Jacksonville, FL: LAUNCHER.SOLUTIONS (Launcher), a technology provider specializing in loan originations, has enhanced its integrated access to CARFAX® Vehicle History Reports™ inside its core product, appTRAKER Loan Origination System. Lenders now have access to a robust suite of CARFAX data products for vehicles before executing a loan, protecting both the lender and the potential borrower.
Launcher’s appTRAKER Loan Origination System (“LOS”) was designed for lenders looking for a more efficient way to consume data during the origination process to build a stronger portfolio. Every aspect of the system, including collateral assessment, is carefully aligned with the lender’s goals in mind. Using the vehicle identification number (VIN) or license plate information, lenders consume CARFAX data that helps them identify potentially dangerous and costly issues that can potentially lower a vehicle’s value by up to 50 percent, lead to costly repairs, and increase the risk of loan default.
Launcher’s appTRAKER LOS now provides instant access for lenders to a robust suite of CARFAX products including:
- Vehicle Title Report – used to identify the last known titling state and possible lienholders on the title. VTR includes valuable information such as title records, registration records, liens recorded on the title, liens identified by the lienholders, and odometer readings and an estimate of current mileage.
- Demographic Information – contains basic information about the vehicle tied to the VIN, including the year/make/model, information on most recent titling and ownership location plus the estimated current odometer reading. This is all used to confirm that the correct vehicle has been identified.
- Potential Problem Indicator File – delivers insight into specific vehicle history events that can impact a vehicle’s value or operational integrity. Eliminates manual processes like VIN submission and report retrieval. The file also delivers critical information including salvage, flood, and lemon title brands, odometer rollbacks, last reported odometer reading, and accident information.
- History-based Value – Provides insight into history events affecting vehicle’s value such as service history, personal vehicle, damage brand, and actual mileage. History-Based Value also includes comprehensive installed features such as airbags, electronic braking systems, rearview camera, etc. Lenders use History-Based Value to protect borrowers from overpaying, improve lending with better loan to value ratios, prioritize collections based on resale value, and prevent powerbooking.
“An important piece of the origination process is the ability to accurately assess a vehicle’s value as collateral,” said Nikh Nath, President of Launcher. “Our new enhanced integration with CARFAX provides full access to any data point our Lending customers may require.”
The concept of lenders reviewing vehicle data prior to making a loan decision is not a new one, but many lenders still leave out this important part when underwriting a loan. The integration partnership between Launcher and CARFAX gives lenders additional ammo in their artillery by allowing them to analyze every aspect of a deal to make the best holistic decision on every loan originated.
LAUNCHER.SOLUTIONS is a technology products and services company built on the foundation of care, understanding, innovation, and speed. It specializes in loan origination for subprime/nearprime automotive lending institutions, regional banks, and credit unions. Its product offerings include appTRAKER LOS for indirect automotive lending as well as consumer direct lending and leasing, myDEALER.CARE dealer relationship management system, and myACCOUNT.CARE customer self-service and communication solution. LAUNCHER.SOLUTIONS has service offerings aimed at helping its clients with projects related to data analytics, data integration, telephony, and custom web development. Learn more at http://www.launcher.solutions or call 877.5LNCHER. Follow LAUNCHER.SOLUTIONS on LinkedIn at https://www.linkedin.com/company/launcher.solutions.
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