Strategic Partnership to Deliver Enhanced Auto Loan Underwriting Services to Credit Unions and Dealers

Teledata Communications, Inc., (TCI) a leading provider of automated loan origination and workflow automation software for lending institutions, has announced an alliance agreement with Lending Solutions, Inc. (LSI), an Elgin, IL-based lending center which provides credit unions with 24/7 underwriting expertise. As part of the alliance, LSI will underwrite loans in conjunction with TCI's DecisionLender software, a web-based loan origination and automated processing solution for credit unions, banks, finance companies and other lenders.

The combination of the services provided by TCI and LSI will deliver an enhanced loan origination and workflow product for credit unions involved in indirect, particularly for loan applications that are not automatically decisioned. As a result, credit unions will enhance member services and thus grow their indirect lending portfolios.

"LSI's services complement DecisionLender's robust capabilities to provide fast and efficient loan origination solutions that will not only benefit credit unions, but sales finance channels and consumers as well," explained William S. Nass, president of TCI. "This partnership is a great asset for our customers because they can now have approved loans underwritten 24 hours per day, seven days per week."

DecisionLender is considered one of the industry's most comprehensive automated loan origination, processing and decisioning solutions. Upon receiving a loan application, DecisionLender automatically prepares the file for a credit analyst's review by retrieving credit and product-related valuation data, calculating loan ratios, and evaluating risk against the lending institution's specific criteria. Lenders can also use DecisionLender to receive applications from external sources, such as Route 1 or DealerTrack. In addition, DecisionLender can apply a lending institution's unique decisioning rules and parameters to any loan application it processes, assuring that lending institutions adhere to best lending practices.

As a web-based solution, DecisionLender is extremely flexible and cost-effective. It requires just a basic set-up charge and is available to customers on a pay-per use basis, enabling lenders to manage their resources more effectively.

"Credit unions employing both of our complementary services will strengthen their ability to capture more business and build their indirect lending portfolio," said Lee Kolquist, LSI's president and CEO. "LSI's experienced underwriters support TCI clients by adhering to a credit union's own policies and stipulations and by promptly turning around decisions to dealers. Together, TCI and LSI meet dealer demands of time and convenience through sophisticated, automated technology while being reliable with consistent decisioning at any time of day or day of the week."

Be the First To Comment

(Please read our comments policy first.)

From:
Show my identity with comment
Your Comment:

Leave this field empty