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Auto lender will use Auto Fraud Manager and IncomePass to reduce risk before funding and capture more loans.
SAN DIEGO, Calif June 22, 2020 – Point Predictive Inc., the San Diego-based company that provides machine learning solutions to lenders, announced today that MidAtlantic Finance has selected the company’s scoring solutions to help them improve their lending decisions prior to funding loans. The company plans to use two scoring solutions from Point Predictive: Auto Fraud Manager™ to score applications for risk of early payment default, fraud, and material misrepresentation, as well as IncomePass™ to assess borrowers’ stated incomes for validity for improved application streamlining.
“In our retrospective testing with Point Predictive, we saw significant lift of the solutions to help us achieve multiple business gains,” indicated Michael Pereira Jr., Vice President at MidAtlantic. “In the highest risk scores, we were able to identify loans that have a significantly higher risk of early payment default due to fraud or material misrepresentation. We can use those high scores to scrutinize those deals more carefully. In the low risk scores, we found loans had significantly lower rates of risk and default. We can use those low scores to clear loan stipulations, route loans for faster funding and in general make the whole funding process easier for our dealers and customers. Our plan is to integrate those scores into our existing processes and internal scores to achieve those benefits across all loans going forward.”
To Point Predictive, the addition of MidAtlantic to the consortium is growing proof that shared intelligence and Ai is the future of auto lending fraud and risk mitigation.
“We’re proud to partner with MidAtlantic,” says Tim Grace, CEO of Point Predictive. “Our consortium data and Ai scoring will enable them to identify significantly more early payment default before funding and. just as important, they will help them understand which deals have low risk of misrepresentation and default so they can proceed down a faster path to funding. Better targeting is the key to profitability and growth and that’s exactly where we aim to help MidAtlantic.”
MidAtlantic will use Point Predictive’s Auto Fraud Manager which helps address the $7 billion-dollar annual problem of misrepresentation and fraud in the auto lending industry. Auto Fraud Manager uses machine learning to mine historical data from applications across the industry to precisely pinpoint where fraud is happening and how it is perpetrated. Over 70 million applications have been evaluated and scored by the system which is continuously learning new patterns as they emerge.
Additionally, MidAtlantic will use Point Predictive’s IncomePass – a solution that provides an instant assessment of the accuracy of a borrower’s stated income. Lenders have found that IncomePass can help them automatically identify and clear stated incomes on up to 80% of their applications without costly database checks and onerous requests for documentation such as paystubs, which are subject to high rates of forgery
For auto lenders that are interested in more information on Auto Fraud Manager or IncomePass, please contact info@pointpredictive.com.
About Point Predictive Inc.
Point Predictive enables lenders to fund more loans simply with a unique combination of Artificial and Natural Intelligence [Ai+Ni] to power machine learning technology solutions. Point Predictive helps automotive, mortgage, retail and personal loan finance companies to identify the consumer applications with truthful and reliable information without the intense interrogation and verification of data caused by lower tech solutions currently in use. Highly regarded as the most trusted fraud and misrepresentation analytic solution providers, Point Predictive has transformed that trust to enable lenders to fund more loans to more consumers simply. Point Predictive uses big data powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected 3rd party data sources to build powerful machine learning models with the added natural intelligence of human experience. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.
