Partnership Further Accelerates CPS's
Digital Transformation as Rapidly Growing FinTech Company with New
Turn-key AI Solution to Better Fund Loans, Faster
LAS
VEGAS and SAN
FRANCISCO, Sept. 6, 2022 /PRNewswire/
-- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) ("CPS"),
continuing their focus on artificial intelligence and machine
learning, partnered with Informed.IQ to automatically calculate
income, collect and clear credit stipulations and dealer docs,
creating a better dealer and consumer experience throughout the
auto lending process. Informed is the leader in AI-based software
used by the nation's largest financial institutions to automate
loan verifications.
CPS is focused on prioritizing its operational strategy and
approach to auto lending, with initiatives embracing new
technologies to provide best-in-class service to its clients.
Increasing data accuracy helps reduce any bias in lending and opens
doors to a more inclusive set of borrowers.
"Our whole business is based on artificial intelligence and
machine learning, from credit to servicing," said Mike Lavin, Chief Operating Officer with CPS.
"Adding Informed.IQ to the equation enables us to handle larger
origination volume, increase no-touch processing, more easily
identify loan document defects and ultimately better support our
customers to fund faster."
Using Informed's digital tools and machine learning solutions to
collect and classify documents, extract data, compare information,
calculate income and check for fraud, CPS will reduce time, bias,
costs, contracts in transit and fraud risk while being
audit-ready.
Justin Wickett, Informed CEO
adds, "At a time of heightened regulatory scrutiny and focus on
underwriting and credit biases in lending, we are especially
pleased to be working with CPS as they embrace AI and machine
learning to continue their mission to serve the full spectrum
market, enhancing their market competitiveness, while staying
compliant and reducing fraud."
Informed's technology is a major step in a digital
transformation initiative going beyond image recognition, by
verifying the document's contents and validating the loan
processors' manual checklists.
About Informed.IQ
Informed.IQ uses AI and ML to verify income, assets, residence,
insurance, auto and credit stipulations, enabling real-time,
reliable credit decisions without bias. Our models process hundreds
of document types and consumer-permissioned data sources,
automating stipulation clearance. In 2021, Informed processed 3.4+
million credit applications, automating $110+ billion in loan
originations to date. The solution automates verifications with 99%
accuracy in seconds without human intervention.
Originally focused on auto lending, where six of the top ten
auto lenders use Informed, lenders now use Informed for mortgages,
credit cards, personal and student loans, and automated account
openings. Founded in 2016, Informed.IQ raised $20M in 2021. To learn more, visit
informed.iq and follow Informed on LinkedIn.
About Consumer Portfolio
Services
Consumer Portfolio Services is an independent specialty
FinTech that provides indirect automobile financing to individuals
with past credit problems, low incomes or limited credit histories.
We purchase retail installment sales contracts primarily from
franchised automobile dealerships secured by late model used
vehicles and, to a lesser extent, new vehicles. We fund these
contract purchases on a long-term basis primarily through the
securitization markets and service the contracts over their lives.
Our operational headquarters are in Irvine, California with four additional
servicing branches in Nevada,
Virginia, Florida and Illinois.
Since operations began in 1991 through June 30, 2022, we've purchased over $19.1 billion in contracts. As of June 30, 2022 we service a total managed
portfolio of ~$2.6 billion with
~162,000 active customers and 799 employees in our branches in five
states. We maintain dealer relationships in 48 states. Our common
stock is traded on the NASDAQ National Market System under the
ticker "CPSS.
View original
content:https://www.prnewswire.com/news-releases/consumer-portfolio-services-chooses-informediq-to-streamline-auto-lending-301615809.html
SOURCE InformedIQ