AUSTIN, Texas — Teres Solutions announced a new partnership with RateGenius to grow its clients direct auto lending business. Basically, Teres will integrate the RateGenius direct auto loan refinancing solution into its SAIL lending platform.

"Whether or not automobile sales are growing, there's always an opportunity for organizations to expand their lending businesses with refinance and recapture programs," said Chris Brown, president and chief executive officer of RateGenius.

"With the help of Teres Solutions, we are providing a new way for credit unions and financial institutions to tap into the refinance market and automate the entire process from loan application review and approval to funding," he expanded.

Since 1999, RateGenius has helped credit unions and other financial institutions secure more than $1 billion in auto refinance and recapture loans as well as related insurance offerings, officials said.

"Auto loan refinancing provides new ways for lenders to expand their direct loan portfolios," highlighted Tim Kelly, chief executive officer of Teres Solutions.

"In many instances these direct-to-consumer loans perform better over time," he explained. "We're honored to be working with RateGenius to give our clients easy access to this growing and important lending market segment."

The newly integrated systems open up a network of auto refinance applications for SAIL software clients who, after setting up their underwriting criteria in the system, gain automated loan review, approval and funding procedures.

Additionally, other products like gap insurance, credit life, accident and health, warranties, auto and home insurance are also available for refinance.

"We're impressed with the power of the integrated system developed by RateGenius and Teres Solutions for auto loan refinancing," said Mike Fisher, senior vice president of lending for Austin, Texas-based Velocity Credit Union.

"We believe that this program will benefit both Velocity and our membership," he added.