Banks Automate Nonprime Auto Loans With Conduit Partners.SAN DIEGO--(BUSINESS WIRE)--March 24, 1997-- APPRO announces Conduit Server System at Consumer Bankers Association's Conference As more banks and finance companies drive the growth of the sub-prime loan market, credit automation technology will help them streamline huge volumes of business while maintaining credit standards Credit Standards The guidelines a company follows to determine whether a credit applicant is creditworthy. . APPRO Systems, the leading provider of nonprime lending systems, announced today at the Consumer Bankers Association's (CBA See Capital Builder Account. ) Auto Finance Conference that several major banks are using its Conduit Server System (TM). The system enables banks to identify loan applications that don't meet their credit guidelines, but meet the lending criteria of one of their conduit partners (a company that purchases nonprime loans). The loan file is electronically sent to the conduit partners for processing. Traditional lenders currently using the Conduit Server system include Seafirst Bank Seafirst Corporation was a bank holding company based in Seattle, Washington. Formed on November 11, 1929, from the merger of Seattle's three largest banks, the First National Bank Group, the Dexter Horton National Bank (founded 1870 by Dexter Horton), and Seattle National , First Commerce Corporation and BB&T. Conduit partners receiving applications include Auto Loan Acceptance Corporation (ALAC ALAC At-Large Advisory Committee (ICANN) ALAC Alcohol Advisory Council (New Zealand) ALAC American Lung Association of California ALAC Advocacy and Legal Advice Centre ) and First Money. Banks interested in the nonprime loan market can either establish relationship with companies specializing in nonprime (buy or sell loans) or set up separate finance companies to underwrite these loans. John Richardson The name John Richardson can refer to:
 This article or section may deal primarily with the U.S. and may not present a worldwide view. has significant potential in our area. This specialized lending has given us an opportunity to extend services to our customer base. The desire to make more loans and more profitable loans, coupled with the changing demographics of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , is driving this market." He continued, "APPRO is giving us a link to our banking partners while applying sophisticated decisioning models for better managing risk." The Conduit Server system is used by both the bank and the conduit partner. On the front end of a loan, it evaluates loan applications according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the bank's credit policy. Non-qualifying loans are then routed to the bank's conduit partner. The information is transferred electronically and no re-keying is required. "Banks using this system can really leverage their relationships with dealers," said Craig Uffman, president of APPRO Systems. "By accepting all loans and sending them to any number of conduit partners, the bank becomes a single source of financing for participating dealerships. Relationships with dealers are strengthened, and now the bank can generate revenue from non-qualifying applications." Uffman continued, "Nonprime lenders on the receiving end of the Conduit Server can generate volume rapidly without the time or expense of building dealer relationships." APPRO Systems, Inc. recently announced at a Mortgage Banking Association (MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration ) that United Financial Corporation will implement the first automated lending process for B/C B/C Because B/C Broadcast B/C Boundary Conditions B/C Biological & Chemical (sub-prime) mortgage loans using APPRO's MP-100 Risk Processor product. APPRO Systems, Inc. founded in 1979, is privately held and managed. The company's family of credit assessment products is installed in more than 90 financial institutions nationwide. Other clients include First Security Bank, Harris Bank, Regions Bank, San Francisco Employees Federal Credit Union, and Toronto-Dominion. APPRO's products include MP-100 Risk Processor, a complete assessment package for consumer lending products, and 20/20 Small Business Lending System, a complete assessment package for commercial lending that evaluates multiple applicants and products. APPRO Systems, Inc. is headquartered at 9489 Interline in·ter·line 1 tr.v. in·ter·lined, in·ter·lin·ing, in·ter·lines To insert between printed or written lines. in Avenue, Baton Rouge, LA 70809. For more information, contact Craig Uffman, President, at (504) 922-4730 or by fax at (504) 922-4777. APPRO's web site can be found at http://www.approsystems.com . CONTACT: for APPRO Systems Scott Mills, 404/264-7201 wmascott@aol.com |
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