Launcher, Neo partner to provide comprehensive loan scoring algorithms


This week, Launcher Solutions announced its third major development since the second half of May.

The newest one involved the technology provider specializing in automotive finance originations finalizing an integration partnership with Neo to help finance companies build a stronger portfolio and make smarter sales via Neo’s highly customized and comprehensive loan scoring algorithms.

Launcher reiterated that its origination system, appTRAKER LOS, was designed by subprime experts in the automotive finance industry with credit risk management at its core.

“The use of artificial intelligence is transforming the loan origination process by improving risk and fraud detection, especially in light of the current pandemic and resulting economic uncertainties. Our top priority has always been to connect our lenders with the best tools to improve their business processes and workflows such as the Neo scorecard,” Launcher president Nikh Nath said in a news release.

For Launcher clients, the company explained the ability to utilize the Neo’s scoring system will improve their risk management abilities with Neo’s A- based products.

Finance companies using appTRAKER LOS can use Neo to access a nearly endless number of attributes spanning customer stability, financial health, credit bureau, loan terms, purchase vehicle and more in real-time to provide a score for a loan.

Finance companies also may choose to let the appTRAKER LOS automate the decision-making process by utilizing the score or simply customize how it is presented to the underwriter; “in either case allowing them to make better and faster decisions on a deal,” according to Launch Solutions.

The company went on to say, “Neo’s unique approach enables auto lenders to approve even the toughest deals by providing not only a score, but also by specifying what down payment, loan terms, monthly payment etc., will make the deal approvable based on the lender’s historical data.”

This week’s development arrived after Launcher Solutions entered the credit-union market back in May with a tool tailored for those providers. Then in June, the company completed integration with HRI Analytics.

Nath discussed the current state of risk amid the coronavirus pandemic during an episode of the Auto Remarketing Podcast available through the window at the bottom of this report.

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