Approve Engine : Massively scalable platform for financing auto loans

Challenge overview

Auto refinance is a high stakes market as auto loan balances continue a six-year upward trend, growing of New York. The complex process of auto refinance requires an agent to access & manage information from diverse sources. That may involve customer leads, customer credit history, vehicle pay off, vehicle valuation, auto warranty, GAP, lenders, digital signatures, document generation, and the like. It also requires a CRM tool & Communication System (Phone, SMS & email) to man- age various steps in the process and to handle customer communication, document management, and profile development.


Another challenge for TechFabric was that each AutoApprove lending partner had a different set of criteria for applicants. 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. 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.

Industry
Automotive
Introduction
AutoApprove assists consumers in applying to lenders to refinance a credit balance on a prior purchase of a motor vehicle which includes automobiles, motorcycles, RVs. Boats and ATVs. Their lender network consists of banks, finance companies, and credit unions across the country. The company matches each applicant with the best lender and credit offer(s) to lower their interest rate or reduce their monthly payments or both.
The Solution
The volume of loans and automobiles refinanced depends on the number of lenders in the system. One project imperative was to make it easy to onboard more lenders. Working with TechFabric, the team set out to develop an “Approve Engine” application. The application integrates with many third-party external systems (Lending Tree, Equifax, DocuSign, etc.), enabling agents to manage an end-to-end financial approval process using just one integrated system. Today, the system can scale and integrate with as many 3rd parties as required giving AutoApprove the ability to expand to new horizons quickly.
The Results
Using the new Approve Engine, AutoApprove almost doubled the number of loans they were closing per month without having to increase the number of agents.
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“We knew we had to automate our manual processes and having TechFabric working hand in glove with our own IT talent was instrumental in enabling AutoApprove to bring our unique programs to market in the desired timeframe.”

Auto Approve
Approve Engine : Massively scalable platform for financing auto loans

Solutions

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. 

Similarly, “AutoApprove” was able to enforce AutoApprove’s best practices (for Lead management/Agent Management/ Queue Management) within the system. The system automatically monitors the communication between Agents and Customers, provides performance insights and triggers incentives. It eliminates the need to manage the workload of Agents and also opened up the possibility of Advanced Dashboards & Advanced Notifications, allowing AutoApprove management to closely monitor their entire operations and provides higher visibility and control of the overall process. 


Results

Results

Using the new Approve Engine, AutoApprove almost doubled the number of loans they were closing per month. The system also eliminated the manual work for agents, thereby improving the overall cycle time for closing loans. 

Approve Engine resulted in not only improving the bottom line for AutoApprove but also resulted in improving other vital factors like security (SSL encryption and multifactor authentication), efficiency, productivity, visibility, control, and scalability empowering AutoApprove to expand its footprint in the Auto Refinance Industry. 

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. 


Technologies Used:

.NET Core
AngularJS
Azure
C#
Pulumi
Selenium
Service Fabric
SQL Server
Typescript

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