Nothing in the Industry Compares to IAA Loan Payoff™
Saves Providers Significant Cycle Time Per Claim
Published April 29, 2021 - Written by Steve Muscarello
2 min read
IAA Loan Payoff trims an average of 12 days off positive and negative equity files. Combined with other industry-exclusive features, nothing compares to IAA Loan Payoff.
This is something you should know: the benefits of IAA Loan Payoff™ for our clients are unparalleled in the industry.
There are significant cycle time savings per claim from assignment to settlement for Loan Payoff users, and it is the only solution that:
- Can handle both negative equity AND positive equity transactions. That means one stop for all payoff types.
- Provides an auto-generated Letter of Guarantee, saving time and resources by eliminating manual processes.
Loan Payoff provides an instant payoff amount from many of the industry’s largest and highest-volume lenders, helping reduce claims process cycle times.
IAA launched Loan Payoff two years ago as the go-to solution to eliminate the hassles and inefficiencies associated with total-loss transactions. We made Loan Payoff even better when we acquired DDI and their lender base, and expanded the lender base to give providers more options.
That should be more than enough to pique your interest in IAA Loan Payoff, but there’s more. Our product can also address more complex net payoff transactions, including provider-backed GAP insurance.
There are currently more than 1,650 active lenders integrated with Loan Payoff, and we’re continually onboarding new ones. We have many active Tier 1 and Tier 2 insurance providers, and are continually onboarding additional providers.
Loan Payoff is growing fast for a reason. I encourage you to take advantage of its significant benefits. Check out our newly published case study on the topic: Reducing Cycle Time with Negative Equity Transactions: Solution Expedites Lien Payoff Process. And for more information on IAA Loan Payoff visit IAAI.com.
Until next time, stay healthy. And thank you for your business!
Senior Vice President, Chief Commercial Officer, IAA