Many flagship credit scoring models are created by sampling a population that represents the spectrum of credit risk within the entire US population. This strategy can work well for lenders with a nationwide footprint. However, lenders that do business in select regions can have significant aberrations in the performance of their model if the model does not consider attributes that account for regional variations.
Change is afoot. Maybe it’s the shifting finance patterns of the Millennial generation that’s causing the fuss, or simple adjustments to consumer buying habits. Regardless, the fact is this: Changes in the way people buy cars and get them financed are impacting both dealers and lenders. These consumer-driven demands for faster, more efficient and personal transactions are causing deep waves of change throughout the entire industry.
“An approximate answer to the right problem is worth a good deal more than an exact answer to an approximate problem.” – John Tukey
Do you wonder if your credit model could be better if it was refit? Knowing when and if to commit to the time and expense of a full model rebuild challenges many lenders. But according to defi SOLUTIONS partner Digital Matrix Systems (DMS), there is an easy solution.
Technology is supposed to be a table at which everyone has a good chair, regardless of budget and expertise. But with so many technology options available, choosing the right ones while maintaining a thriving business can sometimes leave you feeling like you’re about to end up in the wrong house in a Grimm’s fairy tale.
CEO and Founder Stephanie Alsbrooks has often imagined what it would be like to have started defi SOLUTIONS 20 years ago, with the technology available then.
With summer nearing an end and fall just around the corner, she and some of defi’s team members took a nostalgic walk down memory lane, comparing “then and now” processes and technologies.
Here’s some of the leaps and bounds they noted that have been made in that time.
defi FEST 2017 is right around the corner!
This year’s annual client summit takes place from September 19-21 and is kicked off by a Tuesday evening celebration in honor of lending industry veteran Elizabeth Webb, who will be retiring this year. The themed event – titled “It Takes a Village to Raise the Bar” – is offering more sessions, more takeaways, and more opportunities than ever for close collaboration among defi clients, partners, and defi team members.
At an August 2017 webinar, host Nick Zulovich, senior editor at SubPrime Auto Finance News & BHPH Report introduced Randy Spradlin, VP of sales for defi EXCHANGE, who discussed the ins and outs of holding versus selling Buy Here Pay Here auto loan notes.
Randy took an in-depth look at the cash flow, profit, capital requirements and ROI of both options and talked about the top 10 attributes lenders look for in BHPH Portfolios and what dealers can do to make sure their portfolio sells on defi EXCHANGE for top dollar.
defi SOLUTIONS Chief Product Officer Kartheek Veeravalli has earned a spot in this year’s Auto Remarketing annual list of “Remarketing & Used-Car Industry’s 40 Under 40.”
This annual award recognizes individuals under the age of 40 in the auto industry who are in leadership positions and making a huge impact at their company and in the business at large.
From day one, defi SOLUTIONS has been all about community and collaboration. Mutually beneficial collaboration is at the core of who we are as a company and forms the foundation of the defi Preferred Integration Partner (PIP) program.
“It’s all about working together,” said Patty Jefferson, defi vendor relationship manager. “Evolving based on what has worked well, and not so well. And facilitating great relationships that empower our clients and partners and giving both access to one another through powerful integrations.”
We recently provided a defi Tune-Up for a long-time lender and managed to save them hours in their work day. What’s a defi Tune-Up? It’s one of the many services we provide our clients to make sure they’re getting the most mileage out of the defi SOLUTIONS loan origination software.