Avail real-time payment processing, establish a sound cash tracking system, unify loss registration and claims filing processes.

The Auto lending process poses several challenges because it contains a gamut of processes from loan boarding to collections, account servicing, tracking etc. Coordinating and keeping track of all these processes is a daunting task.

At Tavant, we realize these challenges and have developed a comprehensive loan servicing system called LOAN!X.

It has an integrated data element and a user friendly interface, which helps your customer service people to remain customer-focused. Its dynamic lists system allows your collection group to be more effective. The real time payment processing and cash management helps the account services group to manage and service the portfolio efficiently. In addition to data processing LOAN!X also produces collection notices, monthly billing invoices and other customer correspondences. The following are the benefits provided by LOAN!X:

• It significantly reduces your effort in cash management and cash reconciliation by establishing a sound cash tracking system and automating your cash management process
• It captures the statistics of user activities through which managers can monitor and measure the performance of their associates
• It provides a real time payment processing from sources like third party lockboxes, western union collect service, EFT and In House Postings etc.
• It organizes the delinquent accounts in the most efficient manner for successful collection efforts. It does this through the creation of dynamic collections lists which are configurable by the user. The user can establish standardized criteria in regular collection and specific customized criteria in behavioral collections for accounts segregation
• It provides a easy mechanism for working out payment arrangements and loan modification with defaulted customer
• It has a highly optimized End of Day Processing program which can process large number of loans in your portfolio in a quick and stable manner
• It has unified all the processes involved in registering a loss and filing a claim into one simple flow which has improved it efficiency and also simplified the process.

• It allows your Legal department to configure all State-specific regulations and statutory requirements involving collection and servicing practices and automatically ensures that all collections and servicing activities are compliant with these
• It provides a very elaborate mechanism for tracking charge off and deficiency balances for the purpose of financial reporting and static pool analysis
• It provides your Liquidation specialists a simplified workflow for capturing and evaluating the condition of the vehicle, repossessing the vehicle and dispossessing the repossessed vehicle in a commercially reasonable manner, as required by law. It also enables your operation group to regularly audit the repossession inventory status and optimize
• It has strewn all the unrelated activities, which are involved when a customer files bankruptcy, into a centralized flow. This helps effectively tracking the progress on each account and also special handle account servicing activities and collection activities on such loans
• It has unified all the processes involved in registering a loss and filing a claim into one simple flow which has improved it efficiency and also simplified the process
• It allows your BDR group to evaluate the type of loan default, and conduct in-house collections and re-payment arrangements with the customer; or pursue continued repossession efforts; or recommend legal action for recovery of the deficiency
• It provides a Service Request Framework and configurable Workflow through which a request may be initiated by customer service group or collections group to the account services group for processing of any Payment Arrangements, payment allocation structure changes, moving payments from one place to another, charging off the loan or modification of loan structure.