FLS Services automates lending program with Teres Solutions' SAIL

Source: Teres Solutions

Teres Solutions, Inc., a leading provider of direct and indirect lending software to credit unions and financial institutions, today announced that FLS Services, Inc. (FLS) has purchased Teres Solutions SAIL software to manage and automate lending programs for more than 30 current FLS credit union customers around the country.

As part of the agreement, FLS will also standardize its hosted lending automation software offerings on the SAIL software platform. Existing and new FLS credit union customers will benefit from the efficiency and cost-cutting benefits offered by SAIL software solutions, while accessing licensing discounts FLS has negotiated as part of the agreement.

Since 1994, FLS Services has provided indirect lending services that help credit unions establish successful indirect lending programs and enhance current lending efforts. The company provides a web-based loan application interface for auto dealers combined with automated underwriting capabilities that together help credit union customers generate over $50 million in monthly loan volume.

The agreement between Teres Solutions and FLS means that nearly 80 credit unions and financial organizations around the country are now using SAIL software to manage their lending program, making Teres Solutions one of the top providers of lending automation software to the credit union industry. The SAIL software products significantly reduce the time it takes to review indirect and direct loan applications, request and review credit reports, enter data into core systems, make lending decisions and quickly respond to dealers and members.

FLS will offer credit unions a variety of flexible service options for the SAIL software solutions. This includes an ASP or "hosted" version of SAIL software that FLS will operate on its servers, enabling credit union customers to review and approve loans using a web browser. Credit unions will be able to benefit from an automated lending system without having to hire an IT department to run it -- meaning more credit unions than ever before can experience the growth potential the lending market offers.

"The robust set of lending automation and reporting features of the SAIL software platform coupled with its unique ASP design, made our decision to standardize on the solution an easy one," said Denise Austin, executive vice president of Indirect Lending for FLS Services, Inc. "After extensive evaluation and testing of the SAIL software, we feel it is an excellent solution for our customers."

"We are honored to have one of the top providers of outsourced lending services to credit unions select the SAIL software platform as the loan automation solution of choice for its customers," said Bruce Callen, president of Teres Solutions, Inc. "It means even more credit unions will have access to the powerful and advanced capabilities available in the SAIL platform, helping to ensure the success of their lending programs in 2006 and beyond."

Teres Solutions SAIL software 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:

  • Electronic integration with both the RouteOne and DealerTrack finance platforms for automobile dealerships
  • Seamless integration with major credit union core systems, including Summit, Symitar and ULTRADATA, Users, and XP
  • Automated lending decisions through the SAIL Autopilot module
  • Sophisticated real time reporting
  • Browser-based technology for rapid deployment and maintainability; while hosted from within the credit union's infrastructure for greater security and control
  • Intuitive user dashboard
  • Roles-based security features
  • Automated credit checking
  • Application history lookup
  • Federal regulation compliance
  • Automatic dealer response generation
  • Direct forms integration with almost any form, including Loanliner forms as well as custom forms
  • Integration with NADA Guides and Kelly Blue Book
  • Integration with top three credit providers
  • Integration with Auto Financial Group for balloon loans
  • Integration with Loanliner.com for member & non-member direct loan origination

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