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Westlake to underwrite mortgages for dealerships

Westlake Technology Holdings is establishing itself as a financier for dealerships “on all levels” with a program to provide commercial real estate loans to auto dealers, Group President Ian Anderson announced in a press release this week. The program, called Westlake Capital Finance, is the Los Angeles-based lender’s newest business venture to become a holistic […]

Beneath the surface: The lurking cybersecurity threat

Nine seconds. That’s all the time it took to hack the Department of Defense’s weapons system. Whether a government entity, a captive financier, a midsized bank, or a small credit union — every company has become dependent on a vast and expanding digital infrastructure. That infrastructure, in turn, has made businesses vulnerable to cybercriminals and […]

Westlake likely to take over SNAAC servicing

Westlake Portfolio Management will likely be tapped to handle servicing for Security National Automobile Acceptance Co.’s portfolio, Auto Finance News has learned. SNAAC announced yesterday that it will shutter operations this month. No firm details were given regarding the third-party servicer, but Westlake Portfolio Management has been ramping up business, reaching more than $500 million […]

BREAKING: SNAAC to shut down this month

Security National Automotive Acceptance Co. (SNAAC) will stop purchasing auto contracts and liquidate its portfolio after 30 years in the business, Auto Finance News has learned. The lender will accept applications through Aug. 12 and purchase contracts through Aug. 19, the lender told AFN in an email. "The risk-adjusted returns in today’s market do not […]

SNAAC’s SVP of servicing joins AFS speaker faculty

Auto Finance News is proud to welcome Chris Mitcham, senior vice president of servicing at Security National Automotive Acceptance Co. (SNAAC), to the speaker faculty at the 19th annual Auto Finance Summit, which will take place at the Bellagio in Las Vegas on Oct. 28-30. You can find the full agenda here. Mitcham will give […]

SNAAC Rolls Out Origination System to Speed Up Funding

Security National Automotive Acceptance Co. began rolling out a new origination system to dealers last month in an effort to further hasten the funding process and provide more flexibility to deals, President and Chief Executive Grant Skeens told Auto Finance News. “We’re converting from an old home-grown system that we have outgrown, and we’re enhancing […]
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