Accelerating the Pace of Change

A financial services company creates a loan origination & servicing platform.

September 8, 2021
Merchants Acceptance Corporation
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Tags
Services
Payment Processing & Retail Solutions
Digital Transformation
Legacy Modernization
Capabilities
Vue
C#
Azure
Entity Framework
Industries
Financial Services
“Several of our full time employees no longer have to perform manual tasks and we reassigned them to higher-value customer related activities, which ultimately improves revenue.”
Greg Pryor, COO, Consumer Cellular
Jarod Yoder
Director of Business Operations, Merchants Acceptance Corp.

SCENARIO


Merchants Acceptance Corp (MAC) leadership was facing a difficult choice between re-upping an expensive support package for a rapidly depreciating legacy solution, or investing in custom software to streamline operations. FTE labor hours were being spent on tedious manual processes and restrictions of the legacy system limited the amount of new applications processed each day, but a new platform would have to meet complex consumer finance regulations from all 50 states.

MAC partnered with AltSource to build a full-service loan origination & servicing platform that also features a custom accounting package. A complex call center queuing system ensures accounts are worked in the correct order by the right team. Additionally, integrations with credit bureaus such as Experian and reporting services such as Domo provide ease of use for all users across the enterprise.

FEATURES & BENEFITS

  • Loan Origination: The loan origination platform is a full service application designed to determine eligibility for and buy rate of consumer loans. Fielding calls from dealers in the field, call center agents intake applicant information and run a credit check (integrated with major credit bureaus) to determine terms of the loan to be offered to the consumer. Using calling queues and a guided, dynamic workflow, the app then streamlines the customer, employment, and final funding processes after a loan has been approved.
  • Loan Servicing: Account servicing platform used by call center agents to perform routine maintenance on accounts, including scheduling & processing payments, refinancing, autopay, automated notes, calling queues, consumer credit reporting, fee & interest accrual, and aging.
  • Recovery: Specific set of workflows by recovery agents to follow up on aging accounts. Functionality includes asset verification, skip tracing, legal action, bankruptcy, charge off, and settlement payment tracking.
  • Accounting: Custom accounting package that includes general ledger, accounts payable, and accounts receivable functionality. Accounting system tracks all ledger details around interest accruals (interest earned, paid, and unearned / unpaid interest), fees, recovery, aging, and standard payments.
  • Integrations: The MAC app has direct integrations with DOMO, ReportWorks, CarletonCalcs, Equifax, Transunion, Experian, and Newcourse
Tags
Services
Payment Processing & Retail Solutions
Digital Transformation
Legacy Modernization
Capabilities
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Industries
Financial Services