ISLANDIA, N.Y., Nov. 3, 2016 /PRNewswire/ -- Teledata Communications, Inc. (TCI) (www.tcicredit.com), a provider of cloud-based loan origination solutions, announced that Credit Union Acceptance Corporation, LLC (CUAC) has deployed its cloud-based DecisionLender 4 loan origination system (LOS) to process auto loan applications for its national network of credit unions. CUAC is considered among the largest CUSOs (Credit Union Service Organizations) in the United States. As a result of this implementation, CUAC credit unions are leveraging the industry's most advanced loan origination platform to customize and automate all workflows and processes, enabling them to compete more effectively for automobile loans, while improving efficiency and reducing operating costs.
"The deployment of DecisionLender 4 marks a bold step forward in helping CUAC member organizations continue their success in the automobile lending sector," explained Kurt Howard, executive vice president of CUAC. "Credit unions all over the country are facing pressure to process and underwrite loans more quickly, accurately, and compliantly. The flexibility, reliability, and ease-of-use built into DecisionLender 4 far surpasses any loan origination system in the industry, and gives our credit unions a competitive edge in their respective markets."
DecisionLender 4 is a cloud-based loan origination platform that serves credit unions, banks, finance companies and online providers. It provides unparalleled flexibility for customizing loan origination processes, enabling financial institutions to create and adjust lending rules, parameters, application fields and workflows without requiring expensive and time-consuming IT resources. DecisionLender 4 also provides comprehensive analytics that gives lenders visibility into a number of key metrics to assess and revise their lending operations in real-time. Through this high level of customization, financial institutions become more proactive and agile in creating and augmenting lending programs.
CUAC is leveraging a number of DecisionLender 4's unique attributes to assist its credit unions. Among these include an innovative messaging tool that facilitates real-time communication and document-sharing between CUAC, its credit union members, and any sub lender that may be part of a specific deal.
"The real-time messaging and document share capability is a feature we've not seen demonstrated in other LOS offerings," said Howard. "It is a very powerful tool that instantly improves communication and thus expedites loan processing."
Howard also cited DecisionLender 4's documentation and image uploading capability as an essential attribute, estimating that this feature will save CUAC tens of thousands of dollars over the course of the year. In addition, the system connects CUAC credit unions with auto finance portals DealerTrack and RouteOne, further enhancing lending opportunities for credit unions.
"We are very proud that an organization with the reputation and reach of CUAC has selected DecisionLender 4 to handle the loan origination needs for hundreds of credit union members," said Barry Kirby II, vice president at TCI. "This platform has proven itself to be an outstanding solution for helping lenders compete in a dynamic market defined by encroaching competitors, compressed sales cycles, and evolving consumer demands. We're confident that the credit unions associated with the CUAC program—as well as other lenders—will find DecisionLender 4's superior flexibility, features and efficiency an essential component for succeeding in this highly competitive marketplace."
For more information on TCI and DecisionLender 4, visit www.tcicredit.com.
About Teledata Communications, Inc.
Teledata Communications, Inc. (TCI) is a leading provider of software-as-a-service (SaaS) loan origination solutions for credit unions, banks, and finance companies. TCI's DecisionLender enables lenders to process a greater amount of loans, improve workflows, and adhere to security and compliance mandates. TCI's latest solution, DecisionLender 4, features a flexible design which online and traditional lenders can configure to address their specific lending criteria and workflows. As authorities in the lending marketplace, TCI's solutions have been adopted by nearly five hundred lenders across a number of sectors, including automobile finance, power sports, lifestyle, appliances, and other consumer-facing industries. For more information visit www.tcicredit.com.
Credit Union Acceptance Company, LLC (CUAC) is a Credit Union Service Organization (CUSO) formed in 1998, developed for credit unions by credit unions. CUAC is owned by 15 credit unions and provides lending services for hundreds of credit unions across the United States. CUAC is a member of the CU Alliance, LLC family of Credit Union Services.
CUAC's indirect lending solutions were formed to help credit unions retain current member loans, grow auto loan portfolios and increase membership by enabling them to provide point of sale finance opportunities at participating auto dealerships. Simply put, the auto dealership's hours of operation become the credit union's extended hours.
Credit Unions enjoy responsible auto loan growth and one stop car shopping for their members. CUAC provides rapid program implementation, automated loan decisions, a national state of the art funding center and a complete marketing platform to participating auto dealerships. For information visit www.cuac.net.
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SOURCE Teledata Communications, Inc.