Point Predictive Inc., the San Diego-based company that provides machine learning solutions to lenders, announced today that Foursight Capital has selected Point Predictive’s scoring solutions to help improve lending decisions prior to funding loans. Foursight Capital plans to use three scoring solutions from Point Predictive: Auto Fraud Manager to score applications for risk of early payment default, fraud, and material misrepresentation; IncomePass to assess borrowers’ stated incomes for validity, providing improved application streamlining; and DealerTrace to create a dealer-centric risk assessment based on application scores vs. traditional metrics that leverage outcome data like default rates and often take months to reveal a high-risk dealer.
“We are very proud to be partnering with Foursight Capital,” said Tim Grace, CEO of Point Predictive. “Foursight joins the only automotive lender Consortium in the industry. Our Consortium, with more than 110 million full historical application records, powers highly-predictive scores, alerts, and reports to increase trust in lending,” he continued. Grace concluded, “We expect that Foursight Capital will experience greater insight into its dealer network, reduced time to funding, fewer cases for manual review, and portfolio growth by reducing friction across the origination process.”
By implementing Auto Fraud Manager, Foursight could mitigate up to several million dollars of net loss exposure annually, as well as significantly increase acceptance rates by streamlining its processes.
“In a recent retrospective analysis, Point Predictive demonstrated an impressive ability to reduce loss exposure,” said Andrew Thomas, Chief Credit Officer of Foursight Capital. “With indirect lending through franchise and independent dealerships being such a critical part of our business, any solution that helps us better identify our high-trust relationships allows us to deliver better service to more borrowers than ever before. Data available to us through Consortium participation is crucial to our strategy of growing a healthy auto loan portfolio.”
Foursight Capital, a Salt Lake City-based lender, will use Point Predictive’s dealer risk scores to inform the approval process of third-party risk associated with credit applications. Point Predictive’s patented Artificial + Natural Intelligence™ technology provides the industry’s only link between hundreds of millions of dollars per year in early payment default and dealers that are more vulnerable to fraud. Consortium members can better identify the source of certain risks to take strategic and tactical steps that build stronger relationships with low-risk dealers.
Jay Anderson, Senior Fraud Consultant with Point Predictive, emphasized Foursight’s strategy of comprehensively addressing a range of fraud and misrepresentation risks, including income misrepresentation and third-party risk, while ensuring that only the most appropriate stipulations are required to get to funding. “Foursight Capital was highly engaged from the start of the collaboration. Lenders like Foursight make it easier to develop more predictive models, better leverage Consortium data assets, and raise the tide for all boats in our great industry.”
Auto lenders that are interested in more information on Auto Fraud Manager, IncomePass, DealerTrace, or Consortium data are welcome to contact firstname.lastname@example.org.
About Point Predictive Inc.
Point Predictive powers a new level of lending confidence and speed through the unique combination of artificial and natural intelligence using decades of risk management expertise. The company’s technology solutions quickly and accurately identify who is reporting truthfully on their loan applications and who is not. As a result, lenders are now able to fund loans easily without asking the vast majority of applicants for onerous documentation such as paycheck stubs, utility bills or bank statements. This improves funding rates by 40-50% while reducing overall early payment default losses by more than 30%. Borrowers get loans faster and we significantly boost profits to a lender’s bottom line. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.
About Foursight Capital
Founded in 2012, Foursight Capital is a specialty finance company located in Salt Lake City, Utah. Foursight focuses exclusively on helping finance auto customers indirectly through relationships with franchise and independent dealerships. Having this singular focus allows Foursight to provide the best service possible to our dealership partners to help ensure the dealership and its customers are happy with the end product.
VP of Marketing & Growth, Point Predictive