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Global Lending Services to start digitizing loan servicing in 2022

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Global Lending Services to start digitizing loan servicing in 2022

Global Lending Services is planning to digitize its loan servicing operations in the first half of 2022.

GLS will use Lightico’s technology for servicing processes, GLS Chief Operating Officer Dennis Morris told Auto Finance News. “There are a number of opportunities where we can leverage [the completion cloud] technology to communicate with the consumer on the loan servicing side,” he said.

GLS has used Lightico’s digital completion cloud for its origination processes since 2019. Digitizing the loan servicing aspect of the business will save GLS time and improve service levels for the lender’s dealer partners, Morris said.

Lightico’s cloud-based technology includes capabilities to handle loan modifications, payment arrangements, compliance-related regulatory processes, title perfection for refinancing, total processing and repossession workflows, Lightico Director of Customer Success Rich Corriss said.

The technology collects documents in real time from consumers and eliminates the need to enter information manually, Corriss said. Relevant data is then organized and automatically ported from the program into the lender’s loan origination system.

Since digitizing its loan origination process, GLS has reported 50% faster turnaround time, 43% completion rate improvement and 73% of consumer interactions completed within five minutes, a Lightico spokesman told AFN.

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