Lending & Collections
Lending & Collections
Credit unions must offer a variety of convenient lending services and products to meet the needs of their members. LEVERAGE’s lending and collections solutions include best-in-class auto remarketing services, auto lending tools, and flexible mortgage lending solutions.
Ready, set, sold! With more than 100,000 used vehicles sold annually at auctions throughout North America, Remarketing by Element is a recognized leader in time – and cost-efficient asset disposition with unparalleled experience, intelligence, technology and resale network relationships.
The remarketing program features:
- Professional management of your vehicles at auction
- On-site representation
- Strategic repair recommendations
- Top lane position and competitive fees
- Easy-to-use web-based tools
- Performance measurement
- Honesty and integrity
An in-depth, strategic approach to liquidating repossessed and off-lease vehicles creates a stronger remarketing program that reduces exposure, minimizes losses, and increases the bottom line. This program accelerates the results of the remarketing process.
Strategic Remarketing Solutions (SRS) is a vehicle repossession and remarketing company that is uniquely qualified to meet your individual needs. Partnership with SRS provides a single source to efficiently manage your repossession needs and maximize the remarketing of your vehicles. A network of repossession vendors will provide you with the confidence that your vehicle will be recovered quickly and professionally, at a reasonable cost. Our alliance with Element assures that you will receive above market average results when liquidating repossessions. Remarketing by Element combines a prominent position in the auction lanes with industry acknowledged branding, marketing and representation.
Strategic Remarketing Solutions provides:
- Repossession services
- Experienced, professional network of vendors
- Client portal with access to real-time recovery information
- Title management services
Get measurable results from experienced professionals who understand your unique repossession and remarketing portfolio.
Request more information about how LEVERAGE can help maximize recovery dollars for auto liquidation through recovery and remarketing programs.
Newtek provides the following member business services through a referral program: business lending; health and benefit insurance; merchant processing; payroll services; data storage; and website design, development, and hosting.
Request more information about the business services LEVERAGE can provide through Newtek.
Twenty Twenty Analytics provides risk analysis of commercial and consumer loans and identifies unique environmental factors that affect credit union portfolios. Products include: loan portfolio risk analysis, concentration risk assessment, real estate, automobile and commercial collateral valuation, allowance for loan loss validation, residual reserve-leases, financial statement disclosure, and loan review.
Request more information about the various risk analyses LEVERAGE can provide through Twenty Twenty Analytics.
Silanis has secure, easy-to-use and flexible e-signature options for credit unions of all sizes. Silanis helps credit unions offer convenient and efficient e-signature services to members while easing the compliance burden. With electronic signatures, credit unions can keep member-facing transactions completely electronic.
Request more information about the e-signature options available through LEVERAGE by Silanis.
Feel confident about lending with the Equity Protection Program (EPP) through LEVERAGE. With EPP, your credit union can safely promote loan growth without an increase in risk.
Under the EPP, the credit union is insured for losses due to borrower default for any reason such as job loss, divorce, bankruptcy and even death. One policy covers all types of loans insured, and the following loan types are eligible for coverage:
- Closed-end home equity
- 80/20 second mortgage purchase money
- Home improvement
EPP is a fully insured loan protection program backed by an A.M. Best “A” rated insurer. The program allows the credit union a great deal of flexibility in designing loan programs and underwriting individual loans. Significant emphasis is placed on responding to the individual underwriting concerns for each loan, as well as simplified reporting and premium remittance procedures.
What is Automated Collection Technology (ACT)?
ACT provides innovative GPS technology that aids credit unions in the ability to collect auto loan payments more efficiently by incorporating audible reminders and vehicle immobilization when needed. These features are prompted automatically, based on preset dates, and do not require additional personal interaction with the borrower. This enhancement improves performance by creating greater awareness of payment due dates and consequences for members.
PassTime is the industry leader in technology development yielding unmatched support and service. By choosing PassTime, credit unions are ensured full-service installation at the members’ convenience managed by a national dispatch center. PassTime service includes 24/7 live customer support, field training and support for staff, and tow/impound lot notification services.
PassTime stands out as a national leader in device compliance equipping credit unions with Compliance Officer Training and Management, FTC reviewed PassTime Consumer/Member Disclosures, and already established CFPB and Larger Participant Guidelines.
Credit Union Results:
- Increase in new members with a new lending tier for subprime borrowers
- Improve member payment performance
- Increase in recovery time
- Decrease in recovery cost/loss
- Increase originations without increase in staff
- Increase in cross-sell penetration
PassTime is able to assist credit union loan programs with either a repossession redemption or subprime origination strategy.
Veri-Tax is the premiere provider of verification and ability-to-pay solutions, helping the mortgage and lending industries meet the raised compliance and fraud detection requirements implemented by the Consumer Financial Protection Bureau (CFPB). By utilizing the industry’s most advanced technology, Veri-Tax gathers the necessary documentation to streamline a loan’s funding, accelerate underwriting decisions, and improve the overall customer experience. Veri-Tax’s suite of fast and reliable verification solutions include: 4506-T income verifications, SSN verifications, verifications of employment, and verifications of accounts.
- Verify income
- Verify employment status
- Verify assets, monthly payments on loans and identity undisclosed debt obligations
- Gather data to determine debt-to-income ratio
Request more information about how LEVERAGE can help you verify member information through Veri-Tax.
CRIF Indirect Lending
CRIF Select specializes in indirect auto lending partner programs. Integrated, technology-based solutions will make loan approvals faster, more accurate and virtually paperless, delivering lower costs and better service for customers and members. With state-of-the-art technology as well as dealer management, underwriting, and loan processing services, CRIF offers user-friendly, value-added solutions for every phase of the indirect auto lending process.
Request more information about how LEVERAGE can help with an indirect lending program through CRIF.
Build your loan portfolio by reaching out to members who have loans at other institutions, or at times when they’re most likely to purchase.
Request more information about how LEVERAGE can help build your loan portfolio through CUNA Mutual Group’s loan marketing solution.
CU Members Mortgage
Earn fee income based on participation in loan origination or temporary funding while building your mortgage loan portfolio and enabling virtually all credit-worthy members to obtain mortgage financing.
Request more information about how LEVERAGE can help you earn fee income through CU Members Mortgage.
Provide anytime access for loans to your members with a web-based member lending support system.
Request more information about how LEVERAGE can help provide anytime access for loans through CUNA Mutual Group.
LEVERAGE Business Lending gives credit unions access to experienced Small Business Administration (SBA) loan processing and servicing operations. This access allows credit unions to reap the benefits of holding and selling SBA loans without any additional infrastructure. Through its partnership with Capital Growth Solutions, LLC, LEVERAGE‘s business lending program assists in the packaging, underwriting, closing, and servicing of Small Business Administration (SBA) loans and provides more than a century of experience in working with the SBA and lenders to help small businesses succeed.
LendKey, a cloud-based technology company, provides the essential infrastructure for any party to quickly, securely, efficiently, and profitably lend to anyone else. The platform allows credit unions to affordably set up a full-scale, fully compliant student lending operation within weeks, as well as tap into a community of like-minded lenders. LendKey powers a number of student loan programs (including cuStudentLoans) and residential energy efficiency loan programs.
Request more information about how LEVERAGE can assist with setting up a fully compliant student lending operation through LendKey.
Increase efficiency and reduce exposure to fraud. VINtek is a pioneer in electronic lien and title solutions that are unparalleled in quality and service for more than 20 years. VINtek can become a virtual title department for performing those title-related tasks that distract staff from more productive activity.
- Paper title receipt/scan/validation/OCR input/remote image
- Hosting and retrieval and return to client for storage
- eTitle receipt/validation/storage/release
- Exception processing of delinquent title follow up activities
- Title maintenance services
- Application for duplicate or missing titles
- Title corrections
- State-to-state processing
- Lien recordation
- Application for title and lien recordation
- Application for repossession title or salvage title
- Lease-to-loan ownership transfer
- Refinance processing
- Consumer correspondence
- Complete paper title administration
- Decode VIN
- Evaluate used vehicles
- VINtekTIME™, online client collateral management tool—no software installation is required
Request more information about how LEVERAGE can help increase efficiency and reduce fraud through VINtek.
NADA Used Car Guide
Access the most current used values and new vehicle invoices for a wide range of vehicles, 24/7. Online access provides information without searching through multiple paper guides or worrying about whether or not you have the correct vehicle and most up-to-date values. With access to electronic valuations through NADA Used Car Guide Online, information is always current, always available, and offers convenient, printable reports.
NADA Used Car Guide Online provides the most convenient access to valuation data for all types of new and used vehicles from cars and trucks to motorcycles and boats! Since NADA Used Car Guide Online is a web-based product, there is no software to install and your whole staff may use it at the same time, without the need for additional user licenses. With NADA Used Car Guide values at your fingertips, it’s faster and easier than ever to make the best business decisions about any used vehicle — anytime, anywhere. For more information on NADA Used Car Guide, or paper guides, email Deirdre Rhodes.
- Quick access to NADA Used Car Guide benchmark values:
- Auction Values (Low, Average, and High) – recent price action for used cars and light-duty trucks at wholesale auction. Updated weekly.
- Trade-In Values (Rough, Average, and Clean Condition-Based Values) Representing the typical price for a vehicle at trade-in. Updated monthly.
- Loan Value (Clean Condition-Based Value) Representing the potential amount of credit that may be obtained on a vehicle. Updated monthly.
- Retail Value (Clean Condition-Based Value) Representing the typical selling price for a vehicle. Updated monthly.
- Optional certified pre-owned valuation for a range of vehicles, including:
- New vehicle MSRP and invoice
- Used cars and light-duty trucks, with values dating back to 1993
- Commercial trucks
- Classic, collectible, exotic, and muscle car
- Motorcycles, snowmobiles, ATVs, and personal watercraft
- Vintage, collective, and retro motorcycles
- Recreation vehicles
- Marine vehicles
- Van/truck conversion vehicles and limousines
- Farm equipment (available for an additional access fee)
- Automatically calculated accessory and mileage options to ensure accurate valuations
- Report generator for easy reference and printing
- Ability to look up vehicles by scanning the VIN through your smartphone.
NADA VIN Scanner Application provides superior barcode recognition, reading of both regular (linear) and square (2D) VIN barcodes. Automatically copies scanned VIN to NADA Online for decoding. Mobile web access and NADA VIN Scanner are free with subscription.
- Key in the VIN or select make/model through your desktop.
- Access to all ten NADA regions so you can get localized data for your market.
Get online access to manufactured housing valuations and information. This is a specialty-order item that must be ordered directly through NADA Used Car Guide.
Request more information about how LEVERAGE can provide access to valuation data through NADA Used Car Guide.