LSCI Celebrates 200,000 HYLS Applications Submitted Rex Johnson Announces New HYLS Indirect Option Coming Fall 2011
Elgin, IL – August 2, 2011 – Lending Solutions Consulting, Inc. (LSCI) recently celebrated HYLS’s 200,000th submitted application. Since its inception in 2010, HYLS (High Yield Lending Strategy Underwriting Guide) has not only revolutionized the way credit unions approach lending, but it has changed member’s lives for the better, helping real people who deserve a second look.
HYLS, the automated, online Underwriting Guide, works by capturing a more intimate and in-depth snapshot of the ‘Credit Union to Member’ relationship, which is not shown in a traditional credit score. By simply asking a series of questions about a member’s finances, HYLS has been proven to more accurately reflect the individual’s ability to repay. By design, the Guide is easy to use, providing instant feedback on loans, allowing lenders to generate more loans with greater confidence.
Rex Johnson, CEO of LSCI and founder of HYLS, is proud to see so many credit unions using the Guide. “We are very excited to have 200,000 applications submitted in just over a year. Based on the feedback we have received, credit unions are making more loans than they have ever made before and many are seeing delinquencies and charge-offs decrease substantially. HYLS has definitely exceeded all of our expectations” Johnson explained.
HYLS is beneficial as a training tool, as it forces decision makers to take a complete application and look at what is really important. “We are certain that credit unions will make far more loans and sound loan decisions, better serving all members at a time when they really need help. We believe there is no other model out there that comes close to better predicting the outcome of a loan than HYLS does” Johnson said.
“The economy has changed at a fundamental level, and we as lenders have to adjust to that change or suffer the consequences. HYLS allows us to make prudent business decisions, really help our members, and achieve growth in loans and profitability. We are firmly convinced that HYLS is, and will continue to be, an important part of who we are. From a functionality and profitability standpoint, we are very satisfied” explained Joe Slattery, Vice President at Pioneer Credit Union.
As the economy changes, LSCI is continually updating HYLS to make it faster and more user friendly. Johnson added, “We are also very pleased to announce that an all new HYLS Indirect Guide will be unveiled in the upcoming months.” This new indirect option will focus more on the purchase order, showing the positive and negative aspects of the loan. “This will be a tremendous tool for credit unions underwriting indirect auto loans” Rex added.
For more information on the HYLS Underwriting Guide, contact:
800.937.4249 or visit: www.rexcuadvice.com