DEERFIELD BEACH, FL – World Omni Financial Corp. (WOFC), one of the nation's largest automotive finance companies, has acquired Monetrics, an automated risk decisioning software and services company for the consumer finance industry. The acquisition expands and enhances WOFC's range of products and services in the financial services arena.
Monetrics, founded in 1999, provides software services that deliver loan underwriting and portfolio analysis solutions. Using patent-pending relational technology capable of evaluating thousands of loans quickly and accurately, Monetrics provides risk decisioning support across the loan lifecycle – from originations to collections and portfolio acquisitions. The product utilizes a unique algorithm, relational inferencing, which accurately emulates the human decision process.
Highlights of Monetrics suite of products and services include:
Monetrics Decision Engine (MDE), a complete auto loan decisioning system that automates every aspect of loan and lease decisioning for all credit risk tiers. Combining borrower credit attributes with collateral valuation and deal structure, MDE produces decisions complete with stipulations, advance rates and counter-offers. With MDE, underwriting decisions can be made in as little as 12 seconds with exceptional consistency and accuracy.
Portfolio Evaluation Manager (PEM) Suite is comprised of two services – PEM: Collections and PEM: Acquisitions. PEM is an automated service that updates the current risk status of any portfolio, loan by loan. PEM updates borrower credit attributes and collateral valuations and combines this current information with loan balances and payment history to provide risk segmentation of your entire portfolio. For collections professionals, this information means having the ability to quickly target loans requiring accelerated collections activity. Portfolio buyers use this information to refine their acquisition price.
Two of the company's newest products include:
Monetrics Sentinel – which delivers an unobtrusive decision quality assessment and audit that enables lenders to immediately detect variances from underwriting policy and address potential quality issues before profitability is negatively impacted. Sentinel helps lenders audit policy adherence and troubleshoot areas of decision inconsistency easily and effectively.
Monetrics Accelerator – is a comprehensive risk decisioning system. Powered by Monetrics relational technology, Accelerator reviews the referred and declined loan applications from the existing technology and decisions each, delivering fully documented decisions in 12 seconds or less. Accelerator achieves the highest levels of decision automation available today.
WOFC purchased a portion of Monetrics, headquartered in Beverly, Mass., in September, 2003. With the acquisition, Monetrics is now a subsidiary of WOFC.