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Don’t Forget These Indirect Lending Best Practices When Evaluating Loan Origination Systems

If you ask any financial institution that’s recently enjoyed success with its indirect lending program, chances are that success will in some way be attributed to the relationships built within that institution’s dealer network. Those relationships involve several key factors – far beyond showing up once a month with donuts and slightly lower rates.
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Top 5 Indirect Lending Mistakes to Avoid

Spring cleaning, most people don't enjoy it (unless you’re obsessive compulsive – not that there’s anything wrong with that), but it’s hard to not enjoy the benefits. Reduced clutter, more opportunity to utilize that free space and a tidier living area – these are the end goals.  Now is also the time to do some spring cleaning or evaluations regarding the efficiency and performance of your indirect lending program. Below, we have provided the five most common mistakes lenders make when operating their indirect lending programs:
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How to Find the Right Loan Origination System to Meet Your Indirect Lending Goals

Any financial institution that invests in its indirect lending program understands how difficult it can be to separate itself from the competition. Besides offering the best rates or dealer incentives, the most successful lenders are often the ones that provide the best service. This often means delivering fast and accurate decisions while dealers are trying to close a sale. That’s why it’s important for financial institutions to rely on loan software technology that pushes them forward rather than holding them back.  Here are a few best practices to consider when evaluating if a loan origination system is the right fit for your financial institution's goals and strategies:
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Top 4 Pitfalls of Loan Software Configuration

Ever feel like your institution isn’t fully utilizing its loan software solution?  Don’t worry, you’re certainly not alone. Regardless of the scope of your direct or indirect lending footprint, institutions routinely turn to teams of business consulting experts to maximize efficiency and uncover new growth opportunities. Loan software configuration is never as simple as a plug-and-play situation you see with setting up a new television or stereo. Your system’s configuration is as much an evolving process as the landscape of the lending industry or the economy in general. To help you properly monitor your current solution or proceed with the configuration of a new platform, here are four very common mistakes to avoid when configuring your loan software solution for peak efficiency and optimal performance:
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Does Your Loan Software Cut the Mustard for Indirect Lending Success?

FACT: most of us have used jargon at some point regardless of how annoying it may be for those on the other end of an explanation or conversation. It’s defined as special words or expressions used by a particular profession or group and are difficult for others to understand. As worn out or sometimes abused as jargon might be, especially in our industry, it’s still used for a reason – it’s convenient and a short cut. One particular example that certainly applies to technology or business processes associated with indirect lending appeared last year on Forbes’ list of most annoying business jargon. It was explaining that something has lots of moving parts. In case you’re wondering, core competency took the top spot on the list.
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How to Leverage Analytics for Better Dealer Management and Indirect Lending

In the indirect lending space for vehicles, building good dealer relationships can be the difference between receiving a steady flow of quality loan applications or getting the scraps. This often involves dropping by once in a while with donuts and maintaining a strong on-going dialogue on how to better work together. However, lenders can also use analytics to gather more insight about their dealers. This insight can help them build better relationships with those dealers that are most beneficial to work with – as well as better manage those that are under-performing. Here are three key areas where analytics can prove to be very beneficial for your dealer management services:
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