The service is designed to help lenders better mitigate fraud and risk by receiving an electronic verification of insurance coverage within an hour
DIMONT, the largest provider of specialty insurance and loan administration services to the residential mortgage and auto finance industries, today announced the availability of its new Insurance Verification Service which leverages DIMONT’s auto insurance industry experience and proprietary insurance monitoring technology to allow auto finance companies and their dealers to more quickly and accurately verify valid insurance coverage on potential borrowers.
This service is designed to help lenders better mitigate fraud and risk by receiving an electronic verification of insurance coverage within an hour. This replaces the manual process now in place at many finance companies, which can often take several days after the lender receives the funding package from the dealer.
“DIMONT’s new Insurance Verification Service streamlines the evaluative process for auto lenders, enabling them to quickly finalize more finance deals while supporting a better customer experience for their borrowers,” said Denis Brosnan, CEO, DIMONT. “We look forward to continuing to mitigate fraud and risk for our auto finance clients, as well as assist in the creation of greater financial operational efficiencies in the marketplace with this new service.”
Source: Company Press Release