America’s First Federal Credit Union (AFFCU) is mapping out plans to open up auto-decisioning in powersports, after expanding its auto loan origination system to buy deeper in the credit pool, Bob Jaffe, indirect loan manager, told Powersports Finance.
“We have several initiatives underway to help improve efficiencies in our loan operating system,” Jaffe said.
AFFCU looks to add more auto dealers to its auto-decisioning system, he said, in addition to expanding its credit band, though Jaffe declined to offer specifics. “This will provide additional efficiencies in our department,” he said.
While powersports auto-decisioning is “still under consideration,” AFFCU hopes the system will be expanded on the auto side by the end of this quarter.
Separately, AFFCU expanded its powersports and auto staff to accommodate higher service levels after the company’s record-breaking year in 2015, Jaffe added.
In 2015, Birmingham, Ala.-based AFFCU saw a 25% increase year over year in its overall indirect portfolio, and a 20% increase year over year in its powersports portfolio, Jaffe said.
While growth slowed last year — AFFCU’s powersports loan originations ticked up 5% in 2016, as compared to 2015 — the credit union still had to add staff in order to “maintain acceptable service levels,” Jaffe said.
AFFCU added one full-time underwriter and one full-time funder last year, bringing its total full-time employee count to six. However, the company also “re-allocated personnel, as needed,” Jaffe said. “Over the year, we utilized these extra resources quite a bit to stay on top of funding to properly service our dealers,” he added.