Press Release
Contact:
Martha Willson, Director of Client Services
888-447-0324 x-114
marthaw@solutionsinfinance.com
Mike Lawson, DML Communications
760-845-8146
dmlcomm@gmail.com
Solutions in Finance Bucks Recession
Assists Five CUs in Q4
Los Gatos, CA - February 25, 2010 - Defying the 2009 recession in Q4, Solutions in Finance, a collections and lending operations consultant to the financial services industry, assisted five new credit union clients with its lending and collections expertise. As a result, each credit union has received collection and lending best practice applications that have introduced new and improved strategies and processes to enhance their operations.
“I could write a white paper on what a flawless job Solutions in Finance did for us,” states Julie Anne Callis, CEO of National Institutes of Health Federal Credit Union. “They did a marvelous job for us setting up best practices for collections. We’re very pleased.”
Solutions in Finance&rsquos new Q4 clients include:
- Cardinal Credit Union ($156 million; 4,263 members; Newark, OH) - consumer lending consulting
- Eagle Community Credit Union ($198 million; 24,731 members; Lake Forest CA) - collections consulting
- AltaOne Federal Credit Union ($543 million; 49,236 members; Ridgecrest, CA) - collections consulting
- National Institutes of Health Federal Credit Union ($442 million; 40,340 members; Rockville, MD) - collections consulting
- Sierra Central Credit Union ($651 million; 64,539 members; Yuba City, CA) - collections consulting
“The collections game has changed quite a bit,” says John Cassidy, CEO of Sierra Central Credit Union. “We need to implement the practices of today - not yesterday - when it comes to handling collections in our current economy. Solutions in Finance came in and helped us implement best practices in our collection operations and made an immediate and dramatic difference in leveraging our technology, resources, and personnel.” According to Cassidy, he sees today’s times as unprecedented dealing with busier-than-normal collection operations. With better functionality in place, he believes his credit union can more effectively collect in the early stages of delinquency - which provides Sierra Central with a better ability to manage its bigger collection opportunities.
“This process has improved dramatically since Solutions in Finance worked with us,” he says. “The company&rsquos innovative and practical methods have had a dramatic impact on our effectiveness and efficiencies in prioritizing our collection tasks. For example, our queuing of delinquent loans is more effective, while staff moral, commitment, and engagement have all improved since we have our enhanced collection operations.”
“The collections game certainly has changed in these challenging times,” states Solutions in Finance President, Bill Garcia. “We’re here to move with these times, helping reengineer our clients’ current processes to adapt to what’s taking place in the economy today and plan for the future. We’re pleased that our clients along with Sierra Central are having success with their collection operations in such a short time and look forward to helping them maintain this performance well into the future.”
Solutions in Finance, Inc. is a Los Gatos, CA-based consulting firm that provides services for financial institutions in consumer lending, indirect lending, mortgage lending, and collection operations. The firm assists clients to create, improve, and maintain sound lending practices with overall superior credit quality. Collections operations best practices applications are introduced with new and improved strategies and processes, and a focus on decreasing delinquency and charge offs, and increasing charge off recoveries.