âWe maintain an on-going dialog with our clients, so whenever we see an opportunity to make valuable enhancements, weâre nimble enough to rapidly refine our product to meet their evolving needs,â said Andy Wilson, VantageILM CEO. âThese latest upgrades allow lenders to be even more efficient with collections, and help increase the success of collecting on past due accounts, which directly impacts our clientsâ bottom lines.â
New list management features give lenders more tools to control when and which collectors should make calls to which customers. The collections process is more automated than before, allowing collection managers the option of building call lists to match a broad range of collection scenarios and then automatically assigning the lists to collectors or teams. Assignments can be made for a full loan life cycle or may be dynamically reassigned based on the status of the loan. Collection managers can build one-time call lists or build recurring lists that automatically generate call queues based on dates and account statuses.
Another new feature that will help collectors communicate more effectively with customers is the capability to assign multi-lingual correspondence by jurisdiction. This upgrade allows clients to upload and catalog their welcome letters as well as delinquency and repossession letters in various languages and by jurisdiction. Once set up, lenders can specify the preferred language and the appropriate state for each customer, and the system will automatically generate the correspondence accordingly.
Driveway Financial and Tracker Recovery, both independent automotive lenders that specialize in creative programs for a variety of credit tiers, will soon be using all the features offered by VantageILM. âIâve been in the lending business for 25 years, and VantageILM is the first platform Iâve found that effectively integrates every phase of the lending process in one application,â said Dick Hollinger, president of Driveway Financial. âVantageILM really represents the next generation loan management system with its ability to accommodate, quickly and easily, both direct and indirect origination processes. Iâm also impressed with the systemâs flexibility, which allows them to respond to requests for product enhancement quickly rather than having to wait months for the next major release.â