DeFi
defi SOLUTIONS Announces New Partnership with F&I Sentinel to Provide Lenders with Comprehensive Aftermarket Financing and Insurance Compliance
Tom Allanson, CEO of defi SOLUTIONS (Photo: Business Wire)
Stephen McDaniel, CEO of F&I Sentinel (Photo: Business Wire)
Two industry leaders join forces for the benefit of the lending industry.
WESTLAKE, Texas, July 16, 2024–(BUSINESS THREAD)–defi SOLUTIONS, the leading provider of origination, servicing and managed services software and services, is pleased to announce the addition of F&I Sentinel to the defi family of providers partnering to enhance fintech for the lending industry.
F&I Sentinel provides technology-enabled risk management solutions across the entire lifecycle of auto finance and insurance (F&I) products. More than 100 lenders, including six of the top 10 auto lenders in the U.S., rely on F&I Sentinel solutions to drive efficiencies and mitigate reputational, litigation, financial and business risks inherent in the origination, management and termination of F&I products.
The regulatory and compliance landscape of the auto finance industry continues to evolve, with regulators holding auto lenders accountable for non-compliance at every phase of a finance and insurance product’s lifecycle. The increase in the number and variety of finance and insurance products offered during the car purchase process (sometimes referred to as voluntary protection products) – vehicle maintenance contracts, credit waivers, vehicle value protection agreements – increases lender risk and liability.
Integration with F&I Sentinel’s CITADEL® platform provides defi XLOS and defi ORIGINATIONS clients with expertise in financing and insurance secondary market forms validation and product regulation. The integration is fast and provides lenders with access to F&I Sentinel’s repository of current and compliant secondary market forms to ensure a consistent and accurate form selection process for various loan product types.
“F&I Sentinel provides peace of mind in compliance and loan portfolio tools that will help our lenders avoid the potentially high cost of ignorance and meet their legal and ethical obligations,” said Tom Allanson, CEO of defi SOLUTIONS. “We are pleased to have them on board.”
“In today’s complex regulatory environment, auto lenders must implement the right automation solutions that deliver efficiencies while protecting themselves and their customers from non-compliant F&I products,” said Stephen McDaniel, CEO of F&I Sentinel. “Our partnership with defi underscores our continued commitment to becoming the auto finance industry’s hub for efficient, compliant origination and servicing of F&I products.”
About defi SOLUTIONS
defi SOLUTIONS partners with captives, banks, credit unions and financial services firms to help lenders transform their operations. The company’s comprehensive suite of end-to-end origination and servicing solutions, along with technology-enabled managed services, are flexible, configurable and scalable to meet the evolving needs of lenders and borrowers. defi SOLUTIONS is backed by Warburg Pincus, Bain Capital Ventures and Fiserv.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240716357424/en/
Contacts
Charlie Lewis
Director, Communication
(682) 717-8481
clewis@defisolutions.com