Auto-Refinance Company Doubles Loans Processed without Adding Agents
Automotive
Auto Approve Engine
AutoApprove helps consumers refinance their vehicle loans by connecting them with a nationwide network of lenders, including banks, finance companies, and credit unions. We find the best lenders and credit offers to lower interest rates and reduce monthly payments.
Tech Stack & Solutions
React JS
Azure
UI/UX
Service Fabric
Logic Apps
Angular JS
Cosmos DB
.NET Core
Highlights
Challenge
Create a new refinance platform for Loan Consultants
Auto refinance is a high stakes market as auto loan balances continue a six-year upward trend, growing by $23 billion in the second quarter of 2017 alone, according to the Federal Reserve Bank of New York.
AutoApprove wanted to be the firm people turned to first when exploring a refinance. Several problems appeared while managing their CRM. It required the agents to interact with multiple third-party applications/websites.
Key Areas To Remedy:
Lead Information Access & Management
CRM & Communication Integrations
Document Management & Profile Development
Preferred Lending Partner Management
Strategy
Build A Modern Repossession Engine
The fundamental process needed agents to enter information from the CRM to make a request manually; once the information was available, they then had to update it in the CRM manually. Agents also had to manually create PDF documents from templates and manage data external data (outside the CRM) in Excel files.
Managers also were tracking & managing reports in Excel outside the CRM. Automating the system would significantly accelerate the approval process while reducing the risk inherent in all manual processes.
Automate A 2-3 Day Manual Process
Incoming Lead
Assign To Loan
Perform Soft Pull Credit Check
Create Refi Deal
Vehicle Evaluation & Lender Search
Loan Approval
Prepare Loan Docs
Finalize Funding
Complete Title
Solution
The AutoApprove Engine
Our loan and vehicle refinancing volume depends on the number of lenders in our system. To make onboarding more lenders easier, we worked with TechFabric to develop the 'Approve Engine' application. This app seamlessly integrates with third-party systems like Lending Tree, Equifax, and DocuSign, streamlining the approval process. Now, our system can scale and integrate with as many third parties as needed, allowing AutoApprove to expand rapidly.
Solution - Scalability
Power BI To Future-Proofed For Scale Rescue
The Approve Engine was architected and designed with an eye to “future-proofing” the application and was built using a Microservices Architecture on the Microsoft Azure Cloud with a No-SQL Database allowing the application to scale up with AutoApprove’s business needs without risk of performance issues regardless of the number of agents using the system or increased loan volume.
Ingest
The lead data enters the Auto Engine and is assigned
Lead Contact
A Loan Consultant contacts the refi lead with a soft credit check
Vehicle Data
Approve Engine automatically pulls vehicle data from 3rd party
Title Completion
Refi deal is sent to the Loan Processor for Title & Funding
APIs Included
NADA
Route One
CUDL
MeridianLink
LendingTree
MyAutoLoan
Interstate
Speedship
UPS
DocuSign
RingCentral
Solution - Key Factors
Making The Best Refi Match
To automate this process, TechFabric implemented a rules-based auto-response, driven by lender and rate. TechFabric needed to deliver to the AutoApprove loan consultants the criteria and information from the lender ecosystem that represented the best financing solutions for the customer that would reduce their payment or interest rate or both.
The system automatically responds to a lead, displaying for the AutoApprove loan consultant the rate or loan amount for which the customer or lead is eligible. The newly automated system manages the contracts and helps the agent walk the customers through the whole lifecycle process -- automating the loan application and documentation process and the purchase of warranties and other ancillary products.
Key Features
Integrated Communication Channels
Efficient Customer-Agent Communication
Communication history Tracking
System Best Practices
Automated Communication Monitoring
Automated Agent Workload Management
Advanced Dashboards & Notifications
Increased Visibility & Control For Operations
results
The ROI Is Simple
The system automated manual processes, improved data storage, and provided customizable dashboards and reporting for decision-making. Approve Engine enhanced AutoApprove's bottom line, security, efficiency, productivity, visibility, control, and scalability, paving the way for industry expansion.
2x
Number of loans closed per month
4+
Key manual workflows replaced with automation
What the client had to say about the project.
Ryan Laos
COO, SWBC
“We knew we had to automate our manual processes and having TechFabric working hand in glove with our IT talent was instrumental in enabling AutoApprove to bring our unique programs to market in the desired timeframe.”
key takeaway
Automation Transforms Cycle Time
For the consumer, TechFabric and AutoApprove were able to deliver an approval process that is much faster and easier, and that resulted not only in the savings sought but also a very positive buying experience as expressed on popular review sites.
Let’s build something amazing.
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