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FirstLight Federal Credit Union Increases Indirect Lending Volume Five-fold with Teres Solutions SAIL Software
HONOLULU – July 18, 2007 – On the opening day of the NAFCU 40th annual conference and exhibition, Teres Solutions, Inc., a leading provider of direct and indirect lending software to financial institutions, announced that FirstLight Federal Credit Union (FCU) has increased its indirect lending volume by a factor of five with the help of the SAIL (Software Application for Integrated Lending) software, a solution that helps credit unions and financial institutions manage and automate their lending programs. Since implementing SAIL software, FirstLight FCU has seen its indirect loan volume grow from $22 million in 2004 to over $100 million in 2006 – all without adding additional staff.
“In the past couple years the lending market has softened considerably and many credit unions and financial institutions have felt the pinch. But that has not been the case for us,” said Wayne Condie, Vice President of Lending. “With SAIL software, we’ve not only hit our goals but have exceeded them even during these tough times. We’ve also done so without increasing staff. It’s a testament to the powerful automation and integration capabilities the SAIL suite provides and the hard work of the lending team at FirstLight.”
One of the big ways SAIL software helps credit unions like FirstLight is its seamless integration with dealer networks, including DealerTrack, RouteOne and CUDL. The integration with DealerTrack, for example, has allowed FirstLight to automatically tap into and fund loans it otherwise could not readily access.
“FirstLight is a beacon to credit unions and financial institutions looking to find their way in this shifting lending landscape,” said Bruce Callen, president of Teres Solutions, Inc. “With the help of SAIL software and its integration with the dealer networks, FirstLight’s talented lending professionals have achieved incredible growth year over year. The credit union is a model of how institutions can not only survive in a changing market but thrive.”
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 FirstLight
FirstLight Federal Credit Union is a community financial cooperative based in El Paso, TX. FirstLight is dedicated to helping families achieve financial security by providing accessible products, services, tools and education. FirstLight currently has six branches, total assets in excess of $488 million, loans to members of $397 million, and members’ deposits of $439 million.
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.
“In the past couple years the lending market has softened considerably and many credit unions and financial institutions have felt the pinch. But that has not been the case for us,” said Wayne Condie, Vice President of Lending. “With SAIL software, we’ve not only hit our goals but have exceeded them even during these tough times. We’ve also done so without increasing staff. It’s a testament to the powerful automation and integration capabilities the SAIL suite provides and the hard work of the lending team at FirstLight.”
One of the big ways SAIL software helps credit unions like FirstLight is its seamless integration with dealer networks, including DealerTrack, RouteOne and CUDL. The integration with DealerTrack, for example, has allowed FirstLight to automatically tap into and fund loans it otherwise could not readily access.
“FirstLight is a beacon to credit unions and financial institutions looking to find their way in this shifting lending landscape,” said Bruce Callen, president of Teres Solutions, Inc. “With the help of SAIL software and its integration with the dealer networks, FirstLight’s talented lending professionals have achieved incredible growth year over year. The credit union is a model of how institutions can not only survive in a changing market but thrive.”
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 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 and UltraData, Users, OSI, Integrasys and XP;
- Infinite options for structuring loan decisioning and auto approval
- Supports multiple loan types including:
- Home equity
- HELOC’s
- Share and CD secured
- Credit Card
- Personal
- Balloon loans
- Car, boat and motorcycle
- And more…
- 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.
For more information about Teres Solutions and its SAIL software products, visit www.TeresSolutions.com
About FirstLight
FirstLight Federal Credit Union is a community financial cooperative based in El Paso, TX. FirstLight is dedicated to helping families achieve financial security by providing accessible products, services, tools and education. FirstLight currently has six branches, total assets in excess of $488 million, loans to members of $397 million, and members’ deposits of $439 million.
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.
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