GTE Financial Rolls Out Rate Reset For Auto
Florida Credit Union Offers Members Reset Option for Auto Loans
January 14, 2015 McLean, VA
Rate Reset (formerly Mortgage Harmony Corp.), the provider of Loan Reset, Acquisition and Retention Software for Mortgages and Auto Loans, today announced that GTE Financial has rolled out its Rate Reset Auto product.
WHAT IS RATE RESET FOR AUTO? Rate Reset for Auto is a feature of a loan that empowers members to reset their existing loan electronically. Rate Reset is a simple and easy way to allow members to lower their monthly auto loan payment and without the cost and hassle of refinancing.
HOW DOES IT WORK? The financial institution screens loans that qualify for reset, then notifies the member of this simple and easy feature. Rate Reset’s software platform provides a turnkey solution of legal documents (e.g. riders, addendums, disclosures, etc.) and marketing collateral for the institution. The member uses their institutions secure website to customize their auto loan term, interest rate and monthly payment and review appropriate documents and/or disclosures. If the member decides to execute the Rate Reset, they simply click the reset button, e-sign the loan document and in a matter of minutes have a lower monthly payment.
BENEFITS TO GTE? GTE automates loan retention and eliminates all of the back office cost associated with the traditional auto refinance. Rate Reset Protection built in GTE Financials auto loans provides the institution a competitive advantage in the marketplace. The reset functionality increases retention and the improved member experience increases over-all customer loyalty and stickiness.
BENEFITS TO MEMBER? Rate Reset puts the member in control of their finances. It allows them to easily extend their auto loan and lower their monthly payment, all without the cost and hassle of refinancing.
“We are always looking for innovative technology that puts our members in more control of their finances and Rate Reset accomplishes this for us,” said Joe Brancucci, CEO of GTE Financial. “Rate Reset for Auto enables our members to lower their monthly payment online or on their phone in a convenient but in a safe and secure environment. We even had members use Rate Reset on Christmas Day to save money on their auto loan. “
“We are very excited GTE Financial and their members are happy with the ease, convenience and savings Rate Reset provides both to GTE Financial and their members,” said Ben Psillas, CEO of Rate Reset. “Rate Reset was able to take a very manual process in auto refinancing for GTE Financial and fully automate it, thereby eliminating all back office cost and increasing member satisfaction. The results prove the member embraces our technology, likes being in control of their finances, and all without waiting on hold to speak with a human and fill out a bunch of paperwork.”
“We are extremely pleased with our membership response to the Rate Reset Auto product,” said Aaron Bresko, Executive Vice President and Chief Lending Officer GTE Financial. “Rate Reset for Auto proved our members embraced the reset technology and the convenience of lowering their monthly payment online or on their phone.”
About GTE Financial:
GTE Financial is a not-for-profit financial cooperative with more than $1.6 billion in assets and 21 Community Financial Centers located throughout West Central Florida. Chartered in 1935, GTE Financial is locally owned and operated in the Tampa Bay area, serving nearly 228,000 individuals and businesses throughout West Central Florida. Get more information at http://www.gtefinancial.org.
About Rate Reset:
Named by American Banker’s Bank Technology News (BTN) as “One of the Top Ten Technology Companies” to watch in 2013, Rate Reset provides innovative Loan Acquisition, Retention and Reset Software (LRS™) to banks, credit unions and mortgage companies. The company’s software provides a borrower-initiated interest rate-resetting loan feature that is an alternative to the traditional refinance for both mortgages and auto loans. For more information on Rate Reset, please visit www.ratereset.com.