Q. What kinds of Lenders can benefit from CU Lending Edge (CULE)?
A. Literally any Credit Union as well as any other lender that is looking for New or Used auto loans and other secured loans can benefit. While the system carries the CU moniker and was created by Credit Unions, within the CULE program several Non-CU lenders are provided loan opportunities that Credit Union's cannot approve or place in their portfolios. Non-CU Lenders run the gamut of small independent Banks, S&L's and Finance Companies, to larger Regional and National lenders, to working with Wall Street firms in packaging and pooling loans for sale and distribution on secondary markets. Lendgistics, LLC (www.Lendgistics.com) also serves number of Non-CU Lenders in a non-CU branded program designed specifically for the Non-CU marketplace lenders.
Q. So any Lender can participate, but what's different about CULE from other programs?
A. Any lender can benefit from the CU LENDING EDGE system. CU Lending Edge is unlike anything in the marketplace today. In fact, from the inception of the program and still today, we challenge ourselves to make certain that the unique services we provide are truly different and needed. Creating a program as an alternative to, not a competing program in the marketplace means CU LENDING EDGE is something different. And something different in the marketplace is what is needed!
From providing truly customized filtering to multi-solution/iterative decisioning to eliminating the costs of starting and maintaining a program, right down to the staff, software and hardware, CU LENDING EDGE was born to perform!
Q. Do I get the impression that the CU Lending Edge System can replace or eliminate my current decisioning engine?
A. Yes. You still need your core processor of course, but the CU LENDING EDGE System can easily become your automated decision engine for all of your Credit Union's consumer loans, not just indirect and direct auto loans. We can build any product and any product decisioning criteria into the system, so you can use the system for all of your automated loan decision needs. Whether CULE is utilized solely as an Indirect and Direct Automobile lending program, or internally as an automated loan decision engine for staff, or even as a completely web-based automated Consumer loan platform, the Lendsys, LLC engine utilized by CU LENDING EDGE is the most powerful automated loan decision engine available in the marketplace today.
Q. As an experienced lender I've been involved in Indirect Lending in the past and it was a nightmare. Why would your program work for Indirect when others haven't?
A. Whether you are doing Direct or Indirect lending today, have done it in the past and stopped, or never been involved in indirect due to the inherent problems and negatives of current and past programs, you should consider CULE for the following reasons:
Q. Don't the Dealers and large lenders pretty much control who gets the loan volume?
A. This may have been true in the past, and it's certainly true with other lending systems, but not with CU LENDING EDGE. there are several major structural and conceptual differences with CU LENDING EDGE from all other Indirect Programs in existence today. For Credit Union lenders the program is geared primarily to identify and send existing member loans directly to you for decisioning. And CULE removes control from the Dealer as to where the loan is sent. This process alone separates CU LENDING EDGE from nearly every other Indirect or Direct loan provider! In the CU LENDING EDGE program dealers and Large Lenders can't and don't control the loan submission process.
Q. What do you mean, Dealers and Large Lenders can't control the system?
A. Functionally, Dealers submit loans directly to the CULE automated decisioning engine, not to a specific Lender in the system. The CU LENDING EDGE engine searches the extensive Lender database and first looks for a MemberMatch to determine which Credit Union the loan (or Member) belongs to. This is drastically different than other systems that encourage each CU to hire and maintain Dealer Representatives that then make individual and multiple calls on Dealers to attempt to get dealers to send them, not you, the loan application. Since Dealers doesn't get to choose which specific Lender in the system to send the loan to, they do not control the system. And large or small lenders are all treated equally in terms of loan distribution. If the loan application coming into the system is your member, you get the loan! Only when you don't approve your own member will the application continue through the system to look for an approval from another lender in the system.
Q. What About This Next-In-line Concept? Can I lose an Actual Member Loan as a Result of this?
A. In short, yes. But remember, everyone takes their turn with multiple member matches. If the Next-in-line algorithm determines that it is not your turn to have the first crack at the loan decision this only happens when a member belongs to multiple Credit Unions in the system. And after each decision the Next-in-line order shifts and you get that much closer to being first-in-line the next time multiple MemberMatches take place in the system. Essentially, the Next-in-Line process assures every Credit Union in the system an equal share of all Existing member (as well as potential member) loans portioned out based on fair, unbiased and equitable mathematical formulas.
Q. What are the costs?
A. Call us for specific pricing in your area and we can explain and be specific regarding the different service levels and geographic regions. There are no start up or recurring ongoing costs to Lenders for installing the lending platform and no need to hire additional staff to get started. You only incur costs when you complete a transaction, either a funded loan or an approved loan, so you pay as you earn. In our Full Service and Modified Service programs you simply pay as you go, only as loans are funded! That means no per application fees, no internal staff or External Dealer Rep Costs, and no initial or recurring software or development costs. In our Pass-Through programs Credit Unions can choose an Approved Loan pricing option at the lowest per loan fees in the marketplace. Pricing may vary based on the CUSO provider pricing schedule in your individual marketplace.
Q. Do you have Interfaces with Any Of the Large Loan Application Acquisition Services?
A. Yes. The CU LENDING EDGE system does have an integrated and automated interface built with RouteOne and DealerTrack. This clearly benefits the 20,000 plus RouteOne and DealerTrack dealers, as well, Lenders benefit by making virtually every franchise dealer in the country in every market in the country a potential Dealer for our system. And best of all, participating Lenders do not pay individual per loan application fees to decision loans. This one process alone saves some of the larger volume lenders in the system thousands of dollars per month!
Q. Does Your System Run My Credit Report and Lender Subscriber Number?
A. Yes. When you come in the system as a lender we work with the Credit Bureau to assign as separate Subscriber code to all CULE decisioned loans. Each lender is billed directly for all of the credit reports pulled on their behalf each month and they can use the data to track approval and funding ratios and to create other important and useful reports.
Q. Can a Small Credit Union Really Compete?
A. Yes! This product was created specifically for small and mid-sized emerging Credit Unions that haven't given up on making loans to their members. The CULE system takes the human element out of where and who to send the loan to with processes like MemberMatch and Next-in-line assuring that each CU gets their own existing members loans. So you can be on the program and be located right down the street from the largest and most aggressive lender in your market and still consistently get loan approvals and funding through the CULE program, because everyone takes their turn. If you have fewer members you will of course have fewer turns than the bigger guy but still get your fair share, and that is better than where you are now! Would you agree? Do the math. Capturing just one or two existing member loans a month that you are losing now could make the difference between an OK and good, or good to great year for you.
Q. Does the system provide the necessary reports and data so that I can stay on top of the trends in my portfolios, track delinquencies, charge-offs, and dealer performance?
A. Of course. Standard reports are available as are individual data downloads for each entity utilizing the system at whatever frequency is required by the User/Entity.
Q. Have You Completed Market Development and Testing
A. Market testing and operational and processing testing for the back office validation services and administration is complete. We operated (Actual loan origination and funding) in the Southern California marketplace for over two years utilizing other vendors software. CULE has been developed from day one to deliver an alternative to the Indirect Lending programs available to credit unions that are in the marketplace today. One of the major challenges we have addressed and resolved with the market testing is to enable credit unions of any size to effectively and profitably implement both a Direct and Indirect Lending program.
If you have a question that has not been answered, feel free to send us a detailed question using our "Contact Us" page.
A. Literally any Credit Union as well as any other lender that is looking for New or Used auto loans and other secured loans can benefit. While the system carries the CU moniker and was created by Credit Unions, within the CULE program several Non-CU lenders are provided loan opportunities that Credit Union's cannot approve or place in their portfolios. Non-CU Lenders run the gamut of small independent Banks, S&L's and Finance Companies, to larger Regional and National lenders, to working with Wall Street firms in packaging and pooling loans for sale and distribution on secondary markets. Lendgistics, LLC (www.Lendgistics.com) also serves number of Non-CU Lenders in a non-CU branded program designed specifically for the Non-CU marketplace lenders.
Q. So any Lender can participate, but what's different about CULE from other programs?
A. Any lender can benefit from the CU LENDING EDGE system. CU Lending Edge is unlike anything in the marketplace today. In fact, from the inception of the program and still today, we challenge ourselves to make certain that the unique services we provide are truly different and needed. Creating a program as an alternative to, not a competing program in the marketplace means CU LENDING EDGE is something different. And something different in the marketplace is what is needed!
From providing truly customized filtering to multi-solution/iterative decisioning to eliminating the costs of starting and maintaining a program, right down to the staff, software and hardware, CU LENDING EDGE was born to perform!
Q. Do I get the impression that the CU Lending Edge System can replace or eliminate my current decisioning engine?
A. Yes. You still need your core processor of course, but the CU LENDING EDGE System can easily become your automated decision engine for all of your Credit Union's consumer loans, not just indirect and direct auto loans. We can build any product and any product decisioning criteria into the system, so you can use the system for all of your automated loan decision needs. Whether CULE is utilized solely as an Indirect and Direct Automobile lending program, or internally as an automated loan decision engine for staff, or even as a completely web-based automated Consumer loan platform, the Lendsys, LLC engine utilized by CU LENDING EDGE is the most powerful automated loan decision engine available in the marketplace today.
Q. As an experienced lender I've been involved in Indirect Lending in the past and it was a nightmare. Why would your program work for Indirect when others haven't?
A. Whether you are doing Direct or Indirect lending today, have done it in the past and stopped, or never been involved in indirect due to the inherent problems and negatives of current and past programs, you should consider CULE for the following reasons:
- The program allows you to totally customize your loan application and credit report data to your specific underwriting standards
- Customized decisioning criteria means you only approve loans that you want and every approved loan meets your specific underwriting criteria, policy and guidelines.
- Iterative, Multi-solution loan decisioning allows you to create multiple "What If" scenarios in an automated loan decisioning environment, and stay consistent 24/7
- No more exceptions means you end up with a cleaner and more profitable loan portfolio
- Our sophisticated and thorough Back-office processes are designed specifically to validate every file and minimize fraud on each and every file
- There's no cost for Credit Union Lenders to get started - You Pay As You Earn
- As a Credit Union lender, you'll be able to capture Direct Member loans as well as Indirect (Non-Member) loans
- Lenders don't need to staff and house back-office or Dealer Representatives. You'll save a ton of money Vs being on other programs
- You only pay for funded loans on the Full and Modified Service programs
- On the Loan Decision Pass Through program you only pay for Approved Loan Decisions, not on a per application submitted basis
Q. Don't the Dealers and large lenders pretty much control who gets the loan volume?
A. This may have been true in the past, and it's certainly true with other lending systems, but not with CU LENDING EDGE. there are several major structural and conceptual differences with CU LENDING EDGE from all other Indirect Programs in existence today. For Credit Union lenders the program is geared primarily to identify and send existing member loans directly to you for decisioning. And CULE removes control from the Dealer as to where the loan is sent. This process alone separates CU LENDING EDGE from nearly every other Indirect or Direct loan provider! In the CU LENDING EDGE program dealers and Large Lenders can't and don't control the loan submission process.
Q. What do you mean, Dealers and Large Lenders can't control the system?
A. Functionally, Dealers submit loans directly to the CULE automated decisioning engine, not to a specific Lender in the system. The CU LENDING EDGE engine searches the extensive Lender database and first looks for a MemberMatch to determine which Credit Union the loan (or Member) belongs to. This is drastically different than other systems that encourage each CU to hire and maintain Dealer Representatives that then make individual and multiple calls on Dealers to attempt to get dealers to send them, not you, the loan application. Since Dealers doesn't get to choose which specific Lender in the system to send the loan to, they do not control the system. And large or small lenders are all treated equally in terms of loan distribution. If the loan application coming into the system is your member, you get the loan! Only when you don't approve your own member will the application continue through the system to look for an approval from another lender in the system.
Q. What About This Next-In-line Concept? Can I lose an Actual Member Loan as a Result of this?
A. In short, yes. But remember, everyone takes their turn with multiple member matches. If the Next-in-line algorithm determines that it is not your turn to have the first crack at the loan decision this only happens when a member belongs to multiple Credit Unions in the system. And after each decision the Next-in-line order shifts and you get that much closer to being first-in-line the next time multiple MemberMatches take place in the system. Essentially, the Next-in-Line process assures every Credit Union in the system an equal share of all Existing member (as well as potential member) loans portioned out based on fair, unbiased and equitable mathematical formulas.
Q. What are the costs?
A. Call us for specific pricing in your area and we can explain and be specific regarding the different service levels and geographic regions. There are no start up or recurring ongoing costs to Lenders for installing the lending platform and no need to hire additional staff to get started. You only incur costs when you complete a transaction, either a funded loan or an approved loan, so you pay as you earn. In our Full Service and Modified Service programs you simply pay as you go, only as loans are funded! That means no per application fees, no internal staff or External Dealer Rep Costs, and no initial or recurring software or development costs. In our Pass-Through programs Credit Unions can choose an Approved Loan pricing option at the lowest per loan fees in the marketplace. Pricing may vary based on the CUSO provider pricing schedule in your individual marketplace.
Q. Do you have Interfaces with Any Of the Large Loan Application Acquisition Services?
A. Yes. The CU LENDING EDGE system does have an integrated and automated interface built with RouteOne and DealerTrack. This clearly benefits the 20,000 plus RouteOne and DealerTrack dealers, as well, Lenders benefit by making virtually every franchise dealer in the country in every market in the country a potential Dealer for our system. And best of all, participating Lenders do not pay individual per loan application fees to decision loans. This one process alone saves some of the larger volume lenders in the system thousands of dollars per month!
Q. Does Your System Run My Credit Report and Lender Subscriber Number?
A. Yes. When you come in the system as a lender we work with the Credit Bureau to assign as separate Subscriber code to all CULE decisioned loans. Each lender is billed directly for all of the credit reports pulled on their behalf each month and they can use the data to track approval and funding ratios and to create other important and useful reports.
Q. Can a Small Credit Union Really Compete?
A. Yes! This product was created specifically for small and mid-sized emerging Credit Unions that haven't given up on making loans to their members. The CULE system takes the human element out of where and who to send the loan to with processes like MemberMatch and Next-in-line assuring that each CU gets their own existing members loans. So you can be on the program and be located right down the street from the largest and most aggressive lender in your market and still consistently get loan approvals and funding through the CULE program, because everyone takes their turn. If you have fewer members you will of course have fewer turns than the bigger guy but still get your fair share, and that is better than where you are now! Would you agree? Do the math. Capturing just one or two existing member loans a month that you are losing now could make the difference between an OK and good, or good to great year for you.
Q. Does the system provide the necessary reports and data so that I can stay on top of the trends in my portfolios, track delinquencies, charge-offs, and dealer performance?
A. Of course. Standard reports are available as are individual data downloads for each entity utilizing the system at whatever frequency is required by the User/Entity.
Q. Have You Completed Market Development and Testing
A. Market testing and operational and processing testing for the back office validation services and administration is complete. We operated (Actual loan origination and funding) in the Southern California marketplace for over two years utilizing other vendors software. CULE has been developed from day one to deliver an alternative to the Indirect Lending programs available to credit unions that are in the marketplace today. One of the major challenges we have addressed and resolved with the market testing is to enable credit unions of any size to effectively and profitably implement both a Direct and Indirect Lending program.
If you have a question that has not been answered, feel free to send us a detailed question using our "Contact Us" page.
CU Lending Edge 10000 Airpark Way, Suite 11, Pacoima, CA 91331
• (818) 456-5093 • Wagius@culendingedge.com
Copyright . CU Lending Edge. All rights reserved. • (818) 456-5093 • Wagius@culendingedge.com