CUDL, Prime Alliance to Merge Mortgage, Auto Lending Conferences

LAS VEGAS -- Two credit union CUSOs are doing some high-level networking next year on conferencing by merging two of their high level meetings on mortgages and auto lending.

Thinking ahead, Credit Union Direct Lending Corp. of Rancho Cucamonga, Calif., and Prime Alliance Solutions of Tukwila, Wash. said a merged auto lending/mortgage symposium is in store for next May in Las Vegas.

"It is a big step for both organizations," said Joe Brancucci, CEO/chairman of Prime Alliance in brief remarks before the annual meeting of CUDL held here last week. Brancucci and CUDL's president/CEO Tony Boutelle called the combined session a new example of CU collaboration.

CUDL is billing the event as the premiere event and first in the industry. The CUDL/Prime Alliance Lending Symposium will be held May 13-15 at the Bellagio Resort/Casino in Las Vegas.

"The new symposium will provide credit unions with a single event that provides vital insight to all aspects of lending, addressing the major issues and trends affecting the industry as a whole," said a press release.

The 2009 conference, said the CUSOs, will feature a broad lineup of educational sessions and top speakers covering both mortgages and auto segments as well as "all aspects of the lending marketplace."

For CUDL, its 2008 session was its 10th annual symposium drawing 500 executives. The Prime Alliance Symposium held earlier this year attracted 235 attendees representing 75 CUs.

Keith Nolan, Prime Alliance's executive vice president of sales and marketing, said while CUs are "currently benefiting from the consumer's flight to safety, we look forward to creating a forum where credit unions can network, learn and interact with the brightest lending minds in the industry to determine how best to keep these existing market share gains permanent."

--jrubenstein@cutimes.com

CUDL Aligns With Independent Dealers

LAS VEGAS -- Moving to safely access independent dealers on originations, Credit Union Direct Lending Corp. said last week it is expanding a pilot program begun last year with Manheim, the Atlanta vehicle remarketing firm.

The program, called MAFS Advantage set to start next month under the Manheim Financial Services brand, would permit CUs to build loan business with independents protected by Manheim's screening, monitoring and funds management operations, said CUDL.

"The auction and floor plan experience with the independent dealer market allows MAFS to minimize credit unions' exposure to dealer risk," maintained CUDL, noting also the program is backed by Manheim title guarantee and lien protection.

Thus, CUs can develop dealer relationships "without the concerns associated with signing independent dealers."

Nationwide, Manheim has some 21,000 independent dealers and franchise firms but only "the top tier 11,000" are part of the MAFS program, said CUDL.

The arrangement with Manheim expands pilot projects that began with CUs in Virginia and North Carolina, including Coastal Federal Credit Union of Raleigh.

CUDL said the Manheim program lets CUs partner with dealers that have credit lines in excess of $100,000.

Manheim calls itself the "world's leading provider of automotive remarketing services." Through its auctions and tech products, the firm "impacts every stage of a used vehicle's life cycle" helping repossession sellers "realize the full value of their vehicles."

Manheim said it does daily monitoring of payments and matured loans, inventory aging reports, payment history and inventory audits with its dealers.

In announcing the startup of MAFS and completion of the test phase at CUDL's annual meeting here, Tony Boutelle, president/CEO of CUDL, said reaching independent dealers "has been a challenge from day one," but the new Manheim program will help clear that hurdle.

--jrubenstein@cutimes.com