STOCKTON, Calif. -- A tech consortium of five small northern California credit unions has added an automated lending solution to its competitive arsenal.
Credit Union Shared Resources LLC will be using the SAIL indirect and lending platform from Teres Solutions Inc. of Austin, Texas.
CUSR comprises Allied CU in Stockton, Modesto's First Federal CU and Community Trust CU, Tracy Federal CU in Tracy and Community First CU in Santa Rosa.
The combined purchasing power allowed the credit unions, which average about $50 million in assets each, to use technology they could not have afforded alone.
"The reason CUSR came about was to give several small credit unions the scale to compete on equal footing electronically with online banks and large financial institutions," said Frank Michael, CEO of Allied CU. "Instead of paying five times for each of these components, together we can incur the cost of a more robust and scalable system just once."
SAIL integrates with CUDL, DealerTrack and RouteOne finance platforms and with the Symitar core platform that the CUSR members all use.
The credit unions said they expect to begin loading and testing the SAIL lending platform on their individual systems in late February.
"Through efficiencies, integration with other systems and cross-selling opportunities, we fully expect SAIL to allow us to increase loan production even in the current challenging economic environment," said Todd Sheffield, CEO of Community First CU. "Each of us will be able to offer more lending services more efficiently to more members."
