VINtek to Provide Title-Management Services to Major Lender
PHILADELPHIA — VINtek announced Thursday that it added a nationwide lender as a new client, as the company has been chosen by Drive Financial to provide title-management services.
"We selected VINtek as our new title management provider because of its record of accurately managing both paper-based and paperless vehicle collateral," stated Carolyn Prater, vice president of originations.
"Its business process outsource title management solution enables us to maintain high levels of title perfection to mitigate risk and ensure our security interest, something that is especially important since we provide automotive financing to non-prime borrowers," she continued. "We can do all this with VINtek while simultaneously reducing our operating costs."
Larry Highbloom, president of VINtek, added: "In the current economic environment, lenders need to be increasingly diligent about the status of their liens because delinquencies and repossessions are projected to increase.
"When sourcing a collateral management provider, lenders should look beyond initial pricing and seek out providers who possess high lien perfection rates, have the ability to offer the latest technologies such as Web-based software-as-a-service collateral management applications incorporating paper and paperless title technology, and have positive referrals from existing customers and third parties such as officials from the Department of Motor Vehicles," he noted.
VINtek has launched paperless title technology, known as Electronic Lien and Title, in Pennsylvania and Georgia, as well as eSignature and eContracting to support consumer DMV processing.