The $389 million Valley First Credit Union in Modesto, Calif., said it has now converted more than 10,000 paper titles to computer files through its electronic lien and title service solution from VINtek.
The 53,000-member Valley First had begun implementing ELT in 2006 but had only converted 10% of the titles it held before it switched to the service from Philadelphia-based VINtek, the company and credit union said.
The new service has reduced paper use and automated day-to-day flow of title. The credit union said it made the move to manage converting the remaining paper portfolio and handle its ongoing ELT needs.
“With ELT, we have no paper title to receive and store and when our member satisfies the underlying loan, the DMV sends a clean title to the borrower. Our ability to electronically track titles has helped us increase efficiency and dedicate more time to serving our members and less time dealing with the paper title chase,” said Paul Emanuels, the credit union’s vice president of lending.
“To realize the full benefits of removing paper from the credit union, it is just as important to convert the existing paper portfolio to ELT as it is to receive electronic titles on new loans. ELT helps institutions such as Valley First Credit Union better utilize their resources,” said Larry Highbloom, president of VINtek, which provides automotive collateral management services, ELT and direct auto finance solutions to credit unions, banks and other financers through offices in Philadelphia, Troy, Mich., Las Vegas and Sacramento, Calif.