Solutions

Informed Maintains Compliance

Verifications Help Lenders Stay Compliant

Informed’s AI copilot automates lender’s review of key Federal and State compliance obligations. Our compliance verifications use advanced machine-learning techniques to read deal jacket documents and confirm that required disclosures, signatures, and key terms are present. We do this in seconds, as opposed to the usual hours needed for a manual compliance review. In addition, our technology is fast, accurate, and consistent.

The AI Copilot Helps Lenders

  • Check for presence of required loan documents: Car loans require certain disclosures like  Truth in Lending Act disclosures, Odometer Disclosures, and contract cancellation notices. Our AI automatically checks to see if the required documents are present.

     

  • Calculate dealer fees to assure compliance: State laws put a variety of limits on how much lenders can charge for GAP contracts, documentation fees, publication official fees, and other capped charges.  We calculate these for you to see if the fees are compliant.

     

  • Verify identity: We assist in identity checks to support Know-Your-Customer and other  Federal identity requirements, looking at factors like identity matching between documents, and document validity.

     

  • Ensure loan docs have all key provisions: Just because a disclosure is present, doesn’t mean that it is compliant. Our technology scans and analyzes the content of disclosures to determine they meet federal and state requirements. For example:
      • We’ll look at Federal Truth-in-Lending disclosures to verify the presence of  Annual Percentage Rate, Finance Charge, Amount Financed and other key terms;
      • We check to see if required consumer signatures are present on loan documents and if they all match.

Informed Maintains Compliance

The Benefits

Informed makes lenders easier to do business with, resulting in increased market share, improved customer retention and:

Approve applicants quickly, providing a better customer experience

Reduce bias and errors stemming from manual verification processes

Reduce costs by up to 50% compared with legacy VOIE solutions

Developing the real-time risk review of customer data in Informed’s core platform utilizes available on-demand interactive customer contact strategies. This makes operations simpler, faster, and more efficient with better outcomes for lenders and consumers.

Upcoming Webinar: Crossing the chasm into the new digital world: The impact of AI and automation in creating a fully digital auto ecosystem

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