Continuing to shore up its position as one of the top three providers of lending automation software to credit unions and financial institutions, Teres Solutions, Inc., today announced that it has signed eight new customer deals.
Over 130 of the nation's leading credit unions and financial institutions are now using the SAIL lending software to manage their lending portfolios. Credit unions that recently purchased SAIL software include: 1st Liberty Federal Credit Union, EECU, Kern Schools Federal Credit Union, PrimeWay Federal Credit Union, Red Canoe Credit Union, Red River Employees Federal Credit Union, Shell Federal Credit Union, and TDECU. Together, the lending programs of these new Teres Solutions customers are expected to generate billions of dollars in new loan volume this year - bringing the total projected loan volume Teres Solutions will manage in 2007 to more than $47 billion.
"Automating our lending program is essential for keeping us competitive as traditional geographic boundaries and loan market trends continue to shift," said Larry Hudson, President and CEO of PrimeWay Federal Credit Union. "The ease of integration with existing core systems and powerful reporting capabilities of the Teres Solutions SAIL software have allowed us to fully automate our lending programs faster than expected so we can more quickly reap the benefits lending automation provides."
The SAIL family of indirect and direct lending software products significantly reduces the time it takes to review loan applications, request and review credit reports, enter data into core systems, make lending decisions and quickly respond to dealers and members. Unlike best-of-breed solutions or cumbersome add-ons from many core system providers, Teres Solutions offers the flexibility and a faster time-to-implementation so that organizations have the capabilities they need to achieve lending program goals more quickly.
"We continue to grow market share at a rapid pace because credit unions and financial institutions recognize that we provide one of the most powerful and flexible lending automation software solutions on the market," said Tim Kelly, CEO of Teres Solutions, Inc. "We look forward to working with our newest customers to ensure they can successfully leverage SAIL to navigate the challenges of this changing lending marketplace."
Teres Solutions SAIL software family is used by some of the nation's most successful credit unions and financial institutions to automate their indirect and direct lending processes. With SAIL software, not only are lending processes more efficient, but existing staff can be more productive by focusing on improving yields through new member acquisition or sales of add-on services. Key features of the SAIL family of products include:
- Supports multiple loan types, including home equity, HELOC's, share and CD secured, credit card, personal, balloon loans, car, boat and motorcycle, and more.
- Electronic integration with RouteOne, DealerTrack and CUDL finance platforms for automobile dealerships;
- Direct electronic integration with Lenders Protection(TM) from CUNA Mutual Group;
- Integration with major credit union core systems, including: Summit, Symitar, UltraData, Users, OSI, IntegraSys and XP;
- Infinite options for structuring loan decisioning and auto approval;
- Sophisticated real time reporting;
- Browser-based technology for rapid deployment and maintainability;
- Roles-based security features;
- Automatic dealer response generation;
- Integration with NADA Guides and Kelley Blue Book;
- Integration with top three credit bureau providers;
- Integration with Auto Financial Group for balloon loans.