Exeter Finance Corp. Expands Use of Credit Processing Solution
COLUMBIA, Md. — Credit Management Solutions, a leading provider of credit automation systems for all types of consumer lending, announced this week that Exeter Finance Corp. has expanded its use of the CMSI's Origenate credit processing system to support the growth of its auto lending enterprise.
Based in Irving, Texas, Exeter Finance Corp. is a specialty auto finance company serving select franchised dealers located throughout the United States.
After an extensive search that involved reviewing several credit systems, officials said Exeter selected Origenate to support its indirect auto finance business model.
"We chose to partner with CMSI because they offered a high performance, flexible solution, and they could get us up and running quickly and add incremental functionality on our timetable," said Richard Frunzi, chief operating officer of Exeter Finance Corp.
CMSI's solution can automate the entire indirect loan origination process, beginning with receipt of applications from dealers and moving through retrieval of credit reports, scoring applications, return of decisions to the originating dealers and loan booking.
According to executives, key factors in Exeter's selection of Origenate were the ability to support a complex workflow and custom scorecards, as well as integration with existing servicing provider and dealer-to-lender communication capabilities from DealerTrack.
Exeter began processing vehicle loan applications through Origenate in May of 2008 and has been operating its business in several markets across the nation.
Now, Exeter is completing a planned Phase 2 with the implementation of Origenate's electroni-contract processing functionality. This additional automation, which makes the process virtually paperless, can allow the company to further streamline their workflow and more efficiently service their dealer customers.
Part of Exeter's unique requirements for electronic contract processing involved the creation of sophisticated custom verification screens.
CMSI and Exeter worked together to develop these screens and other tailored workflow processes. According to Frunzi, CMSI provided the combination of industry knowledge and system functionality Exeter needed to accommodate their business model and growth plans.
"From the president on down, they're a great company to work with," he said.
Chip Riordan, president of CMSI, added, "Exeter is a visionary user of CMSI's solutions. We're very pleased to be teaming with them in their expanded use of our products."