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Reduced Turnaround Time and Increased Productivity:
Major Finance Company
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| SITUATION:
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Vice president of credit, major construction and transportation lender
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| CRITICAL ISSUES:
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- Lender desires to reduce turnaround time on 2,500 monthly applications.
- Lender wants to maintain a high-quality portfolio.
- Lender wishes to increase the productivity of the credit department.
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| REASONS:
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- Lender has to check credit references via phone calls and fax requests.
- Lender needs to respond quickly to dealers to maintain satisfaction and a high service level.
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| PAYNET:
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- We provided access to credit history reports via the Internet to eliminate the faxes and phone calls for credit references.
- We provided training to the credit staff on use of the credit history reports.
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| RESULT:
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- Lender realized a 40 percent decrease in turnaround time to dealer.
- The faster response enabled the lender to capture more dealer originations, which resulted in $50 million additional loan volume.
- Reducing the time spent processing credit applications by half saved $260,000 per year.
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