Teres Solutions Software Selected by Three Credit Unions to Improve Indirect Lending Programs.Business Editors/High-Tech Writers AUSTIN, Texas--(BUSINESS WIRE)--June 7, 2004 Denali Alaskan Federal Credit Union, Fort Bliss Fort Bliss, U.S. army post, 1,122,500 acres (454,300 hectares), W Tex., E of El Paso; est. 1849 and named for Col. William Bliss, Gen. Zachary Taylor's adjutant in the Mexican War. Originally strategically located near the only ice-free pass through the Rocky Mts. Federal Credit Union and Telhio Credit Union Join Growing List of SAIL Users Teres teres /te·res/ (te´rez) [L.] long and round. te·res adj. Being round and long. Used of certain muscles and ligaments. teres [L.] long and round. Solutions Inc., a software provider to financial lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in , has signed three new credit union customers: Denali Alaskan Federal Credit Union, Fort Bliss Federal Credit Union and Telhio Credit Union. Teres Solutions' Software Application for Integrated Lending (SAIL) products are being used by the three credit unions to automate To turn a set of manual steps into an operation that goes by itself. See automation. manual loan processing steps and provide greater visibility into how lending programs are managed. SAIL Indirect is used by some of the nation's most successful credit unions to automate the indirect lending process, facilitating a significant reduction in 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. Denali Alaskan Federal Credit Union, Alaska's third-largest credit union, turned to Teres Solutions when it needed to upgrade its existing indirect lending to allow direct connection to credit bureaus and improved reporting capabilities. They also needed a technology that could adapt to its unique loan application workflow. Denali chose SAIL Indirect to address these requirements and received an added bonus -- SAIL's integration with the UltraData core system. This enables Denali personnel to use SAIL as the point of record for all loan information, working through the entire loan application process without duplicating efforts in multiple programs. Many credit unions have a combination of lengthy manual and automated processes within their lending programs. This was the case with Fort Bliss Federal Credit Union (El Paso El Paso (ĕl pă`sō), city (1990 pop. 515,342), seat of El Paso co., extreme W Tex., on the Rio Grande opposite Juárez, Mex.; inc. 1873. , Texas), which has 82,000 members and more than $400 million in total assets. "We were looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a solution that would allow us to improve efficiency for our indirect lending program and response times to automobile dealerships," said Karl Murphy, president of Fort Bliss Federal Credit Union. "Because Teres Solutions' SAIL Indirect interfaces with the DealerTrack platform, we're able to receive loans electronically from dealers. And, we're able to be more consistent with our underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. decisions, as they're based on our pre-defined criteria which are executed through the SAIL software." For Telhio Credit Union (Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. ), the key requirements for a more efficient lending process included a software product that had an easy-to-use interface, compatibility with their core system and automatic loan approval capability. They also needed an interface to DealerTrack's Web-based platform, which automates and accelerates the automotive financing process by electronically linking dealerships with financing sources. After evaluating several different products, Telhio, a staple 1. (language) STAPLE - A programming language written at Manchester (University?) and used at ICL in the early 1970s for writing the test suites. STAPLE was based on Algol 68 and had a very advanced optimising compiler. 2. in Central Ohio since 1934, chose SAIL Indirect. SAIL Indirect is a cost-effective software solution that streamlines the indirect lending process, allowing credit unions to increase revenue with fewer resources. Key product features include: -- Integration with DealerTrack's finance platform for automobile dealerships -- Automated lending decisions through the SAIL Autopilot module -- Sophisticated reporting capabilities -- Integration with major credit union core systems -- Web-based technology, which allows SAIL to reside within the credit union infrastructure -- Intuitive user dashboard (1) See Mac Dashboard. (2) A software-based control panel for one or more applications, network devices or industrial machines. Dashboards display simulated gauges and dials that look somewhat like an automobile dashboard. -- Roles-based security features -- Automated credit checking -- Application history lookup A data search performed within a predefined table of values (array, matrix, etc.) or within a data file. -- Federal regulation compliance -- Automatic dealer response generation 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 aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: loan tracking and reporting capabilities. Visit 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. |
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