Bank of America’s Dealer Financial Services unit will join the AppOne platform of Wolters Kluwer Financial Services to automate and help simplify the marine and recreational vehicle (RV) finance process.
Bank of America’s dealer financial services unit provides retail loan financing and commercial banking services to auto, marine and RV dealers across the US.
AppOne automates the indirect lending process for lenders and dealers by providing credit application workflow automation and compliant document preparation.
AppOne enables lenders and dealers to connect for applications as well as funding packages nationally. AppOne helps lenders and dealers deliver quicker application response times and faster loan transactions with its DocOne document printing engine and validation tool.
DocOne allows dealerships to print loan documents from a standard color laser printer onto plain paper at the point of sale and finance at the dealership location. DocOne also helps ensure that loan documentation is accurate and compliant before reaching the lender for funding consideration. DocOne utilizes Wolters Kluwer Financial Services’ Bankers Systems line of documents, and is protected by Wolters Kluwer Financial Services’ compliance warranty. DocOne provides data merging and population of these forms through a centralized web-based delivery source.
Deborah Nunnally, SVP of fulfillment for dealer financial services unit at Bank of America, said: “Not only does AppOne automate the finance and credit approval processes, but it also provides forms that are covered by the industry’s leading compliance warranty to document every marine and RV loan. Current and accurate loan documents that can be easily reviewed and processed help increase efficiency and improve the dealer/lender experience.”
Lee Domingue, CEO of indirect lending at Wolters Kluwer Financial Services, said: “Our relationship with Bank of America provides great opportunity for marine and RV dealers to simplify the lending process. Dealers working with Bank of America are now able to more easily connect with this lender through the AppOne platform, which helps them serve their customers faster and more efficiently.”
Wolters Kluwer Financial Services provides compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise.