Outsource Financial Opens State-of-the-Art Consumer Loan Call Center with CMSI's Credit Automation Solutions
CreditRevue 2000 and CreditConnection Play Key Role in Automating Loan
Decision-Making and Processing
COLUMBIA, Md., May 19 /PRNewswire/ -- Credit Management Solutions, Inc. (CMSI) announced today that Outsource Financial Services -- a new and innovative concept in consumer lending -- will automate its call center with CMSI's CreditRevue 2000(R) and CreditConnection(R) software. The industry's most advanced, comprehensive and flexible credit automation solution, CreditRevue 2000 enables consumer lenders to maximize profitability through more knowledgeable decision-making, faster turnaround and improved productivity. CMSI's CreditConnection is the first online, real-time connection that closes the electronic loop between third-party originators, such as car dealers, and the lender.
"This alliance with CMSI is a key component of our strategy to deliver a full range of consumer loan products on behalf of lending organizations," said Lowell G. Middleton, president of Phoenix-based Outsource Financial Services. He added that these lenders are typically small- to-mid-size banks offering car and recreational vehicle loans, home equity loans, unsecured loans and overdraft protection.
A division of The van Wagenen Company, a recognized leader in credit- related insurance products and services, Outsource Financial Services was formed earlier this year to act as a full-function, extended-hour consumer loan origination center featuring call center services. This approach allows lenders to move credit origination expenses from fixed to variable in nature; as a result, they can respond effectively and rapidly to fluctuations in loan demand, free from worry about capacity issues and staffing requirements.
Middleton explained that the center's loan officers -- who each have an average of 20 years banking experience -- will use CreditRevue 2000 as a loan decisioning platform. Underwriting criteria, he added, will be tailored exactly to each lending organization's specifications.
With the CMSI software, Outsource Financial will be able to automate the entire credit application process, including: application entry; credit bureau interfaces; access to online databases, such as the Kelley Blue Book, Vintek and NADA; detailed credit report summary and analyses that can be presented in a variety of ways; transfer of funding information to lenders accounting systems; and, if requested by Outsource Financial clients, loan documentation branded with their names and logos.
Outsource Financial expects to go live on CreditRevue 2000 this summer, at which time it can also interface to CMSI's CreditConnection. With CreditConnection, credit applications and related information that are keyed in by car dealerships will be automatically routed, via CreditConnection's computer switch, to Outsource Financial's CreditRevue 2000 system. The system will then process the applications based upon the lender's underwriting criteria and transmit the loan decision back to the car dealer in under five minutes.
"CreditConnection linked to CreditRevue 2000 will allow us to deliver credit decisions in a fraction of the time required by traditional faxing, re-faxing and telephone tag," said Middleton. "Simply put," he added, "our clients will benefit greatly from our investment in CMSI's advanced technology."
According to James DeFrancesco, president of CMSI, "Outsource Financial Services is firmly positioned for success in today's competitive consumer lending arena." Said DeFrancesco: "The company's seasoned lending expertise coupled with CMSI's software solutions brings a new level of service, as well as new options for delivering that service, to the industry." |
