Servicer News Vol. 21 Fall 2017

posted by Joe Andries on Monday, October 23, 2017

 
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About Us

GreatAmerica Portfolio Services Group (GPSG) is a lease, loan, and power purchase agreement outsourcing service provider specializing in third party and backup servicing.

We focus on developing mutually beneficial relationships with banks, independent financial companies, captives, vendors, manufacturers, trustees and financial investors, ultimately helping them achieve greater success.

Read Our Previous Newsletters

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Third Party Servicing

Third Party Servicing

As we begin the last quarter of 2017, we can’t help but focus on the relationship between outsourced servicing and information security. The “pay-as-you-use” trend is asserting itself with vigor, as evidenced in the growth we’ve seen in backend lease, loan, or variable billed contract servicing. At the recent NEFA Funding Symposium, many funding sources, lessors, and service members remarked that the ability to manage data to predict customer behavior, effectively capitalize on marketing initiatives, and keep their lenders and shareholders informed on portfolio performance and history will be the wave of the future.

The comfort of knowing your servicing partner has a strong information security policy and a tried and tested business continuity plan is especially prescient in today’s environment where even the stalwarts of information security are being breached. We have seen increased focus on security and continuity policies and procedures from our current clients and prospects. Our response has been to make continual progress towards the formalization of our compliance program.

The ultimate goal of GPSG is to help our clients achieve greater success. Recently, one of our clients shared the comment:  “we would not have been able to capitalize on current opportunities and have the portfolio growth and performance at this stage of our business life without the outstanding partnership we have with GreatAmerica Portfolio Services Group.”  

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Backup Servicing

Backup Servicing

Backup servicing activity in the residential solar industry is out pacing most equipment finance and commercial lending backup servicing opportunities. More lenders are getting comfortable in the residential solar space based on longer historical portfolio performance data and growth opportunities.  Backup servicing engagements where GPSG covers the backup billing and collecting and a separate provider covers backing up the Operations and Maintenance (O&M) responsibilities are also on the increase. 

There has always been demand for backup O&M in the residential solar lending space and now there are specific companies that provide that offering; at least four companies we met offered backup O&M.  Although we have not strategically aligned with any of the four, the lending community still desires the convenience of working with one “backup servicer” on both the billing and collecting AND the O&M.  The roles are very different and require a much broader spectrum of resources, expertise and technology.  It appears the only realistic option that could cover both ends of the spectrum would create competitive concerns.  We will continue to explore options that support the needs of the solar residential industry as a whole.  GPSG’s successful track record and value add servicing solutions in solar, coupled with the backing of our parent company and their outstanding reputation, provides a very attractive billing and collecting offering for those needing a backup servicer.   

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Operations Update

Recent natural disaster and emergency events are reminders that operations of any business could be interrupted.  It’s important that your emergency response plan  is current and scaled to the size of business operations.  This means regular assessments and updates to your business continuity plan.

Our business continuity team meets regularly to scale our recovery plan to our future state. We recently acquired a larger facility to accommodate our growth and centralize critical business operations to provide uninterrupted service.  This new facility triples the previous site’s capacity.

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Employee Spotlight

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Jessica Cline

Jessica Cline is the Cash Applications Mentor at GPSG. She is responsible for process and quality improvements.  “I enjoy seeing the effect we have on the process and knowing that it impacts our client’s bottom line.” says Jessica.  

Jessica started at GreatAmerica four years ago after relocating from Virginia where she worked in the finance department at Advance Auto Parts headquarters.  When asked how she likes to spend her free time, Jessica described herself as an “old woman at heart” because of her love of baking and crocheting.

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WOW! Award

The WOW! Award is given to employees who have been recognized by a customer. Here is an example:

Jordan Kearns

"Employees such as Jordan are difficult to come by.”  Said a solar client after Jordan resolved a long standing billing issue with one of their customers.  “Jordan contacted us on our customer’s behalf to reach a resolution. His efforts should be celebrated and recognized."

Amber Loomer & Laura Schmitz

Amber and Laura helped a customer resolve a misapplied check and other payment issues. Said the customer "Amber and Laura are really great problem-solvers and patient when resolving customers concerns. The time and effort they give is becoming rare in this day and age."

Sean McCallum

A GreatAmerica client says "I enjoy working with Sean because he gets everything handled in a prompt and accurate manner." “Great work Sean!”

Joe's Corner

“Culture of Quality”

This past year, GPSG has put a lot of time, focus, and resources into creating a stronger “culture of quality.”  Our clients expect a standard of servicing that represents and mirrors their brand.  They trust us to service their customers and uphold their reputation.  Internally, we call this the “GreatAmerica Experience:”  

GreatAmerica is committed to building a lifelong relationship with you, our client, by delivering unparalleled service. Our team members are advocates for you and will earn your trust through customer-focused innovation, flexibility, industry knowledge and most of all, integrity. You are part of the GreatAmerica family, and your success is our passion.

Answering the phone within two rings with a smile in our voice, one-call resolution, proactively understanding the client’s needs, and making sure processes are in place to guarantee an exceptional customer experience are some of the stated practices of the GreatAmerica Experience. But the magic begins with recruitment of the right people.  We then train on managing customer interactions through simulated exercises before “going live” with customers. Standards are reinforced with continual “knee-to-knee” training from mentors. 

Each week we discuss examples of how we delivered the GreatAmerica Experience to our clients in a team “Hudl.”  We track any errors that occur and manage them by implementing safety nets.  I am pleased to report that the number of errors has decreased significantly in the past year.   Our vision is to have a passion for excellence in everything we do which will make us a business without competition! 

Joe Andries
Vice-President & General Manager
GreatAmerica Portfolio Services
Tel. 877-762-3808 or 507-929-5117
Fax 877-762-3809
jandries@greatamerica.com

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Events We're Attending

ACORE Finance West
October 12, 2017
San Francisco, CA 

Advanced Renewable Energy Finance and Investment
October 17 - 18, 2017
Denver, CO

ELFA 56th Annual Convention
October 22 - 24, 2017
Orlando, FL

Solar & Storage Finance USA
October 30 - 31, 2017 
New York, NY

EXPO Super Regional 
November 12 - 13, 2017
Jersey City, NJ

 
 

 

About The Author

Joe Andries, Vice President and General Manager of GreatAmerica Portfolio Services Group LLC, is responsible for the sales, marketing, operational oversight and strategic planning for the Portfolio Services Group. Prior to joining GreatAmerica Portfolio Services Group in 2010, Joe was the SVP and ... read more

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