First Associates Loan Servicing Selected to Service American Pegasus SPC

SAN DIEGO, March 6, 2012 /PRNewswire/ -- First Associates Loan Servicing, one of the country's fastest growing consumer loan servicers, will service loans for American Pegasus SPC.

Trustee Deloitte selected the company to improve customer service and performance of this historically challenging auto loan portfolio.

"We required an expedited transition to a recognized loan servicing agent to provide a high level of client service to our customers following the closure of the previous loan servicer," said Michael Pearson of American Pegasus SPC. "We had difficult data from the previous servicer and First Associates worked with us to ensure a smooth transition. First Associates onboarded the portfolio very quickly and have collected significant sums in a short period of time."

First Associates operates under a different philosophy than legacy loan servicing firms, making it ideal for a wide range of markets, including auto and student loans as well as solar financing. The four pillars of its approach are:

• Manage information accurately. Use of a state of the art, communication platform that ensures the data on loan types and borrowers are correct from the start.
• Use of multi-communication channels. Leverage nontraditional channels such as email and text messages in addition to more traditional voice mails to remind consumers of upcoming payments and other essential information. Customers can respond in the manner that's convenient for them, while still having the option of talking to a live person.
• Start early. Traditional service firms wait until the borrower is delinquent to start contacting customers, putting the loans on the fast track to 180-day delinquency. First Associates implements customized marketing campaigns during the grace periods to significantly reduce this trend.
• Be nice. The firm's expert customer service staff prides itself on courtesy and support for the borrower. In doing so, First Associates solves late payment problems before they cascade to default.

"The recent economic challenges put a giant spotlight on the inefficiencies of legacy servicing firms, most notably their reliance on outdated systems and processes under a highly bureaucratic mindset. This fosters a nice recipe for poor service and significantly higher delinquency rates," said David Johnson, CEO of First Associates. "We feel that there's a far better solution, one that recognizes the fact that loan servicing companies are – first and foremost – in the people business where they help individuals successfully pay off their obligations and assist them in beginning a responsible financial future. We're privileged to be servicing the loans for American Pegasus SPC under this mantra."

About First Associates Loan Servicing

First Associates is one of the nation's premier consumer loan servicing firms and comprised of a team of professionals with a world class experience, first-rate knowledge and exceptional technology. First Associates provides best-in-class servicing for titled assets and unsecured loan portfolios with a staff that is committed to providing the highest level of service to borrowers while maximizing lender and investor returns. More information is available at www.1stassociates.com.

© 2012 by First Associates Loan Servicing, LLC. All rights reserved. 

Contact: David Oates
Stalwart Communications
(858) 750-5560
[email protected]

SOURCE First Associates Loan Servicing