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Teres Solutions in the News
AUSTIN, Texas--(BUSINESS WIRE)--Aug. 8, 2006--Teres Solutions(TM), Inc., a leading provider of direct and indirect lending
software to credit unions and financial institutions, today announced that it has integrated its SAIL(R) Indirect software
with Lenders Protection(TM), a service from CUNA Mutual Group that insures credit unions against loan default.
The integration will allow credit unions to book more loans and take on near-prime loans they would otherwise not have been able to consider. Lenders Protection, underwritten by CUMIS, helps credit unions book more borderline loans by mitigating the risk involved. Credit unions set their own near-prime loan parameters and if processed by Lenders Protection, the loan is sent to the credit union electronically through SAIL and the credit union is protected in the event of loan default. The solution also helps credit union members by giving those with borderline credit scores access to lower loan interest rates previously unavailable to them.
"In today's competitive market for vehicle loans, many credit unions are beginning to experience flat growth," said Steve Martin, director, lenders protection insurance for CUNA Mutual. "By providing credit unions a way to confidently approve borderline loans while automating the entire process with Teres Solutions SAIL software, lenders now have a simple and powerful way to expand their loan portfolios while minimizing exposure."
An innovative default insurance program, Lenders Protection allows credit unions to serve more current members and engage new members as well. Currently more than 90 credit unions use some form of the CUNA Mutual Lenders Protection programs and have generated more than 7,000 loans totaling $150 million that might not have closed without the program.
"By integrating SAIL software with Lenders Protection we are allowing credit unions for the first time to electronically automate the loan application and Lenders Protection approval processes through a single system, eliminating the need to manually re-enter loan application data," said Dan Chaney, vice president of Teres Solutions. "This is an important breakthrough as it provides credit unions of all sizes access to a larger market of loans while simplifying the steps needed to make these new kinds of lending decisions."
The integration of SAIL Indirect software and Lenders Protection is currently available. For additional information on the integration, visit www.teressolutions.com.
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:
Electronic integration with both the RouteOne and DealerTrack 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 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
Intuitive user dashboard
Roles-based security features
Automated credit checking
Application history lookup
Federal regulation compliance
Automatic dealer response generation
Integration with NADA Guides and Kelly Blue Book
Integration with top three credit providers
Integration with Auto Financial Group for balloon loans
For more information about Teres Solutions and its SAIL software products, visit 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 www.teressolutions.com for more information on Teres Solutions, its products and services.
About CUNA Mutual
CUNA Mutual Group is the leading provider of financial services to credit unions and their members worldwide. More information on the company is available at www.cunamutual.com
SAIL is a registered trademark and Teres Solutions 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.
The integration will allow credit unions to book more loans and take on near-prime loans they would otherwise not have been able to consider. Lenders Protection, underwritten by CUMIS, helps credit unions book more borderline loans by mitigating the risk involved. Credit unions set their own near-prime loan parameters and if processed by Lenders Protection, the loan is sent to the credit union electronically through SAIL and the credit union is protected in the event of loan default. The solution also helps credit union members by giving those with borderline credit scores access to lower loan interest rates previously unavailable to them.
"In today's competitive market for vehicle loans, many credit unions are beginning to experience flat growth," said Steve Martin, director, lenders protection insurance for CUNA Mutual. "By providing credit unions a way to confidently approve borderline loans while automating the entire process with Teres Solutions SAIL software, lenders now have a simple and powerful way to expand their loan portfolios while minimizing exposure."
An innovative default insurance program, Lenders Protection allows credit unions to serve more current members and engage new members as well. Currently more than 90 credit unions use some form of the CUNA Mutual Lenders Protection programs and have generated more than 7,000 loans totaling $150 million that might not have closed without the program.
"By integrating SAIL software with Lenders Protection we are allowing credit unions for the first time to electronically automate the loan application and Lenders Protection approval processes through a single system, eliminating the need to manually re-enter loan application data," said Dan Chaney, vice president of Teres Solutions. "This is an important breakthrough as it provides credit unions of all sizes access to a larger market of loans while simplifying the steps needed to make these new kinds of lending decisions."
The integration of SAIL Indirect software and Lenders Protection is currently available. For additional information on the integration, visit www.teressolutions.com.
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:
For more information about Teres Solutions and its SAIL software products, visit 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 www.teressolutions.com for more information on Teres Solutions, its products and services.
About CUNA Mutual
CUNA Mutual Group is the leading provider of financial services to credit unions and their members worldwide. More information on the company is available at www.cunamutual.com
SAIL is a registered trademark and Teres Solutions 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.
© 2008 Teres Solutions, Inc. All Rights Reserved.