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eCeltic
You must be aware that an auto financing process starts with filling out an application form at a dealership. Next the loan applications are normally faxed and sent to a number of finance companies for them to sanction the loan. Then counter proposals, conditional loan approvals, denials or acceptance notifications are again faxed back to the dealership. So overall it’s a very lengthy process. Don’t you think it could have been more effective if these loan applications were either scanned or entered electronically into an online document management solution so that they could be sent back and forth electronically rather than via fax?
Security is manifold in an online DMS (Document Management Software). Most trusted online doc
ument management services take great efforts to make sure that their hosting sites utilize the highest levels of system and data security. Documents stored at hosting sites are protected from unauthorized access both from within and outside of the hosting site firewall.
Once a loan has been approved and funded, the application and all accompanying documents need to be stored with the original loan application. These accompanying documents can be extensive, including proof of income, proof of home ownership, vehicle titles, vehicle insurance policies, credit reports and vehicle valuations. Getting access to all these documents electronically will certainly benefit lenders.
Approved loans then enter the servicing phase and again all documents and notes associated with payment records and notes history need to be stored with the other loan documents. These documents can also include collections and collateral recovery documents should the loan ever become delinquent. Don't forget all of the documentation needed to document the details of bad loans which require chargeback to either the lender or the dealership. All of this documentation could be stored and accessed much more efficiently if an online document hosting service was utilized. Source: ezinearticles.com
Security is manifold in an online DMS (Document Management Software). Most trusted online doc
ument management services take great efforts to make sure that their hosting sites utilize the highest levels of system and data security. Documents stored at hosting sites are protected from unauthorized access both from within and outside of the hosting site firewall.
Once a loan has been approved and funded, the application and all accompanying documents need to be stored with the original loan application. These accompanying documents can be extensive, including proof of income, proof of home ownership, vehicle titles, vehicle insurance policies, credit reports and vehicle valuations. Getting access to all these documents electronically will certainly benefit lenders.
Approved loans then enter the servicing phase and again all documents and notes associated with payment records and notes history need to be stored with the other loan documents. These documents can also include collections and collateral recovery documents should the loan ever become delinquent. Don't forget all of the documentation needed to document the details of bad loans which require chargeback to either the lender or the dealership. All of this documentation could be stored and accessed much more efficiently if an online document hosting service was utilized. Source: ezinearticles.com
