Teres Solutions Direct Lending Software Adds Support for Home Equity Loan Origination

LAS VEGAS--(BUSINESS WIRE)--July 14, 2005--Today at the National Association of Federal Credit Unions (NAFCU) conference, Teres Solutions, Inc. announced that its industry-leading SAIL Direct lending software will now support home equity loan origination and processing. As a result, credit unions and financial institutions around the country can use SAIL to automate the processing and approval of home equity loans and related regulatory compliance issues, such as the Home Mortgage Disclosure Act (HMDA) and FEMA. In addition, the new capabilities provide automated credit risk analysis, lending compliance controls, workflow management and performance monitoring to mitigate both credit and operational risks.

Until now, many credit unions lacked the means to truly automate home equity loan processing. They often relied on cumbersome core systems and paper-based processes to handle such loans. With Teres Solutions SAIL Direct, credit unions can now electronically process and fund home equity loans through the software's built-in automation capabilities. In addition, SAIL's electronic integration provides credit unions with automated policy-compliant loan approvals in minutes rather than hours. This is especially important as credit unions look for new ways to secure home equity loans in this highly competitive market.

In addition to helping credit unions automate home equity loan origination, SAIL also collects the necessary regulatory information needed to comply with regulations such as HMDA and FEMA. Credit unions also have the information they need for reporting at the end of the year.

"Processing home equity loans is a more cumbersome consumer product because of the added regulations it bears on credit union loan departments," said Pierre Cardenas, Vice President of Retail, IBM Employees Texas Federal Credit Union. "With Teres Solutions' support of home equity loans and related compliance issues, we're able to streamline the process by simplifying and incorporating the product into our everyday application processing by ensuring we have the necessary compliance information available at the touch of a button when taking and processing the application."

"Helping credit unions and financial institutions streamline loan origination processes so they can build membership and compete against larger organizations has always been a goal for our company," said Dan Chaney Vice President of Business Development of Teres Solutions. "Our new home equity loan automation capabilities provide our customers with a powerful way to secure a larger portion of the lucrative home equity lending market, while ensuring regulatory compliance."

Teres Solutions' SAIL software products are used by some of the nation's most successful credit unions and financial institutions to automate direct and indirect lending processes. The SAIL software products significantly reduce 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. With SAIL, not only is the lending process 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:

-- Integration with DealerTrack's finance platform for automobile dealerships

-- Automated lending decisions through the SAIL Autopilot module

-- Sophisticated real time reporting

-- Integration with major credit union core systems, including Summit, Symitar and ULTRADATA, Users, and XP

-- 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

-- Integration with Auto Financial Group for balloon loans

-- Integration with Loanliner.com for member & non member direct loan origination

For more information Teres Solutions and its SAIL software products, visit http://www.teressolutions.com/.

About Teres Solutions, Inc.

Teres Solutions, Inc. was founded in 2002 for the express purpose of developing direct and indirect lending software products that define the state-of-the-art for the financial institution market. Its Software Application for Integrated Lending (SAIL) direct and indirect lending products allow financial institutions to streamline lending decisions, increase revenue through enhanced loan application processing efficiency, improve dealer and member relations, and augment loan tracking and reporting capabilities. Teres Solutions has been recognized as a Microsoft certified partner with accredited core competencies. Visit http://www.teressolutions.com/ for more information on Teres Solutions, its products and services.

SAIL is a trademark of Teres Solutions, Inc. All other company and product names mentioned are used only for identification and may be trademarks or registered trademarks of their respective companies.

Virtual PR Director, LP
Media Contact:
Karl Scholz, 512-493-0909
karl.scholz@virtualprdirector.com
or
Company Contact:
Teres Solutions, Inc.
Dan Chaney, 512-218-4200
info@teressolutions.com

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