Oct. 6, 2016 Atlanta and GRAPEVINE, Texas. CEDAR Document Technologies (CEDAR), the experts in auto finance online web/mobile loan servicing and multichannel document delivery, and defi SOLUTIONS (defi), the leading browser-based loan origination system (LOS), announce the rollout of a new service for vehicle lenders.
The new service offers seamless integration to securely create and automate email delivery of Adverse Action letters. For lenders, this integration offers a lower-cost method of automatically processing mandatory compliance letters efficiently and securely.
Adverse Action compliance letters are a standard part of auto lenders’ ongoing compliance requirements. Auto lenders today can spend $2 or more for each non-approved applicant on processing, paper, envelopes, postage and other delivery costs. This cost adds up quickly and the process is inefficient and outdated.
“Minimizing lender cost and pain around Adverse Action letter processing has been a mission of mine for over 15 years. Sending so many letters is environmentally wasteful and receiving them is a confusing and negative experience for consumers. I am thrilled to team up with CEDAR to turn this goal into a success for defi lenders!”
Georgine Muntz, COO
CEDAR’s deep knowledge of auto finance loan servicing, electronic document creation, storage, processing, and delivery coupled with defi’s expertise in auto lending origination technology made for an ideal vendor partnership that has enabled this industry leading opportunity for auto lenders.
“With defi, letters will be generated automatically with the loan decision and securely sent to CEDAR either to mail or email, based on the consumers’ communication preferences. CEDAR is excited to expand its offerings to auto lenders beyond the fully integrated borrower web/mobile portal it offers for servicing auto loan consumers,” said Tom Womble, VP Account Services at CEDAR. “This is a big win for both lenders and consumers.”
About CEDAR Document Technologies (CEDAR)
CEDAR Document Technologies is a leading provider of hosted/managed direct to consumer (D2C) servicing and payment solutions. CEDAR’s D2C services include a suite of digital and print services for account communications, transaction history, payments, and profile/preference management. Most importantly, the CEDAR D2C platform provides a single source for all consumer activity for customers, marketing and support personnel. www.cedardoc.com
About defi SOLUTIONS
defi SOLUTIONS provides the only leading edge, browser-based loan origination system (LOS) that is completely configurable by lenders. The defi system allows auto lenders to manage the application lifecycle from a single, highly flexible platform. The defi LOS is affordable, scalable and easily accessible from mobile devices. For more information, visit defi SOLUTIONS at www.defiSOLUTIONS.com