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Contact:
Edward Guerin
MeridianLink, Inc.
(714) 708-6950
Edward@meridianlink.com
Linn Cook
MeridianLink, Inc.
(714) 708-6950
Lncook@meridianlink.com
MeridianLink Announces New Online Lending System
for Credit Unions
COSTA MESA, California – March 4, 2003 –
MeridianLink, Inc., a provider of enterprise business
solutions, announced today the release of their online
lending platform, LoansPQ Transaction Manager. LoansPQ
Transaction Manager is an innovative Internet loan application
system that fully automates the pre-qualification process
for both consumers and branch loan officers. This powerful
and robust system delivers “instant decision results”
for credit cards, personal loans, vehicle loans, and
mortgages.
Designed for credit unions and other financial institutions,
LoansPQ is an interactive Web application for members
to apply for loans online, improving customer response
times and branch loan processing efficiency. LoansPQ
can be private-labeled and customized for each financial
institution to create a seamless bridge between consumer-oriented
websites and internal core processing software.
Consumers gain instant access to online loan services
by selecting desired loan products and providing basic
personal information via a secure, 128-bit encrypted
web application. LoansPQ Transaction Manager then retrieves
consumer credit data from the national credit repositories
and analyzes the results against a set of configurable
pre-qualification guidelines. An automated decision
is returned within 20 seconds of submission and the
consumer is immediately notified.
“The intent of LoansPQ is threefold,” says
Tim Nguyen, Senior Vice President of MeridianLink. “We
want consumers to have the convenience of applying for
loans in the ‘anytime-anywhere’ context
of the Internet. We want to enable financial institutions
with advanced technology that will increase their productivity
by reducing redundancy and enhance their sales with
instant cross-selling and up-selling opportunities.
And we want to provide a solution that is cost-effective
and easy to deploy. With LoansPQ Transaction Manager
we believe we have achieved these goals.”
LoansPQ includes numerous tools to customize the layout
and behavior of the online loan application, as well
as numerous management reports that provide detailed
analysis of loan statistics. Total user management permits
multiple levels of access to the system.
The centerpiece of the LoansPQ Transaction Manager
is the fully configurable credit decisioning engine.
This powerful tool allows credit unions to create customized
guidelines that measure three parts of the loan application:
borrower’s financial requirements, loan product
requirements, and credit report data. Credit unions
determine the characteristics of more than thirty different
variables to create a profile of the borrower and generate
an accurate loan pre-qualification decision.
“Internet-based applications have really brought
down the cost of technology to a level where it’s
realistic for lenders of any size to have a sophisticated
online presence,” Nguyen notes. “We want
to show that LoansPQ can help increase membership, improve
sales revenue, and keep technology costs down not only
in the short term, but over time as well.”
ABOUT MERIDIANLINK, INC.
MeridianLink, Inc., is an Application Service Provider
of enterprise business systems for the financial information
and services industry. MeridianLink enables financial
institutions to transform the way they interact with
customers using powerful technology solutions that are
flexible and cost-effective. A trusted technology provider
for credit unions, MeridianLink has over 30 years of
industry experience and has successfully deployed many
web-based systems with applications in mortgage credit,
auto credit, indirect lending, and automated loan pre-qualification
for more than 200 companies nationwide. In 2002, MeridianLink
was recognized as a Top 100 technology provider for
the mortgage industry by Mortgage Technology Magazine.
Based in Costa Mesa, California, MeridianLink’s
goal is to create smart business solutions that add
real value. For more information, visit MeridianLink’s
corporate website at www.meridianlink.com.
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