ENGLEWOOD, Colo. — Lending Solutions recently launched Loan Generation Services, which is a process to capture members' loan pre-approvals via branch, phone or Web to make them accessible to members and auto dealers via the Internet.

According to officials, this solution is the first step toward a full suite of products that will facilitate a totally Web-based lending process.

Executives indicated that First Community Credit Union has been using the new system for a year to ensure maximum closings, in addition to driving its indirect lending volume up by an average of 15 percent. The company pointed out that such growth is good news in a market that is decreasing an average of 20 percent.

The $1.2 billion credit union usually has between $12 million and $14 million in indirect sales each month, officials noted.

"We have experienced a lot of closings using Aimbridge's Loan Generation Services," explained Joe Radeke, indirect lending manager at First Community. "Our members take their automotive dealer experiences personally and Loan Generation Services makes that process smoother and helps to ensure that we keep our members' loans.

"This is a crucial step toward leveraging the Web as a sales channel and providing the entire auto buying experience from our credit union's Web site," he continued.

Basically, Aimbridge's new system is designed to further bridge the gap between dealers, buyers and credit union lenders.

Moreover, the company said its Loan Generation Services is scalable and capable of meeting the needs of credit unions of all sizes. Clients can select to upload their loan pre-approvals through browser interface and batch file process or in real time through at direct interface with Aimbridge, executives highlighted.

"The automotive lending market may look dismal with franchise and dealer sales decreasing and only 17 percent member penetration, but there is a lot of opportunity for success if credit unions leverage the Web," noted Stephen Bentley, chief executive officer of Aimbridge.

"Loan Generation Services aggregates pre-approvals and member information in one central location to set a credit union on the right track for Web-based auto lending. What is more, credit unions will experience immediate returns through increased member penetration," he concluded.

For more information, visit www.aimbridge.com.