Nowlake Technology Partners with Informed.IQ on AI Origination Solution

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LOS ANGELES–() – Nowlake Technology and Informed.IQ announce the launch of an origins automation solution that fully automates the collection, analysis and financing of auto loan applications.

Informed.IQ analyzes each auto loan application file, first categorizing all data and documents submitted by the consumer and identifying additional sources of income for multi-income applicants. The solution will then verify the correctness of the documents, analyze the information on the documents and match them to the entries on the credit applications, all without any human intervention. If any defects are detected in the application package, such as documents that are not within the date range, Informed.IQ contacts the applicant on behalf of the dealership and Westlake to gather additional information. The technology can even help mitigate fraud by comparing the document to a known fraud database.

“Informed.IQ’s technology accurately calculates income and verifies proof of residence, proof of identity and insurance,” said Kyle Dietrich, senior vice president of origins at Westlake Financial. “This technology will exponentially improve our financing time and service levels for our dealerships while increasing Westlake’s scalability to process auto loan contracts.”

Nowlake and Informed.IQ have been collaborating on technology for three years. Currently, 70% of Westlake loan documents are cleared using AI technology. Westlake expects this percentage to rise to 90% by the end of 2021. “Informed.IQ technology has helped us reduce the average funding time by over 50% with the funding time on. faster now within an hour of receiving the offer, ”Dietrich added.

“Nowlake and Informed.IQ have worked closely for several years to provide automation and hands-off funding,” said Justin Wickett, CEO of Informed.IQ. “The goal of the partnership is to fully automate the analysis and financing of consumers’ auto financing requests at different points in their journey: at the time of online requests, at dealerships when dealers submit financing requests, at the time of subscription, or at the time of financing. ”

Nowlake Technology is the parent company of Westlake Financial. Westlake Financial is a full spectrum indirect auto finance company that works with franchisees and independent dealers nationwide. The Westlake program offers dealers rates as low as 1.99% and financing times as fast as 1 hour. Dealers interested in registering with Westlake Financial are encouraged to contact Westlake directly at 1.888.893.7937 or online at www.westlakefinancial.com.

About Westlake Technology Holdings

About Westlake Technology Holdings: Westlake Technology Holdings is an automotive and financial technology company based in Los Angeles, California, with approximately $ 12.14 billion in assets under management. Westlake Financial (“Westlake”) is the originator of indirect auto retail contracts through a nationwide network of new and used auto and powersports dealers. Westlake also offers loan portfolio purchases, credit facilities and portfolio services through its ALPS (Advanced Lending & Portfolio Services) division, www.WestlakeALPS.com; lines of credit for floor plans are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; auto loans shared through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada-based auto lender; indirect auto leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); potential customers and direct-to-consumer auto loans are offered through Westlake Direct; consumer securities loans are offered through Westlake’s wholly-owned subsidiary, Loan Center, www.loancenter.com; and commercial real estate loans are offered by Westlake Capital Finance.

www.WestlakeFinancial.com

For more information on Nowlake, contact:

David Goff

Vice President, Marketing

[email protected]

About Informed.IQ

Informed.IQ’s AI analyzes consumer credit claims in real time, automating the validation of the claim against consumer submitted documentation and authorized online data sources. Informed performs income and asset calculations in real time and according to the lender’s policies, clears stipulations such as residency, insurance, etc. and clears the funding request. Click here to view a video demo of our product showing how we facilitate the collection of data from applicants and use it to make decisions in accordance with the policies and procedures of a financial institution.

https://informed.iq/

For more information on Informed.IQ, contact:

Magdalena Yesil

Crew member

[email protected]

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