CASE STUDY

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
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Strategy
Tailor workflows & technology to serve internal operations
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Solution
Completely new web application built with new tech
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Results
3x increase in refinanced loans using the same personnel
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Let’s build something great together

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Challenge

High Stakes Market with Complex Processes

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
  1. Incoming Lead
  2. Assign To Loan
  3. Perform Soft Pull Credit Check
  4. Create Refi Deal
  5. Vehicle Evaluation & Lender Search
  6. Loan Approval
  7. Prepare Loan Docs
  8. Finalize Funding
  9. 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.

FTM Logo
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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