LoanPlus Case Study

First Castle Federal Credit Union to improve asset recovery success rates by 100%

In today’s still struggling economy, increasing numbers of credit union members confront credit challenges. To meet the needs of credit-challenged borrowers, credit unions must find creative solutions foroffering special financing.

Lionel Vead, the Collections Department Manager at First Castle Federal Credit Union, chose to implement LoanPlus CMS, the collateral management system developed by Spireon, a leading provider of Mobile Resource Management (MRM) to better manage their collateral, expand their loan portfolios, and reduce risk while supporting member services by helping people repair and rebuild their credit.

The implementation of LoanPlus CMS was a great success for First Castle Federal Credit Union:

• Improved Asset Recovery Rate by 100%
• Reduced Costs by $2000 on Each Repossession
• Reduced Overhead and Overall Cost Structure
• And more!

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