Wolters Kluwer Financial Services announced today its AppOne lender network members, Georgia’s Own and MB Financial Bank are experiencing strong growth in their indirect lending programs serving marine, power sports and recreational vehicle dealers. AppOne, an indirect loan origination platform, provides lenders with an online portal for issuing, receiving and processing compliant loan applications directly from dealers.
“Before implementing AppOne we had a closed loop finance process where dealers submitted loan documentation by fax,” said Charles Schaefer, senior vice president of Indirect Lending at MB Financial Bank. “Processing loan applications this way was labor intensive and stretched the capacity of our indirect lending team. Our marine, motorcycle, and powersports originations have grown by over 50 percent this year so it is very important to have an online platform that could assist with that growth.”
AppOne simplifies indirect originations by providing a consolidated platform to lenders and dealers to manage the loan process from application to funding. Lenders are able to create federal and state compliant loan packages to their specific requirements and share them with AppOne’s dealer network of more than 2,000 dealers. Dealers are able to transfer required information directly from their dealer management systems (DMS) to AppOne and submit loan packages directly to the lender.
“AppOne’s consolidated document library and originations platform simplified the application process for our marine and recreational vehicle dealers and made it easier for our originations team to process the loan requests,” said Ken Brehm, vice president of Consumer Lending at Georgia’s Own. “Previously, we processed around 22 loans a month. In the first year of using AppOne we grew our loan portfolio 135 percent and expanded our dealer network.”
The electronic flow of information improves productivity for both lenders and dealers by reducing data entry, improving data capture and reducing loan approval times. AppOne gives lenders the confidence they are receiving federal and state compliant loan packages from dealers, as all AppOne documents are warranted by Wolters Kluwer Financial Services. In return, lenders are able to process more loans knowing applications are complete, accurate and compliant.