RouteOne Educates Dealers On Managing Fair Lending Compliance
FARMINGTON HILLS, Mich., May 19, 2014 /PRNewswire/ -- RouteOne will discuss discretionary dealer markup practices during a complimentary compliance webinar on Wednesday, May 21 at 12:00 PM EDT. Entitled "A Dealer's Guide to the Dealer Pricing Risk Control Program," the webinar is a must-see for dealers interested in managing fair lending compliance issues as outlined by the U.S. Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB). Dealers may register for the free webinar at http://www.routeone.com/event/pricing-risk-control-webinar.
RouteOne Staff Attorney Joseph Karam and National Business Development Manager Jesse Pappas will guide dealers through RouteOne's Dealer Pricing Risk Control Program, which is designed to help dealerships manage fair lending compliance through two main features:
- The dealer established 'standard' markup rate that it will apply to all transactions unless an established exception exists for a lower rate; and
- The dealer documents the reason for any exception, using the Dealer Participation Exception Form, accessible through the RouteOne platform.
"As compliance requirements increase, RouteOne is committed to assisting dealers in better understanding the regulatory environment," said Mike Jurecki, RouteOne CEO. "We know that there are increasing concerns surrounding fair lending and pricing, which is why we're offering this webinar and free tools."
Karam and Pappas will also provide an overview of the current legal landscape, and the role of the DOJ and the CFPB in shaping the future of the regulatory environment. The webinar will be recorded and available for review following the live session on May 21. Dealers may contact RouteOne at 866.768.8301 for more information, or visit www.routeone.com.
RouteOne was formed in 2002 by Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services to create a more streamlined credit application for automobile dealers and their customers. Providing access to thousands of franchised and independent dealers in North America, RouteOne's web-based system allows automotive dealers to submit credit applications to the largest indirect lenders, request credit reports, and increase profitability with RouteOne's free Dealer Reporting Suite. RouteOne's open integration business model also allows the dealer to integrate with their choice of a wide variety of best in class providers, including DSPs, CRM systems, F&I modules, and menu providers. RouteOne offers dealers a common platform for all of their credit application financing needs. More information is available at www.routeone.com.
SOURCE RouteOne LLC