CMSI Delivers Customized Auto Lending Solution to Sovereign Bancorp In Record Time
CreditRevue's Rapid Loan Decisioning Capabilities to Help Sovereign Grow Its $2 Billion Automobile Lending Portfolio More Than 20 Percent Annually
By Capitalizing on Opportunities in New Markets
ANNAPOLIS JUNCTION, Md., Dec. 17 /PRNewswire/ -- Credit Management Solutions, Inc. (CMSI) (Nasdaq: CMSS) announced that Sovereign Bancorp, Inc. (Nasdaq: SVRN) ($22.4 billion), headquartered in Wyomissing, PA, has selected CMSI's CreditRevue(R) Unix-based system to support the bank's rapidly growing indirect automobile lending business. CreditRevue automates the indirect lending process by retrieving credit reports, scoring applications, booking loans and printing loan checks. In addition, CreditRevue provides state-of- the-art loan analysis and risk management capabilities.
"Sovereign's objective is to become one of the top bank-owned automotive finance companies in the Northeast and Mid-Atlantic states," said Joe Campanelli, President of Sovereign Bancorp's Automotive Group. "We plan to grow our $2 billion automobile lending portfolio by 20 percent or more a year through aggressive expansion of our dealer network. CMSI's CreditRevue helps us attract dealers to our network by offering them exceptional turnaround time and a high quality of service."
A significant portion of Sovereign's expansion will be into the Pennsylvania marketplace. The recent consolidation of major regional banks in that area has left many dealers uneasy about how responsive these newly formed institutions will be to their needs. As part of its marketing strategy, Sovereign will emphasis its ability to provide dealers with the personalized service typical of a community bank. "CreditRevue supports Sovereign's strategy of providing our dealers with customized service. The system is both fast and efficient as well as flexible enough to meet dealers' individualized needs," said Campanelli.
Sovereign relied on CMSI to provide them with a customized version of CreditRevue very quickly. "We really had to accelerate the automation of indirect auto lending to successfully enter the Pennsylvania marketplace, or we would risk losing these dealers to a competitor," explained Campanelli. "CMSI was able to deliver a customized solution to us within our aggressive timeframe."
"Sovereign was under a great deal of pressure to bring automated indirect lending to dealers in new markets as quickly as possible," commented Peter Leger, CMSI's President and Chief Operating Officer. "I am delighted Sovereign chose us to be its partner, and I'm proud we were able to meet Sovereign's stringent implementation timeline."
Campanelli envisions a long-term relationship between Sovereign and CMSI. "CMSI has a very active, ongoing investment in improving CreditRevue's functionality. They know the indirect lending business and they are committed to it. CMSI is a partner that we want to work with over the long haul," said Campanelli. |
