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MUG 2017 A SUCCESS!
Thank you to everyone who participated.
We look forward to seeing you again.
Contact Sales any time. More about MUG...
Introducing: NEW Omega Customer Portal!
One of the exciting new features we introduced at MUG was the New Omega Customer Portal. This feature provides your customers with secure online access to their accounts, allowing them to make payments, apply for new loans, and send you communications, right through your website.
General Information:
  • Provides customers with online access to their accounts.
  • Fully functional and compatible with Omega, right from the start.
  • Affordable setup and bandwidth usage costs.
Contact us for more information on this and other system enhancements!
Megasys Partners with FactorTrust to Uncover
Potential Qualified Borrowers!
Megasys has teamed up with FactorTrust to provide alternative credit bureau information through the Omega Originations and Loan Servicing Solution. FactorTrust helps lenders manage the credit lifecycle of under-banked consumers using unique alternative credit information not available from the Big Three bureaus, enabling them to offer non-prime consumers the credit they deserve. Lenders can more accurately predict future borrowing behavior, credit performance and risk scoring.
How it works:
Omega interfaces with the FactorTrust Loan Logic® service. Loan Logic® is a core database of under-banked loan performance and trade line data. A FactorTrust report containing up to three scores is requested and received during the loan application entry process. Consumer account information is collected and reported monthly to FactorTrust using the Metro II format.
Get Signed Up Today!
  • Subscribers must complete an Integration and Marketing Agreement Referral Form. Please contact Megasys Sales at sales@megasys.net to request this form.
  • There are NO Megasys setup or recurring costs*
*A separate fee agreement is required with FactorTrust and your fees will be paid directly to them.
For more information contact:
Megasys at (800) 927-4490
sales@megasys.net | www.megasys.net
FactorTrust at (512) 688-1833
sbrackin@factortrust.com | www.factortrust.com
FactorTrust
Megasys Partners with Solutions By Text for Text Messaging Services!
Megasys has teamed up with Solutions By Text to provide text messaging services through the Omega Loan Servicing Solution. Solutions by Text has a proven track record and solid understanding of SMS compliance requirements, using best practice language to design your SMS messages. They provide the tools your business needs to effectively communicate with your customers while keeping you compliant.
How it works:
This new Omega interface allows real-time text messaging services for billing and collection reminders. After completing a one-time “Opt In” process, a customer can receive text messages. Pre-formatted, compliant text messages can be sent individually from the View Account screen, or they can be sent en masse as an automated Dayend process. Text messages are transmitted in real-time to Solutions by Text, processed instantly, then forwarded to your customers.
Megasys / Solutions By Text Advantages:
  • Send text messages individually or en masse
  • Active “opt-in” process and pre-defined text message templates ensure compliance
  • Sent message templates are logged in Omega account notes
  • There are NO Megasys setup or recurring costs*
*A separate fee agreement is required with Solutions by Text and your fees will be paid directly to them.
For more information contact:
Megasys at (800) 927-4490
sales@megasys.net | www.megasys.net
Solutions By Text at (972) 484-1600
kjulius@solutionsbytext.com | www.solutionsbytext.com
Solutions By Text
New Omega Features!
new
Omega Database Download is an exciting new feature available with the Omega Servicing Professional System. This Microsoft SQL Server database contains a complete copy of your data, as of the previous date. You can load your data into an SQL-compatible report generator to create high-quality custom reports. The Omega database can also be integrated into your existing data warehouse for your ongoing needs. More...
Omega System Update:
Since we first announced the release of Omega, our browser-based system continues to be met with excitement! Recently, ten more companies have come on board!
More
Bank Reconciliation
The new Bank Reconciliation system automates the full reconciliation process. This flexible system emulates the look and feel of a regular bank statement. The system records checks issued through the Omega System and allows the updating of checks paid and the recording of deposits, for a more efficient bank reconciliation process.
Key Features:
  • Reconciliation history is retained
  • Multiple bank accounts allowed
  • Reconciliation can occur any time during the accounting period
  • General Ledger adjustments in real time
  • Simplifies your work processes, making them fast and accurate
Kelley Blue Book
Kelley Blue Book is now seamlessly integrated with the Originations Solution. Kelley Blue Book is the trusted resource for new car and used car prices. This integration provides one-click access to Kelley Blue Book Values for independent and accurate market values.
Omega also supports Black Book, and we have plans to release NADA later this year.
Sold
Repossession Tracking
Megasys knows the recovery management process, and the Omega System is integrated with features specific to your business, enabling you to provide better service for your clients. With Omega, we redesigned the recovery management system and incorporated several customer-suggested enhancements. The result is a customizable, user-friendly tracking system that keeps you in control of your collateral.
Key Features:
  • Customizable work flow tracks the entire process, from ordering a repo to disposal of collateral
  • Set and order repossessions with more than one repo company
  • Automatically email or fax repossession documents using triggers
  • Automatically trigger documents or tasks by repo actions, repo agents, repo mode, or repo statuses
  • Cancel a repo at any point in the process based on your customized setups
  • Track and manage requests, reports, forms, and inventory.
  • Customizable repo fees automatically assessed when the repo is sold
Omega Tooltips
Omega’s new built-in tooltip feature provides a great way for you to access more information than what is available in the immediate view. This feature can help you understand key concepts, learn new terminology, or identify unfamiliar objects.
tooltip
You can easily recognize that an object has a tooltip if it has a faint dotted line underneath. To make the tooltip appear, hover over the object with your mouse pointer. Move your mouse pointer away from the object to make the tooltip disappear.
View Account
View Account Screen
The Omega View Account screen provides all of your customer's account information at your fingertips. In addition to key financial and account information, other great features include:
  • Hyperlinks to frequent information
  • Quick access to print, fax or e-mail documents
  • Collections and follow-up notes set up and added in one step
  • Custom Fields — Unlimited fields can be added per account
  • Credit Reporting — Quick access to credit reporting history
  • Ledger transactions, including running balance and quick pay
Collection Manager and Collector Tools
Collector Queue
The Collection Manager Tools provide visual accountability for managers, so they have quick access to areas that require immediate attention. Respectively, collectors have an easy-to-use tool bar, giving them quick access to their queue and other functions to ensure quality production.
Reports & Report Builder
Omega's customizable report filters produce informational reports based on your needs. These new features are available with all reports:
  • Save personalized reports for later retrieval
  • Drill down capability
  • Real-time results with refresh — Updates progress reports throughout your day
  • Search capability
  • Export to all common formats, including Excel®, *.csv, and *.pdf
The Omega Report Builder allows customized parameter searching, providing a detailed report that includes all of an account's information in an Excel® spreadsheet.
General Ledger & Accounts Payable
Financial Statement
The Omega General Ledger System provides real-time posting of transactions.
  • Track and pay invoices using the integrated Accounts Payable System.
  • Track GL activity, so that it will be included in your company's financial statements
  • Export financial statements into Excel®, including a raw data worksheet
Megasys continues to be a demand-driven company, and we are committed to maintaining the strong partnership we have always enjoyed with our customers, in addition to providing a reliable solution for the Consumer Finance industry.

Megasys
(800) 927-4490 | sales@megasys.net
New Year
Omega: A Look Back
With over 50 installations, 2015 celebrated an exceptional year of Omega customer base growth. The Megasys User Group event held in June was an integral part of this year's accomplishments, as several new features were a direct result of client feedback. We announced new partners, added new programs, and implemented several key enhancements to improve the Omega System experience.
  • Performance enhancements significantly reduced critical processes, such as day ends, report calculations, and export programs — the latter through the addition of flat formats for many of our export tools.
  • New reports included the Portfolio Contractual Amortization Report, the Account Audit Report, and the User Report. Documentation for the report programs was expanded to include an enhanced Report Search feature, which is available through the online Help.
  • New options were added to State Rule and Class Maintenance programs, including new discount earnings methods, extension payment parameters, and interest rate default settings. At the account level, we expanded lookup options, added Enhanced Collection features, and linked Quick Pay to Payment Posting for ease of access.
  • Several features were added to the Dealer Portal for Originations and Servicing. The Collateral Title Status Report is now available in this view. Users can send a list of open stipulations to the dealer via e-mail, and documents can be uploaded and linked to stipulations when they are fulfilled.
Heading into 2016, we will continue adding new functionality that will keep us on the leading edge of technology. We look forward to the upcoming release of text messaging, thanks to our new partner, Solutions By Text. Megasys is positioned to further expand the Omega customer base and add new partners. We look forward to a successful 2016!
If you're interested in learning more about the Omega Originations and Servicing System, contact us at 800-928-4490, email us at sales@megasys.net, or sign up for a free demo. We'd love to hear from you!
Credit Reporting Errors and the CFPB
You may have heard about the recent CFPB decision to fine First Investor Financial Services Group, Inc., a Texas based auto lender, for credit reporting errors. The lender was fined $2.75 million dollars for allegedly failing to correct credit reporting errors and for knowingly continuing to report inaccurate data. This lender is NOT a Megasys user, so our knowledge of this case is limited.
Based on the information made public in the consent order, the fine appears to be the result of the lender's failure to monitor their software provider's resolution process and ensure that the issues were resolved in a timely manner. View the full consent order.
Navigating
Here is a summary of the CFPB's claims:
  • The lender reported incorrect derogatory credit information, including: past due amount, number of times past due, date of first delinquency, and repossession type.
  • The lender failed to correct the inaccuracies after discovering them and continued to report new inaccurate information for as long as 30 months after initial notification.
  • The lender's website states that the lender only furnishes accurate information. The CFPB considers this to be a material representation to the lender's customers, making the inaccurate reporting a deceptive act or practice.
What Megasys can do to help:
  • Megasys has a strong, direct relationship with all three major bureaus (Experian, Equifax and TransUnion). This allows us to respond to issues quickly on your behalf.
  • Megasys is a direct reporter. We do not rely on third parties to process your credit reporting data. Your Megasys system generates a credit file that is provided directly to the major credit bureaus.
Navigating
  • All system modifications that affect credit reporting information are regression tested prior to release. If a system issue is discovered, we instruct the bureaus to remove the inaccurate information until the issue is resolved. We do not continue to report new information until the inaccuracy is addressed.
What you can do to prevent this:
  • Understand the Credit Reporting Process: Managers and key staff members should have a basic understanding of how credit reporting works, and how your Megasys system interacts with the credit bureaus. It is ultimately your responsibility to ensure that you are in compliance, and is therefore important that you have staff that understands the applicable laws and regulations.
  • Establish business rules for processes that affect credit reporting: The data that we provide to the bureaus is only as good as the data entered into the system (i.e. "garbage in, garbage out"). It is important to record payments accurately. It is also important to limit access to processes that can negatively affect credit, such as charge-offs, repossessions and buybacks.
  • Understand Admin Statuses: Understand the relationship between an account's Admin Status and Credit Status. One use of the Admin Status is to override the Credit Status reported to the bureaus. A Credit Reporting Override Status can be attached to an Admin Status using the “Admin Status Maintenance" program. When this is done, all accounts with that Admin Status will have their Credit Reporting Status replaced with the Credit Reporting Override Status. You should fully understand the purpose of any Credit Reporting Status before attaching it to an Admin Status.
  • Customer disputes: Investigate customer disputes in a timely manner. The Fair Credit Reporting Act gives lenders 30 days to respond to a customer dispute. If you are unable to complete your investigation within that time, pull the disputed information until you can complete your investigation. Keep in mind that pulling the trade line is only a temporary solution. It is no longer acceptable to simply delete a trade line if you cannot resolve the issue. Once the data has been reported, you must correct any issues and re-report the data.
  • Limit access to programs that affect credit reporting statuses.
Omega
Administrative Status Code Maintenance, Create Credit Reporting File, and the Credit Reporting tab under the View Account screen.
FA System
FA.ASM (Admin Status Maintenance), FA.CRCM (Credit Reporting Customer Maintenance), FA.CRHM (Credit Reporting History Maintenance), FA.XCBMC (Credit Bureau Master Control) and FA.CCRF (Create Credit Reporting File).
We can work together to ensure that your credit reporting data is accurate. Contact Megasys immediately when you suspect a credit reporting issue.
Megasys Partners with PaymentVision for
Electronic Payment Services!

PaymentVision is seamlessly integrated with the Omega Loan Servicing platform to simplify your billing and collection payments. Integrated services include ACH recurring and one-time payment processing for checking, savings, and debit or credit card transactions.
With growing pressure from the CFPB and other regulators, it’s important to make sure your payment processes are compliant. PaymentVision is an industry-leading financial technology firm that offers PCI-compliant payment gateway services. Megasys has teamed up with PaymentVision to streamline the way you process electronic payments through the Omega Loan Servicing System.
How it works:
This feature automatically sends data transfers to PaymentVision and concurrently updates the customer's ledger card. For both one-time and recurring processing, Omega receives an “exception report” back from PaymentVision for closed accounts and payment reversal transactions. Your Omega System can be configured to automatically print a report with the transaction details.
For more information contact:
Megasys at (800) 927-4490
sales@megasys.net | www.megasys.net
PaymentVision
PaymentVision at (800) 345-7243
sales@paymentvision.com | www.paymentvision.com

PayNearMe and Megasys Join Forces to Give Lenders a Better Way to Accept Cash Remotely


Electronic cash payment option now available to 600,000 borrowers!
Borrowers gain network of nearly 10,000 payment locations
where their accounts can be credited immediately!

Teamwork
MOUNTAIN VIEW and ORANGE, Calif. — September 18, 2013
PayNearMe, the electronic cash transaction network, and Megasys, the leading provider of complete loan servicing systems for the consumer finance industry, today announced the integration of PayNearMe’s technology with Megasys’ software. The partnership makes it remarkably simple for the financial institutions that use Megasys’ loan servicing software to accept remote cash payments from more than 600,000 borrowers. Consumers can now easily make loan repayments with cash at nearly 10,000 participating 7-Eleven and ACE Cash Express stores nationwide.
“Accepting error-free cash payments at scale in a manner that is convenient for borrowers has been next to impossible for our lending customers, so we actively searched for a technology partner that could ease this pain,” said Debra Conklin, Vice President of Sales and Marketing at Megasys. “PayNearMe takes a unique approach and offers a comprehensive solution that helps lenders and borrowers in a meaningful way. All of our customers will benefit.”
With one simple click, Megasys customers can now email or text PaySlips to their borrowers. PaySlips are pieces of paper or images rendered on the screen of a smartphone that include a unique barcode and cash payment instructions. Soon, Megasys customers will also have an option to use PayNearMe's Embedded Barcode Remittance Technology (EBRT) to print those unique payment barcodes directly onto borrowers’ monthly statements.
Cash Payment
To make a payment, borrowers bring their mobile PaySlip or printed statement to a local 7-Eleven or ACE Cash Express store where they can pay with cash at the register in less than a minute. The lenders receive instant notifications of the payments and the borrowers’ accounts are automatically updated.
“Our customers need easy access to payment locations and PayNearMe makes it possible,” said Bruce Newmark, President of MarkOne Financial. “It is a huge relief for our customers to be able to walk into a nearby 7-Eleven the same day that their bills are due and make payments that post to their loan accounts immediately. And to be able to make those payments 24/7 is especially valuable to customers working multiple jobs or late shifts.”
At the point of sale terminal of local stores, PayNearMe converts cash into electronic payments that are deposited into lenders’ accounts via ACH. By integrating with PayNearMe's electronic cash transaction network, Megasys helps financial institutions receive payments faster and more reliably while eliminating the costs and risks associated with accepting cash or cash equivalents. Plus, all the funds are 100% guaranteed.
“We love the electronic cash payment option from PayNearMe and Megasys,” said Andrea Murphy, COO of Sierra Credit Corp. “With the ability to email and text PaySlips, we expect to significantly shrink the number of late payments, as well as reduce our overhead.”
“Cash consumers shouldn’t be penalized when they wish to repay a loan,” said Danny Shader, CEO of PayNearMe. “Paying with cash should be as easy as using plastic, for both the consumer who makes the payment and the lender who processes it. We are proud to support Megasys because, like us, they value simplicity and convenience for borrowers and lenders, alike.”
About Megasys
Megasys
Founded in 1981, Megasys is a closely held California Corporation that specializes in computer software systems for the consumer finance industry. Megasys is headquartered in Orange, California, and is backed by an impressive team of finance and technology specialists. To date, Megasys has served over 400 finance companies across the nation and internationally, helping them improve their bottom line and stay competitive in this challenging economic climate. Free demonstrations available! Click here.
About PayNearMe
PayNearMe
PayNearMe is the electronic cash transaction network that enables consumers to pay rent, transfer money, repay loans, buy tickets, make online purchases and much more with cash. Consumers can conveniently make payments 24/7 in their own neighborhood in less than 60 seconds at one of nearly 10,000 participating 7-Eleven and ACE Cash Express stores across the United States. For more information, please visit: www.paynearme.com
Avanta Chooses Omega for Success

Background in the Industry:
Avanta
Anthony R. Thueson, President and Founding Partner of Avanta, LLC, has over 10 years of experience in the consumer finance industry. He began his career working at a local California consumer finance company as an account representative. He learned the business from the ground up and gained valuable knowledge and expertise in finance. After acquiring the tools needed to excel in the industry, he was motivated to start his own finance company.
Avanta was founded in 2007 to better serve dealers, consumers and his staff. Avanta has grown to a full-time staff of ten and continues to expand.
Omega System Selection and Recent Upgrade:
Anthony was in need of a fully functional system to continue his expansion of Avanta. He selected the Omega Servicing Professional system to address his immediate need to better service his clients and streamline their processes.
Avanta Chooses Omega
"Omega and all its functionalities give us exactly what we need with ease of use and implementation. The Omega widgets are something I use every day, and I cannot imagine running my business without them. Widgets provide what I need at an instant glance."
Anthony shared his thoughts about his recent upgrade to Omega Originations.
"I am constantly thinking of how we can advance the company, provide better service to our dealers, and keep a leading edge on the competition. Upgrading to Originations was just another step towards better service and efficiency. The Dealer Portal has been especially useful to our operations."
Advice for Success in the Consumer Finance Industry:
"There are many great suggestions for how to grow your business and be successful. One of those ways is learning the industry from the ground up. Stay motivated, and become an expert in the field. Acquiring the skills necessary to achieve your goals will build confidence. To any person who wishes to open a finance company or those looking to take yours to the next level, Megasys is an important ingredient. The staff is excellent and caring."
Reply from Megasys:
Megasys would like to thank Anthony for sharing his story, words of wisdom, and positive remarks about Megasys. Avanta has been a great partner company, and we look forward to continuing our strong relationship for years to come. Congratulations to Anthony for his great achievements with Avanta. We wish him continued success in the consumer finance industry.
Newest Omega Originations and
Servicing Customers!

Affirm Financial and Ultimate Capital Corporation have recently selected Megasys as their premier software partner for their loan origination and servicing needs. Affirm Financial selected Omega Servicing Professional, and Ultimate Capital is implementing Omega Originations and Omega Servicing Professional.
New Omega Customers!
Founded in 2009, Affirm Financial is based in Toronto, Canada, and provides consumer loan and credit card solutions to Canadian consumers. To support the growth of their term loan business, Affirm selected the Megasys platform. Mark Vanpee, Director of Technology, stated:
"Megasys was our preferred partner from the start. We were looking to partner with a company that had a footprint in the industry. We required an enterprise-level platform that offered system flexibility, reliability and ease-of-use. We also needed a scalable system, equipped with a comprehensive list of features specific to this industry, that would allow us to expand in the market. We found all of this in the Megasys Omega product line and look forward to completing the implementation process."
Ultimate Capital Corporation is an Arizona-based consumer finance company that works closely with their sister company, Del Sol Furniture, to provide consumers with accessible credit options for purchases on high-quality furniture, mattresses, electronics, and appliances. Ultimate Capital started business in 1997, and has used the Megasys Finance legacy system since inception. Ultimate Capital felt it was time to look for a more modern platform that offered advanced features to efficiently service and support their customers, and they did not need to look far. Said Alex Macias, President:
New Omega Customers!
“We really feel that people have high expectations in service. We feel that Omega gives us the best chance to ‘wow’ our customers throughout the credit process. We liked the continued evolution of Megasys and felt Omega would propel our company forward. Features we felt were a must included a cloud-based system, the ability to provide tools to process online payments and make quick credit decisions, and an easy-to-use graphical interface. We like knowing that the ongoing development of the Omega system will help to keep Ultimate up-to-date with the latest software release options.”
Reply from Megasys: We are excited to partner with Affirm Financial and to continue our long-term relationship with Ultimate Capital Corporation. We are confident that with the help of the Omega System solution, Affirm Financial and Ultimate Capital will continue to make a strong impact in the growing consumer lending market. Thank you for choosing Megasys!
New installations are happening every day! Contact us now to schedule yours.
800-927-4490
sales@megasys.net
Right Back Atcha
We would like to extend a heartfelt welcome to our newest Omega customers:
Alpha Finance Company
CAFI
CLS Lending Servicing
Horizon West Financials, Inc.
MaryMae Financial
New Start Financial
Presto Rapid-O-Loans, Inc.
Right Size Funding
Southeast Auto Financial Services
Southern Hills Acceptance, LLC

Megasys, Inc. Holiday Schedule

Megasys will be closed in observance of these upcoming holidays:
September 4th, 2017 Labor Day
November 23rd, 2017 Thanksgiving Day
December 25th, 2017 Christmas Day
If you anticipate needing support any time outside our normal office hours, please Contact Sales regarding our On Call / After Hours Support option, to ensure that a support representative will be available.