Teres Solutions Adds Direct Lending System to Indirect Offering

AUSTIN, Texas - Teres Solutions is introducing a direct lending solution to go with the automated indirect lending software the Austin-based company has sold to more than 30 credit unions since the company launched in 2002. Called SAIL Direct, the platform integrates origination, decisioning, funding and reporting for a wide range of direct loans, the company says, including auto, boat, credit card and personal. The company already had been gaining traction with its SAIL (Software Application for Integrated Lending) Indirect, which integrates with the widely used DealerTrack finance platform for auto dealers. It recently announced seven new signings for that solution, including $1.7 billion Redstone FCU in Huntsville, Ala., and $890.2 million Central Florida Educators FCU in Orlando. The new direct-lending platform also integrates with loanliner.com for receiving and approving member loan applications around the clock, the company says, and loan processing time is reduced by the system's ability to pull and review credit reports and enter data into core platforms from Summit, Symitar, ULTRADATA, USERS and XP Systems. Denali Alaskan FCU is one of the first users of the SAIL Direct and integration with the core platform was a key consideration, says Bob Tichenor, vice president of lending for the $340 million, 46,000-member CU based in Anchorage. "There weren't a lot of systems out there that allowed us to bring our direct and indirect lending software programs under a single view," he adds. SAIL Direct also includes single-view viewing of reports. The system generates real-time reports on loan production, loans by branch, amortization and yields, delinquencies and other topics, and can produce them through such customized systems as Crystal Reports or export them into Excel spreadsheets. The SAIL Direct system is in-house but is browser-based for intuitive and collaborative use. "With a single Web browser you can access loans from both the direct and indirect system," Tichenor said. "This helps you feel more connected with the different branches because you can instantly see their notes and allow people to share information on loan processing more easily."