By: Joe Andries on April 21st, 2015
Servicer News Vol. 11 Spring 2015
Solar Industry Update:
GreatAmerica Portfolio Services (GPSG) recently attended the 2015 Solar Power Finance and Investment Summit. Here is what we observed:
- Huge growth continues in the residential solar market
- ITC elimination in residential solar is causing a "race to the finish line" for most solar companies
- 2017 will require most solar companies to focus on specific geographical markets that are profitable and take a close look at efficiencies within their business models
- With more performance data now available, more investors are gaining comfort in residential solar portfolio assets
- Outsourced servicing models continue to provide value-add options and gain recognition as a viable long term strategy
- Backup servicing is being required of most new finance facilities in the solar space. There is a dearth of viable third party backup options that can accommodate the operations and maintenance (O & M) contingency needs
The solar industry continues to be a focus for our company as we continue to build market share and enhance our servicing solutions that are specifically geared to solar PPAs, leases and loans.
Equipment Finance Update
It has been very gratifying for us to hear the words "we could not have done it without you" when we speak with our client partners about their continued success. The equipment finance lessors who have executed on their business plans and focused on their core business have seen the most growth. A consistent theme we hear from our partners is that the rate and credit landscape continue to be very competitive. Thus, it is even more critical for us to deliver outstanding service to help our clients retain their customers and focus on originations. While others may have shied away, the robust market for these outsourced services has galvanized our resolve to be a leading and consistent player.
Servicing Solution Spotlight
They have used and will continue to use outside financing partners and have integrated financial selling into their sales process. However, they were inexperienced in managing an internal financing arm and selected GPSG to help them launch their finance company.
We assisted in helping them define their application, credit, pricing, documentation, and funding process through our front-end ServicerZone.com. The applications are automatically approved, denied or sent to our client for further consideration. Once approved, GPSG delivers e-sign enabled electronic documents to the customer.
Recently, a new application was approved, documented and funded within 3 hours. Their sales reps are now benefitting from fast turnaround and easy processing to secure more new clients. Our new client is very excited about the opportunities, comfortable with the model, and values our involvement as their partner. A win/win for all!
em>Growth and Development of the GPSG Team
- Understanding and defining position roles and responsibilities of each team member
- Determining the most effective and efficient position descriptions with an emphasis on strong customer service
- Resource evaluations and attainment
- Alignment of current and future employees that will become experts in their roles serving our niche markets of banking, solar and equipment finance
GreatAmerica has always been identified by its outstanding service levels. Our goal within GPSG is to continue to grow and develop our team to be successful in their roles of serving our clients and their customers. We plan to continue our investment in our biggest and strongest asset...our people.
Happy employees make happy clients!
A newer member to the GreatAmerica family, Sarah has been a financial analyst with GreatAmerica Portfolio Services Group since August 2014. After graduating with a degree in finance from the University of Iowa in 2007, Sarah worked for a financial services firm in Kansas City. "The best part of my job is working for a company I'm proud of, and helping customers by delivering the GreatAmerica Experience," said Sarah. Being a native Iowan and the eldest of five sisters, Sarah enjoys being close to, and spending time with her family.
Each month The WOW! Award is presented to employees and teams that have gone above and beyond to provide our customers the GreatAmerica Experience. These are just a few customer praises:
"Thanks to your efforts many of our accounts were collected and we carried very few in the 31 day bucket. You continue to do a great job for us and I appreciate it."
"Sarah has been actively involved almost daily during our on-boarding process. You're awesome, thanks!"
Events We're Attending
ELFA National Funding Conference
April 21 - 23, 2015
Sunshine Backed Bond Conference
New York, NY
April 30 - May 1, 2015
NAELB Annual Conference
April 30 - May 2, 2015
Distributed Solar East
May 12 - 14, 2015
ELFA Credit and Collection Management Conference
June 7-9, 2015
NEFA Baltimore Crab Fest
June 11, 2015
InterSolar North America
San Francisco, CA
July 14-16, 2015
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