Ser Tech and Origence Announce Partnership to Help Credit Unions Deliver On-Demand, Pre-Approved Auto Loans to Members at Point of Sale
Credit unions will be able to deliver instant pre-approved auto loan offers to members while they are shopping for their next vehicle.
Dallas, Texas – September 24, 2020 — Ser Tech and Origence have announced a new partnership to deliver on-demand pre-approved auto loans to credit union members.
As a result of the partnership, Ser Tech’s EverScreen service is being integrated into the Origence CUDL platform, giving credit unions the ability to supply prescreened auto loan offers to members while shopping at the dealership. Credit unions can now leverage Ser Tech’s prescreen technology to automatically provide their members an auto loan offer as they are undergoing the financing process. The service allows credit unions to avoid high upfront costs of purchasing prescreen data on their members and mailing loan offers, while preserving the member/credit union relationship and avoiding the potential for a member to finance elsewhere.
Loan offers and credit data are available through Ser Tech’s EverScreen service, which is an always-on, always-available prescreen data warehouse that can be used not only for the CUDL auto loan prescreens, but in cross-selling the credit union’s other loan products.
Using just the member’s name and Social Security number, the CUDL finance application automatically determines if an instant pre-approval with any credit union is waiting to be claimed, using the participating credit union’s specific auto loan credit criteria and pricing. The service streamlines the financing process, fortifies the financing relationship between member and credit union, and allows the credit union to win the loan at underwriting rather than fighting for the refinance later.
The ability to match a member to the credit union is key. Consumers tend to finance with a trusted lender where a relationship already exists. The CUDL prescreen service will allow consumers to avoid a prequalification review process where the member asks to be pre-approved and may potentially be matched with other lenders. The service makes the connection automatically and provides financing offers before other lenders have the opportunity.
Credit unions using the CUDL service will not only save thousands of dollars by minimizing upfront prescreen costs and paying only for the prescreen data as individual offers are made, but also fund thousands of dollars in new auto loans otherwise missed by maintaining the member relationship.
The nation’s largest credit union auto lending network, CUDL connects 1,100 lenders to 15,000 auto dealers nationwide.
“We understand keeping the member at home is key to all credit unions. Our agent relationship with Equifax allows us to create unique, on-demand services to provide financing options to members when they need it most,” Ser Tech chairman Mike Covert explains. “After 26 years of serving credit unions, we understand the importance of streamlining the lending process while reducing costs, so we’re very excited to work with Origence to help credit unions make auto loans to members more effectively and efficiently.”
“Origence understands that many car buyers find their financing at the dealership, so we’re very pleased to elevate our lenders’ visibility to their members within the CUDL platform. Through our partnership with Ser Tech we can help our credit unions secure more member loans in an affordable manner, while helping credit unions deepen their relationships with members,” noted Origence’s vice president, lender client experience, Dave Adams.
About Ser Tech
Ser Tech is a financial technology services company that leverages credit data to help clients target consumers to generate new loans, provide FICO® Scores and credit education for consumers, and identify, measure and manage portfolio risk and opportunity through comprehensive loan management. Ser Tech is headquartered in Dallas, serving more than 3,000 credit unions since 1994.
Origence, a CU Direct brand, provides lending technology that enhances the origination experience to increase loan volume, create efficiencies, and grow membership. With Origence, credit unions can provide mortgage, consumer, indirect, and home equity loans with greater efficiency and increased scale while also delivering a convenient and personalized experience to borrowers. Further solutions include analytics, marketing and CRM, auto shopping, identity theft solutions, consulting, outsourced loan processing, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.