westlake can decision loans all along the credit spectrum.
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