Bayport Credit Union taps Teres for automated lending

Source: Teres Solutions

Teres Solutions, one of the top providers of direct, indirect and merchant lending software to credit unions and financial institutions, today announced that Bayport Credit Union is the latest among 215 organizations that have standardized on the Sail software platform to automate and streamline their indirect and direct lending programs.

The software will help Bayport Credit Union to automate loan application and approval processes for everything from auto loans to home equity lines of credit. This will speed the time it takes for members and dealer partners to receive loan application responses and to fund loans.

"As demand for loans and accessible credit continues to rise, it's essential to have a platform like SAIL that can support the growth we're experiencing from both existing and new members," said Judy Hodges, Vice President of Consumer Lending for Bayport Credit Union. "SAIL is a powerful, simple to use solution backed by a talented team of experts ready to help us at a moment's notice. Together, they allow us to get the most out of our lending automation initiatives."

Bayport Credit Union, originally established in 1928 to support the financial needs of the Virginia peninsula's shipyard employees and their families, has a rich history of providing innovative loan products to its members. In addition to helping members build ships for several generations, the credit union's offerings have blossomed to include everything from loans for automobiles and homes to retail purchases and more. The Teres Solutions SAIL platform will help support these lending initiatives, while linking related loan processes and exchanging data in real-time with the credit union's Symitar core system.

"Bayport Credit Union always supports the diverse and changing needs of its community and members," said Tim Kelly, CEO of Teres Solutions. "We're honored the Bayport team has selected Teres Solutions as a partner during this time of unprecedented lending growth. We look forward to helping the team to tap into the power of SAIL to make the most of this historic opportunity for expansion."

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