Teledata Communications, a provider of loan origination solutions for credit unions, banks and finance companies, has expanded its partnership with Dealertrack to enable its network of lenders to increase the speed, accuracy and efficiency of their automotive paper contract processing and funding operation by turning it completely digital.
This expanded partnership integrates TCI’s DecisionLender 4 loan origination system (LOS) with Dealertrack’s Digital Document Services to enable expedited funding by replacing lenders’ time-consuming paper processing operation with a consistent, streamlined digital workflow that guarantees same-day turnaround and 99 percent data accuracy for all funding packages received each day.
This new integration in DecisionLender 4 enables a paperless digital contracting solution for all of TCI’s auto lenders, helping them expedite funding, keeping their own operational costs in check, and enhancing their dealer relationships by supporting their free cash flow need.
“Through our long-standing partnership with Dealertrack, which enables real-time auto loan decisions for our lender clients, we view this expanded integration to digitize contract packages as the next evolution in our lenders’ best-in-class dealer service journey,” said Bill Nass, president and founder of TCI. “Dealers want lenders funding contracts as fast as possible. By taking all paper funding packages to a same-day turnaround digital delivery model — no matter the volume — this integration allows our lenders to do just that. When lenders adopt the paper-to-digital process, they see complete contract data needed to approve the loan in their LOS, and dealers see contracts approved and funded faster, which keeps their free cash flowing.”