PHILADELPHIA — VINTek announced today that it has signed on its 2,500th lender for its VintekTIME collateral management technology.

The program, which provides lenders with an automated virtual title department, also integrates with the company’s direct-to-consumer loan servicing platform that allows borrowers to electronically access and sign loan documents as well as view DMV documents.

VINtekTIME processes paper and paperless titles, or electronic lien and title “in a unified system, reducing the work for users and enabling exceptions to be flagged and quickly corrected,” officials noted.

Commenting on the company’s latest achievement, Larry Highbloom, president of VINtek, said, “Having almost doubled our customer base in the past two years is a huge accomplishment for the VINtek team.

“ELT continues to contribute to our growth as state governments realize the cost savings for departments of motor vehicles and implement state-wide programs. Beyond ELT, each of our products take a part of the auto lending process and makes it more streamlined and less time-intensive. We look forward to offering these benefits to the next 2,500 lenders,” he continued.

Also of note, states' DMV rules are incorporated into the application, which lowers the risk of non-compliance and reduces the need for staff to research DMV regulations, the company pointed out. 

Why is the company’s client base growing so quickly? VINtek officials credit the increased implementation of ELT by state DMV’s across the country for some of its recent expansion.

Eleven states have already implemented voluntary ELT programs, and five have passed legislation that require most, if not all automotive lenders to participate in the electronic title process, the company explained.