SuperSolutions and Monetrics, Inc. on Sept. 15 announced plans to develop a seamless interface between SuperSolutions’ Daybreak Lending Suite, the lending system designed to automate all aspects of product financing, and the Monetrics Decision Engine (MDE) for Originations. Currently utilizing a traditional credit scoring system, MDE will deliver an automated solution to effectively process credit decisions for multiple finance sectors enabling lending companies to gain efficiency and consistency with their overall underwriting process, the companies said.
According to SuperSolutions President and CEO Darshan Karki, "The partnership between Monetrics and SuperSolutions will provide a seamless and automated loan origination solution for financial institutions that improves credit decisions with consistency and objectivity."
The Monetrics Decision Engine is an auto-finance loan originations system that automates the human underwriting process while improving the speed, consistency and accuracy of each decision, according to Monetrics. Using patent pending relational technology, MDE processes all aspects of the loan/lease decision process—not only the traditional credit criteria but also collateral valuations, stipulations, advances, rates and counter-offers as well.
MDE may be applied to prime, nonprime, and subprime loans and leases for either new or used vehicles. With MDE technology, underwriting decisions can be completed in as little as 12 seconds, a fraction of the time it would take a human underwriter to review an application and finalize a loan or lease, according to Monetrics.
"The Monetrics Decision Engine gives SuperSolutions customers the highest automation and consistency rates in the industry", said David Larson, president and CEO of Monetrics. "Integration of the MDE into the Daybreak Lending Suite will permit SuperSolutions’ clients to streamline their approval process and acquire a complete view of a borrower’s total default risk."
With the Daybreak Lending Suite, SuperSolutions provides an enterprise-wide software application for financial institutions and consumer lending organizations to originate, service, and collect secured or unsecured, open-ended or closed-ended, and fixed or variable rate installment loans, lines of credit and operating leases. A wholesale floorplanning module, the Daybreak Lending Suite provides the tools necessary to comprehensively manage and monitor dealer financing, according to SuperSolutions. With the seamless solution on a centralized Oracle database, SuperSolutions claims Daybreak Lending Suite has been proven to move more product, enhance dealer and customer satisfaction, improve business intelligence, mitigate risk factors and increase profits.
About SuperSolutions Corporation
Based in Minneapolis, Minn., SuperSolutions Corporation, an Oracle Certified Solution Provider, offers what it calls "the only comprehensive lending system that automates all aspects of product financing."
The Daybreak Lending Suite is a package of loan processing software designed to automate lending from origination to servicing and collections. The fully Web-enabled application is scalable, user-configurable and user-friendly, according to SuperSolutions.
With Daybreak, finance companies and banks across the U.S. more efficiently and cost effectively manage consumer loans, including those for automobiles, recreational vehicles, boats, motorcycles, home improvement, home equity lines of credit and other specialty finance requests, according to SuperSolutions.
For more information, visit www.supersolution.com, e-mail sales@supersolution.com, or call (800) 320-2125.
About Monetrics, Inc.
Headquartered in Beverly, Mass., Monetrics, Inc. (www.monetrics.com) develops automated risk-decisioning technology and decision support systems for the automotive finance industry.
Stemming from their proprietary Decision Engine technology, Monetrics says its suite of products enables clients to evaluate and analyze multiple risk factors in all decision making instances, helping to better evaluate a borrower’s total default risk.
