Western Funding Inc. launched an automated underwriting system resulting in 50% faster funding to dealerships, the company’s President Guerin Senter told Auto Finance News Tuesday.
Western Funding began development of the automated system in January and it was made available to the Las Vegas-based lender’s 1,000 dealer partners on May 3.
After tracking the dealership’s funding time after the new system was implemented, Western Funding “identified a 50% average reduction,” which could be a reduction to two days from four or to five days from 10, depending on the dealer, he said.
The system provides automated queues and workflows to improve deal processing, management, and verification. The queue-based approach “means the next steps in the process of underwriting a deal aren’t started until previous steps are completed,” he said. “Anybody can log into the system at any time and see the status of a deal and how long it’s been held in each stage of the queue.”
Western Funding anticipates the new system to at least double financing volume, he added.
