LOS ANGELES -

Born from the close relationship involving Westlake Technology Holdings and Nowcom, Nowlake Technology is continuing to diversify its tech toolbox.

This week, Nowlake and Informed.IQ announced the launch of an originations automation solution that can streamline the collection, analysis and funding of contract applications.

The companies explained that Informed.IQ can analyze each application package, by first classifying all of the data and documents submitted by the consumer and identifying additional income sources for multi-income applicants. The solution then can verify the documents for accuracy, analyze the information on the documents and match it to the inputs on the credit applications all without any human involvement.

If any defects are detected in the application package, such as documents that are out of date range, Informed.IQ can reach out to the applicant on behalf of the dealer and Westlake to gather additional information.

The companies pointed out the technology even can 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 originations with Westlake Financial.

“This technology will exponentially improve our funding time and service levels to our dealers while increasing Westlake’s scalability to process auto loan contracts,” Dietrich continued in a news release that also mentioned Nowlake and Informed.IQ have been collaborating on the technology for three years.

Dietrich pointed out that currently 70% of Westlake contract documents are cleared using the AI technology. Westlake expects this level to jump to 90% by the end of the year.

“Informed.IQ’s technology has helped us lower the average funding time by more than 50% with the fastest funding time now within one hour of receiving the deal package,” Deitrich continued.

Informed.IQ chief executive officer Justin Wickett elaborated about working with Nowlake Technology, which is the parent company of Westlake Financial.

“Nowlake and Informed.IQ have been collaborating closely for several years to provide automation and hands-off funding,” Wickett said. “The goal of the partnership is to fully automate the analysis and funding of consumers' auto financing applications at various points of their journey: at the time of online applications, at the dealerships as dealers submit financing applications, at the point of underwriting, or at the time of funding.”

Nowlake’s latest actions with Informed.IQ arrived about a month after Carsfast formed a strategic partnership with NowLake to enable consumers to buy and finance vehicles through SMS chatbots.