Mutual Security Enters Merchant Lending Business

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Oct 22, 2010, 09:30 ET

HAUPPAUGE, N.Y., Oct. 22 /PRNewswire/ -- TCI, a leader in loan origination software utilized by credit unions, banks and finance companies to automate their lending processes, announced today that Mutual Security Credit Union has agreed to implement DecisionLender:Retail, a module of TCI's DecisionLender suite. DecisionLender:Retail is an end to end solution that accelerates the lending process by allowing qualified merchants to submit loan applications via a secure internet connection, automates the work flow so that a decision can be returned to the merchant in minutes, and provides for web based point of sale contract printing. Mutual Security will use DecisionLender:Retail to expand its lending product offering in support of its local community.

Mutual Security currently uses TCI's DecisionLender to keep a competitive edge in its auto indirect lending market. However, Larry Holderman, CEO of Mutual Security Credit Union stated that "with the economic downturn, we needed to find new and creative ways to grow our loan portfolio." Therefore they turned to TCI for input. Larry stated that "We believe that all of our loan products should be of service to our community. When we looked for new lending products to offer, we found that borrowers had few lending choices when financing items such as HVAC, oil burner replacement, spas, home improvements, and cosmetic/dental surgery. They were paying high interest rates. Therefore, it was an easy decision for us to make when TCI explained the benefits of retail lending for our community."

"We appreciate and thank Mutual Security for their business, their trust in our ability to support them and we look forward to continuing to expand our partnership," said Bill Nass, President of TCI. Stating further he said, "DecisionLender:Retail allows a lender to easily enter the profitable retail lending marketplace. Because there is less competition, a lender has more control over their lending standards and can be more selective than in the hyper competitive auto indirect market place. DecisionLender:Retail provides the lender with a competitive edge by helping them give outstanding service and the ability to connect directly to the merchant, thus enabling the credit union to become his exclusive funding source."

Supporting over 180 credit unions, banks and finance companies across the US, TCI provides loan origination software delivered as "Software as a Service" (SAAS) for direct, indirect, internet and retail lenders. Mutual Security is a credit union that serves the Connecticut area.