On 31 July, Credit Management Solutions Group (CMS) signed a deal with Xpertek to purchase a lending solution for its mortgage loan business. This is Xpertek's first sale to the home loan industry and demonstrates the flexibility of its loan finance solution.
The chosen solution comprises Xpertek's Acquire loan finance product and Reward, the business process component.
This solution will administer CMS's home loan business and the securitised portfolio will run on Acquire. Acquire brings exceptional management and accuracy to loan finance administration.
CMS was seeking a loan administration system as well as a BPM tool, which could enhance their various processes, including: collections, insurance administration, properties in possession, legal and new business application processes. Reward brings this benefit. Once implemented, Xpertek will fully support and maintain the entire solution.
CMS provides expertise in affordable home loan administration. It owns and administers a portfolio of residential mortgage loans across a wide range of asset classes. CMS needed a solution to service its clients' requirements covering account receivables administration, the collection process, property administration, repossession and sale. CMS currently handles a large mortgage book but has plans to expand the business significantly.
CMS is a subsidiary of the Transaction Capital Group, and four months earlier, its associate company, SA Taxi Finance (SATF) purchased Xpertek's solution for its asset-based finance business. This is a measure of the versatility of Xpertek's solution.
A major factor influencing CMS's decision to purchase the Xpertek solution was the successful implementation of the same solution at SATF. Early this year, SATF went through an intense sales process driven by an independent external consulting company which advised the company to implement the Xpertek systems.
Adam Cox, Chief Financial Officer of CMS, said: "The Xpertek system certainly fulfils all our requirements from 'cradle to grave' in being able to manage our proprietary mortgage portfolio, as well as those of our clients in terms of industry best practice. We look forward to a successful implementation and business relationship with Xpertek."
For further information about the Acquire loan finance solution or the Reward business process tool, kindly contact Barry Leonard, CEO of Xpertek on 011 519 3000 or log on at www.xpertek.co.za.
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