Servicer News, Vol. 8 Summer 2014

posted by Joe Andries on Friday, June 27, 2014


Happy Independence Day!
ABOUT US

GreatAmerica Portfolio Services Group (GPSG) is a lease and loan 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.

NOTES FROM THE FIELD

Third Party Servicing - Reporting

“How can I keep control of my portfolio” is probably the most asked question in an outsourced servicing relationship. Our partners use our ServicerZone web-based tool to view all relevant activity, namely delinquency and cash flow reporting.  Users can review collector notes and last-payment receipt dates all in the same report.  Another popular report is the cash applications report, where users can track cash flow status.  We take ownership of the operational processes and provide transparency by giving you the tools to monitor your portfolio.  

Third Party Servicing – The GreatAmerica Value Proposition

No two portfolios--or clients--are exactly alike, which is why our initial contact with a prospect involves a deep needs analysis to fully understand the company’s business model.  By identifying their wants, needs, and expectations, we deliver a servicing solution that is relevant to their overall business model.  This tailoring helps support our customer’s unique needs and maintain their market differentiation. Our contributions to the partnership include:

  • Unparalleled customer centered culture,
  • Financial stability and strength, and
  • Industry leading systems.     

Who is Our Customer in a Backup Servicer Assignment?

This can vary since an indirect relationship is frequently formed between us and the originator tasked with providing the lender/bondholder/equity partner with protection from a servicing risk.  This “ultimate customer” requires confirmation that there is a strong replacement servicer ready and willing to step in. Since the backup servicing roles, responsibilities, and economics are often negotiated with the originator and not the ultimate customer, there can be inherent awkwardness at times.  GreatAmerica Portfolio Services enters every backup servicing assignment with the ultimate customer in mind.  We won’t sign up for business opportunities that would require us to compromise the level of excellence that our ultimate customers deserve. 

GREATAMERICA EXPERIENCE

 “The GreatAmerica Experience" represents six standards on how we handle every customer and underscores everything we do.  We strive to understand our customer’s needs and help them be more successful.  For example, a deep understanding our customer’s needs helped us anticipate the reporting required to successfully fulfill a bank audit.  Our customer was thrilled with the timeliness of the additional reporting that allowed them to successfully meet the examiner’s requests.  They stated, “We would not have been as well prepared without your assistance and understanding of our requests.”  We view each portfolio as our own, and operate in a manner that will maximize portfolio performance while providing excellent customer service.


An Iowa native, Darren Sholes brings his experience in treasury, cash management, and process improvement to his role as Senior Financial Analyst.  He is responsible for working with our customers to understand their servicing and business needs.

Darren has been with GreatAmerica for 9 years and in the field of Finance for 17 years. He received his BA and MBA from the University of Iowa.  Darren is also a Certified Treasury Professional and a member of the Association for Financial Professionals. He enjoys the daily challenges presented to the Portfolio Servicing Group and delivers the GreatAmerica Experience with each opportunity.
JOE'S CORNER

Customer Relationships
Retaining customers and making them more successful is our ultimate goal, and we strive to accomplish this through high quality service and support.  This approach is underscored by a foundation of trust and respect between us and our customers. There are statistics that prove the importance of customer retention. The stats are relevant, but from our perspective, people do business with people they trust and respect. 

Our ability to deliver value to our customers hinges on the quality of our people.  We hire employees who desire to be the best and work well within the GreatAmerica culture.  In addition to rigorous technical training, our team members are immersed in providing a customer experience focused on retention.  We know customer loyalty is earned each day, and we constantly measure our service levels to identify areas of opportunity.  We have regular internal training sessions solely focused on building customer relationships.  The curriculum includes ways to gain respect – from speaking on a first name basis to being resourceful, and showing genuine interest in their success.  Our goal is to get a “Wow” reaction from our customers!

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

jandries@greatamerica.com 
 

Benefits of a Servicing Partnership with GreatAmerica Portfolio Services Group

-  Alignment with an Industry Recognized Servicing Leader

-  Commitment to the Industry’s we Serve  

-  Financial Strength

-  Proven Servicing Platform

-  Flexible Servicing Approach

-  Customer Focused Culture

-  Exceptionally Trained Employees

-  Leading Edge Technology

Why Banks Offer Leasing?

New Asset Growth and Diversification
  • Originate new assets outside of traditional bank opportunity channels
  • Assets tied to essential use equipment (security)

Asset Performance
 
  • Relatively higher-spread earning assets
  • Properly originated assets perform well on delinquency and write-off metrics (in-line with banking standards)

Customer Demand
 
  • Allows product offering for Bank customers looking for flexible financing alternatives (e.g. convenience, 100% financing, preserve lines of credit, etc.)
  • Increase wallet-share with customers and develop relationships
  • Funding product alignment of the asset acquisition, the asset life and the asset production (self-funding asset)

CALENDAR


Acore Reff Wall Street
New York, NY
June 25-26, 2014
 
InterSolar North America
San Francisco, CA 
July 7-9, 2014
 
National Equipment Finance Association - ?Midwest Event
Wayzata, MN
August 7, 2014
 
Acore Reff West
San Francisco, CA
September 16-17, 2014
 
National Equipment Finance Association - Funding Symposium
San Antonio, TX
September 18-20, 2014
 
IMN ABS East
Miami, FL
September 21-23, 2014
 
InfoCast Solar Securitization
New York, NY
September 30, 2014

Copyright © 2014, All rights reserved.
GreatAmerica Portfolio Services | 625 First Street SE, Suite 800 | Cedar Rapids, IA 52401

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

  • Glass Door
1-800-234-8787