Fireside Bank Chooses Fiserv LeMans Auto Loan Origination Solution

KING OF PRUSSIA, PA – Fireside Bank, one of the nation’s largest purchasers of non-prime automobile finance contracts from both new- and used-car dealers, has chosen LeMans, a unit of Fiserv, Inc. (Nasdaq: FISV), to provide the loan origination system (LOS) for its growing portfolio.

Consistent, fast approvals and local funding form the core of Fireside’s business. The LeMans LOS solution allows Fireside to take advantage of Web application e-portals, such as DealerTrack and BigFNI, making it even easier for dealers to get quick turnaround on their funding requests.

Fireside, headquartered in Pleasanton, California, operates nearly 30 branches in six Western states.

The LeMans loan origination system is a modular, second-generation product for consumer lending needs. The Microsoft® .NET architecture and up-to-date technology of this solution allow it to interface easily outside the traditional LeMans accounting engines. While flexibility makes the LeMans LOS suitable for auto, personal loans, bank cards and home equity, it was LeMans’ 23 years of experience in the auto finance sector that made the organization a logical fit for Fireside’s needs.

“The auto finance industry has been the early adopter of many innovations in banking, including e-contracting. The complexities of compliance and the need for fast and accurate decisioning make it imperative to rely on experienced, proven system providers,” said Fred Reichelt, President & CEO of Fireside Bank. “We are confident that LeMans will give us an important tool to allow us to continue providing superior service to our dealer base.”

Fireside’s concentration on the non-prime sector supports a critical segment of customer financing for dealers. Custom and credit bureau scoring methodologies in LOS will help automate Fireside’s unique credit policy and risk management requirements. The LOS funding component is essential to facilitate Fireside’s validation process for all financial and contract terms related to applications.

“LeMans is excited to welcome a market leader of Fireside’s stature to join our family of clients. Our expertise in consumer lending systems and Fireside’s innovation in non-prime finance is a great match. The synergies resulting from our collaboration will ensure exciting developments in auto finance,” said Kevin Collins, President & CEO of LeMans.

Fiserv LeMans (www.fiservlemans.com) and its VehicleLinQ solution are part of Fiserv Lending Solutions, a suite of products and services provided by Fiserv to consumer and mortgage lenders. Fiserv’s comprehensive lending solution set includes auto finance portfolio management solutions, mortgage and auto lead generation management and customer loyalty programs, industry-leading automated valuation model (AVM) products, mortgage banking software and services, appraisals, broker price opinions, credit reporting, closing services and default management.

Fiserv, Inc. provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at www.fiserv.com.