Union Bank & Trust Employs Dynamic Approach To Automobile Financing

APPRO Systems, Inc., the leading provider of automated credit risk management and financial technologies for the lending industry, announced that Lincoln, Neb.-based Union Bank & Trust is successfully utilizing eContracting technology from DealerTrack™, Inc. to process automobile retail installment contracts through LoanCenter Consumer™, APPRO’s loan automation and credit risk decisioning system designed specifically for consumer lending. The bank is one of ten financing sources nationwide to offer eContracting capabilities to its dealer partners, which are located in Nebraska, Iowa and South Dakota.

Union Bank & Trust has relied on LoanCenter Consumer to auto-decision its consumer loan applications since 2002. The implementation of eContracting with the automated consumer lending system was finalized in July. Utilizing eContracting enables quicker response times and faster funding, reducing the time normally involved in completing the financing process by as much as five days.

“By using eContracting in tandem with LoanCenter Consumer, Union Bank & Trust has implemented a dynamic new approach to how we receive and fund our installment auto sale contracts,” said Mike Brewster, senior vice president/manager, Dealer Loan Department of Union Bank & Trust. “The result has been a simultaneous increase in the efficiency of our overall dealer department processes and a reduction in regulatory or compliance issues.”

The process begins with the rapid electronic submission and decisioning (through LoanCenter Consumer) of an automotive credit application, and now, with eContracting, continues seamlessly through the actual electronic contracting of the installment sales contract. Supporting documentation is faxed to the bank rather than mailed, and the bank plans to add an imaging system to convert the faxed documents into electronic ones. Now, the only item that is mailed is the title to complete the file.

“The utilization of LoanCenter Consumer with eContracting from DealerTrack represents a paradigm shift in how financial institutions like Union Bank & Trust are managing their auto financing,” said Steve Uffman, CEO of APPRO Systems, Inc. “With our two systems in place, the bank has taken a significant step toward a fully automated auto loan process – one that will position it well to work more efficiently with its dealers.”

About Union Bank & Trust
Union Bank is a leader in Nebraska among banks providing dealer auto financing and serves over 350 dealers in Nebraska, Iowa and South Dakota. Additional information about the bank can be found online at www.ubt.com.

About DealerTrack, Inc.
With over 24,000 dealers and over 90 financing sources currently connected, DealerTrack is North America’s premier independent Web-based platform that automates and accelerates the entire automotive financing process. The DealerTrack suite of products – which work together as one easy-to-use, integrated solution – includes: credit report access; credit application processing; electronic contracting; desking tools; activity reporting; and a dealer website product. Additionally, the DealerTrack platform features integration with top dealer management systems for credit reports, credit application processing and electronic contracting. Through its participation in AFSA, ASC X9, SPeRS, STAR and other organizations, DealerTrack continues to drive industry-wide technology standards to support the total financing process. More information on DealerTrack is available at www.dealertrack.com or by calling 877-357-8725.

About APPRO Systems, Inc.
APPRO Systems, Inc. is the lending industry’s leading provider of comprehensive, automated credit risk management and financial technologies for the Internet and traditional lending environments. APPRO supports more than 450 financial institutions, with customers of all types in the United States, Canada and Puerto Rico. The company provides rapid implementation time and professional services for its signature product, LoanCenter™, a scalable software system that enables high decision quality and speed and automates the entire workflow of processing credit applications and originating loans for lenders of all sizes. The 26-year-old company is based in Baton Rouge, La. with additional offices in Dallas, Texas. For additional information about APPRO, visit the company’s Web site at www.approsystems.com.