Top Midwest RV & Marine Loan Originator Partners with Solex
Partnership poised to bring streamlined electronic loan processing to the industry

IDAHO FALLS, Idaho, Dec. 1, 2009 – Source 1 Financial—a leading loan originator in the Midwest, serving over 800 dealerships—and Solex, a web-based lending solution, announced today a partnership that will enable the financial company to take RV and marine lending to a new level of efficiency.

“This industry is behind the auto industry, technologically speaking,” Source 1 president Matt Nelson said. “This partnership will enable us to bring to the market something that hasn’t been there until now.”

Source 1 has been steadily growing since 1999, and with such a large customer base, was finding the traditional paper loan process too cumbersome, costly, time consuming and inaccurate. Solex, designed specifically for the consumer-lending marketplace, provided just the right solution. An easy-to-use, Web-based program, Solex walks users through the application process, allowing them to submit loans quickly, with an advanced document engine that creates compliant loan document packages easily printed from any standard printer. Lenders and dealers are connected via the Web, allowing fast and accurate transactions in real time, while minimizing risk and guaranteeing security and compliance.

“Right now our dealerships don’t have a one-stop shop that allows them to submit the application to the lender and generate all the closing docs,” said Nelson. “Typically, they’re changing systems along the way for various steps in the process. With Solex, we can print the main contract, the closing docs, the titling, everything from the same program. In the past, we had to re-enter loan information up to three times—from the application, to transfer into our own database manager to send to the lender, and then again a third time to generate closing docs.”

Nelson is particularly excited about how Solex will speed up the whole loan process. “In the past, once we got approval, the quickest we could get the papers to the dealer was via overnight shipping. Now, as soon as we get the approval, we pass it on to the dealer through Solex, and they generate the closing docs on the spot.”

“We take a lot of the hassle out of the process,” said Steve Butler, President and CEO of Solex. “We provide the automatic updates, show you the qualified approvals, eliminate the need for fax machines, give you side-by-side comparisons, allow you to print from any standard machine, and guarantee the loan is compliant. The days of shuffling papers and messing with dot-matrix printers are over.”

Solex offers financial institutions additional revenue streams in the RV and marine marketplace, more efficient loan approval communications with participating dealers, and reduced risk of loans returned for stipulations. Menu-selling functionality increases after-market product sales, while compliance support helps with issues such as red flag rules. With Source 1 dealers now enjoying access to the program, Solex is moving more loans into the electronic world with minimal effort and maximum cost-saving benefits.

“Response from our dealers has been very positive,” Nelson said. “Solex is going to help with our continued growth, and allow us to provide our dealers with an extra service that makes the financing process much more efficient for them and their customers.”

About Source 1 Financial Services, Inc.
Source 1 Financial Services, Inc. specializes in loan origination for the RV and marine industry. Headquartered in Burnsville, Minnesota, the company works with over 800 RV and marine dealerships in the Midwest, making it the top loan originator in that region. Source 1 prides itself on its customer service and its ability to create affordable and flexible terms with its network of supporting financial institutions. Additional information is available online at www.source1financial.com.

About Solex
Solex (Idaho Falls, Idaho) is an online lending solution designed for dealers that provides Finance and Insurance (F&I) managers with fast loan approvals and compliant loan documents. Solex connects dealers, credit bureaus and lenders in a seamless integration to provide multiple financing options. All loan documents are guaranteed compliant with lender and state guidelines and are compatible with all laser printers. Additional information about Solex is available online at www.solex.com.