Two issues I need some assistance with (I’ve done a search but, I’ve been unsuccessful in finding anything).
For those of you doing indirect lending when the loan is closed in the name of the bank:
1) how much of the id and verification process are you relying on the vehicle dealers to do? How are you accomplishing this? Additional forms? Part of the app? Are you requesting the dealer obtain the driver’s license number or are you relying on the credit bureau to verify id?
2) How are you getting the Identification Notice to the borrower? Is the dealer now required to do this? If so, how? An additional form?
Any ideas of what works and what doesn’t would be appreciated Thanks:)
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BBC
Opinions expressed are my own and not those of anyone with actual authority.