- How is FIData able to approve loans in seconds?
- Is the V4 Instant Loan Decision used only by web
borrowers?
- Are V4 and Call Center services always implemented
together?
- Is the FIData call center available for overflow
traffic only?
- When using the call center, won't my borrowers
think they've reached an answering service?
- What services are offered through the E-Care and
Lending Call Center?
- Why do I need a live online chat option on my web
site?
- If a loan is approved by your automated system
are we committed to issuing the loan?
- What happens if a loan is denied in error?
- What method(s) are used by V4 to send the applicant's
information to your financial institution?
- How long does it take to get the system set up
for our use?
- Do we need to purchase any additional hardware
or software to implement FIData Instant Loan Decision Solution?
- What kind of customization options do I have when
I set up?
- I understand that FIData can use our client database
file for verification. How can this help me?
- Can FIData be linked to our in-house data processing
systems so existing loan applications are pre-filled and new applications
automatically imported?
- How will signatures be handled for applications?
- How much will it cost to use the V4 Instant Loan
Decision Solutions at my institution?
- What kind of loans does FIData’s V4-Instant
Online Loan Decision Solution support?
1. How is FIData
able to approve loans in seconds?
Working closely with our client-partners, we automate underwriting
criteria to reflect each institution's unique lending guidelines
and philosophy. The V4 Instant Loan Decision Solution uses these
criteria, along with a credit report from any major bureau, that
is accessed and analyzed in seconds, to generate a loan decision
in less than a minute.
Using powerful, secure web-based software, the system performs
checks and calculations, including debt-to-income calculations,
in a matter of seconds. The FIData system is incredibly fast, fully
automated, and accessible 24-hours a day, 365 days a year. And,
the underwriting criteria in the system can be changed easily at
any time to reflect changes in your institution's lending policies
or other factors.
2. Is the V4 Instant
Loan Decision used only by web borrowers?
No, V4 can be used by different types of users. Clearly, one of
the most powerful uses for V4 is to provide instant online loan
approval to your borrowers. This is a compelling service that few
lenders can offer and, experience has shown, it is a service that
consumers really appreciate. That's why approximately 80% of the
loans approved by V4 are closed by the lender. Contrast that statistic
to Internet lending in general, where closure rates of less than
15% are common.
But, aside from web borrowers, V4 is also an excellent tool for
front and back office personnel to use in your institution. Your
staff can give instant loan approval to callers or to new patrons
opening their first account at your institution. Auto dealers, retailers
and other lending partners can use V4 to get access to your underwriting
rules, quickly and efficiently. In essence, V4 automates your lending
rules and then uses the Internet to safely "publish" these
rules to anyone who needs to see them, with your permission, of
course.
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3. Are V4 and
Call Center services always implemented together?
The two services work extremely well together, but they can be implemented
separately as well.
4. Is the FIData
call center available for overflow traffic only?
Our call center is available as much as you need. It can be used
as a backup for your heavy call times or as your complete call center
solution.
5. When using
the call center, won't my borrowers think they've reached an answering
service?
Absolutely not, all FIData products are privately labeled (branded
with your identity). If a borrower reaches our call center by phone,
fax, email or online chat, it looks and sounds like your institution.
After all, we're an extension of your service.
6. What services
are offered through the E-Care and Lending Call Center?
Call Center services are designed to provide multiple layers of
support and assistance to your online and offline borrowers, using
a variety of communication channels: telephone, email, fax and live
online chat. The Call Center stands ready to assist your online
borrowers and users of V4. But for those borrowers who prefer traditional
channels, the Call Center can provide assistance and take applications
by phone or fax. Once applications are taken, the Call Center can
process them in different ways depending upon the service level
chosen by the lender. Applications can be simply forwarded to the
institution, or they can be underwritten by V4 and/or trained loan
officers.
The hours of operation of the Call Center are also customized to
meet the lender's needs. The Call Center can help handle workload
during the normal business day and during times of heavy call volumes.
It can also serve as a 24 X 365 outsourced lending center for your
institution.
7. Why do I need
a live online chat option on my web site?
Some borrowers only have one phone line. Asking them to hang up
and make a phone call may be an inconvenience. Furthermore, some
borrowers are more comfortable chatting online about a loan application
than speaking with a loan representative directly. Using live chat
does not terminate the online application process, it is a great
way to quickly and efficiently answer an applicant's questions,
allowing them to complete the application. The key issue is this:
to have happier borrowers and to close more loans, serve the needs
of the borrower on their terms, as quickly as you can. Live online
chat adds the all-important service dimension that is missing in
too many web sites. Live online chat provides you with a competitive
advantage that few other online lenders offer.
8. If a loan is
approved by your automated system are we committed to issuing the
loan?
Once a loan application is submitted, V4 automatically accesses
the credit bureau report and the application is reviewed according
to your specific loan guidelines.
If the application meets your guidelines, the applicant is given
a customized message that the request is approved. Yet, you control
the final approval for ALL loan applications and reserve the right
to override any automated decision based upon disclaimers or verification
of application information.
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9. What happens
if a loan is denied in error?
The V4 Instant Loan Decision system never denies a loan request.
If the loan cannot be approved based on the information submitted
in the application, the borrower is referred directly to one of
your loan staff for more information and follow up. Alternatively,
your institution can use FIData's E-Care and Lending Call Center
to review all of the non-approved applications handled by V4. Call
Center personnel can apply your customized review procedures and
policies to determine if the application qualifies for approval.
In either case you are in complete control of the automated loan
review process and its outcome.
10. What method(s)
are used by V4 to send the applicant's information to your financial
institution?
The system sends the applicant's loan application (including a summary
page identifying the decision that was rendered), along with the
credit bureau report, to your financial institution in one of three
ways:
- Fax
- HTML-formatted, digitally encrypted email (requires a digital
ID)
- Direct Post to an HTTPS secured web page (for use with integrating
into your current data processing system.)
FIData also works with financial institution and their data processors
to provide for direct import of credit applications into host processing
systems.
11. How long
does it take to get the system set up for our use?
You can be set up with the V4 Instant Loan Decision Solution and
Lending Call Center in as little as 7 to 14 days from the time we
receive your completed installation guide, loan policies and sup
"live" services only after implementation and testing
have been completed to the lender's satisfaction.
12. Do we need
to purchase any additional hardware or software to implement FIData
Instant Loan Decision Solution?
No. You interact with V4 via the Internet, all you need is a computer
with web access and reasonably modern browser software. There's
no special hardware or software required and all program updates
occur automatically since the software resides on our servers.
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13. What kind
of customization options do I have when I set up?
V4 is the most customizable and user-friendly systems of its kind.
It is designed to match your existing lending rules, application
content and processes rather than you adjusting to fit our system.
It offers you a wealth of customization possibilities for your
specific financial institution's underwriting guidelines. Some of
these include: debt-to-income ratio(s), credit score, tier-based
or risk-based rate structure, down-payment requirements, loan terms,
minimum and maximum loan amounts, integration of your logo and color
scheme, choices of custom background images and many more possibilities.
In addition, you may include customized credit insurance information
and disclosures that appear on-screen before the applicant submits
the loan application. You provide customized loan approval and referral
text that explains to a borrower the next step to take once the
loan decision has been made.
V4 can be customized to offer different "process flows"
for different types of users. Web borrowers would view a different
set of screens than your front or back office personnel might see.
These variable process flows allow you to display your automated
underwriting system to different users in different ways, based
on your business requirements.
14. I understand
that FIData can use our client database file for verification. How
can this help me?
If your financial institution chooses to provide a client database
file to us, the FIData Instant Loan Decision Solution can verify
eligibility and grant access to only those accounts listed in your
data file. This would eliminate V4 access to those applicants that
are not currently patrons of your financial institution.
Also, utilizing your client database allows our system to automatically
complete several of the demographic fields on the loan application
and save the applicant time. This is an optional feature that FIData
provides to you FREE of charge.
15. Can FIData
be linked to our in-house data processing systems so existing loan
applications are pre-filled and new applications automatically imported?
Yes. FIData is currently working with several financial industry
data processing vendors to build interfaces that will allow FIData
to communicate with in-house systems. These interfaces will allow
FIData to forward application data to a financial institution's
host system and be automatically entered into the loan application
processing system.
FIData offers other alternatives, as well. Our systems are designed
to receive and output data in XML format from virtually any data
processing or document preparation system. We can post data to an
HTTPS secured web page that your financial institution hosts or
designates. This allows you or one of your vendors to capture the
data our application is sending in a digital format and to eliminate
re-keying of any data.
16. How will
signatures be handled for applications?
Our V4 Instant Loan Decision Solution is an online underwriting
tool to approve or refer loans very quickly. The process of closing
loans remains completely under your control and discretion. In the
future we will support digital signatures and online forms as our
clients and regulators adopt standards for their use.
17. How much
will it cost to use the V4 Instant Loan Decision Solutions at my
institution?
The cost for adding V4 and Call Center services, together or separately,
is extremely affordable. A pricing structure has been established
to allow institutions of all sizes to benefit from these services.
V4 services are available for a modest implementation charge plus
a transaction cost per each loan decision rendered. The price per
decision is based on the volume used by the institution. V4 pricing
essentially allows the institution to "lease" the power
of the software, rather than the usual method, which requires the
purchasing of computer hardware and software and the hiring and
training of personnel to use and maintain them. Due to FIData's
pricing structure, V4 saves operating expenses in amounts equal
to or greater than the cost to use it! Plus, V4 will never be obsolete,
and it functions perfectly well on all kinds of personal computers
of varying age, processing power and storage capacity.
E-Care and Lending Call Center services are also available with
a modest implementation fee coupled with transaction costs for the
type of service provided. Once again, the services are priced in
a way that allows the institution to outsource these services for
far less cost than it would require to provide these same services
on an in-house basis.
For more specific information, send an email quote request to Doug_Charles@fidata.com
or call (770) 218-4693 and ask for a customized price quote.
18. What kind of loans does FIData’s
V4-Instant Online Loan Decision Solution support?
V4 can be used to underwrite and automatically apply a rules-based
decisioning process to a wealth of products and services. Some of
these include:
- New and Used Automobiles
- New and Used Vehicles of any kind
- Home Improvements
- Home Equity
- Unsecured
- Credit Card
- Mortgage Borrower Qualifications
- Aircraft Loans
- Deposit and Transaction Accounts and Services (debit cards,
overdraft protection accounts, brokerage accounts)
- and virtually any type of loan or financial product where a
logical application and approval process can be described and
automated.
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