Industry experts discuss income verification and the future of lending in this roundtable discussion. The panel features Betty Jotanovic, president of Chrysler Capital and auto relationships at Santander; Charles Whittaker, chief product officer at Avant; and Jessica Gonzalez, director of lending strategy at InformedIQ.
InformedIQ data shows that 41% of loan applicants understate their income while 38% overstate their income. In a tightening economy, income verification becomes more important to consumers and lenders as it impacts access to credit and financing. Better understanding of these income discrepancies early in the auto loan application process will result in an increase in loan conversions. The earlier a lender has an accurate picture of an applicant’s creditworthiness, the more the lender wins.
During this roundtable, experts discuss:
- How to avoid a 90% increase in delinquency within the first 60 days due to income being overstated versus matched income and mitigated fraud claims;
- How financial institutions are using artificial intelligence to process loans, vet borrowers and target credit offers; and
- Why speed to market is critical in being able to offer an end-to-end solution in an agile environment, while considering recession planning.
Auto Finance Summit East, Auto Finance News’ new spring event, is set for May 10-12 at the JW Marriott Nashville featuring a fireside chat with Peter Muriungi, CEO of Chase Auto. Visit autofinance.live.
Source : AutoFinanceNews
