“The staff at Orion First Financial has a strong client focus, and consistently exceeded our expectations in the servicing area. Orion First Financial also introduced us to several lease purchase opportunities that were important to the success of our bank. I strongly endorse this organization for lease servicing and other related services.”

Karl Miller
Former Senior Vice President
Union Safe Deposit Bank

Orion uses LeaseWorks^TM, a contract management software developed by Integrated Financial Solutions.  The software is fully functional accounting and management software that allows private label servicing at all stages of administration.  Management and accounting reports are provided on a regular basis and specialized reporting is available on an as needed basis.

Documentation Storage and Maintenance

Orion maintains original files in fire-rated filing cabinets for safekeeping.  Original files contain original documents, copies of UCC financing statements and vehicle titles.  A working file containing copies of the documents, credit data, insurance data and other correspondence are also maintained.

Perfecting Collateral

Orion processes all of the necessary UCC filings and manages the title transfers on vehicles.  The company has access to products that allow for the electronic filing of various UCC forms and online searches of financing statements and other corporate records.  Tracking reports are provided to ensure filings are completed in a timely fashion.

Invoicing

Obligors receive professional appearing invoices in the client name to manintain brand recognition.  The remit to address can be customized to allow payments to be directed to a lock box service or wherever the payments are to be processed.

Lockbox and Cash Processing

Orion arranges to have a post office box established in the client's name for the receipt of payments.  A bank account is also established to deposit payments received via the post office box as well as for funds received through ACH, wire or direct deposit.  A data file of payments received is created daily from the checks and remittance advices and the data is electronically posted to LeaseWorks^TM.  Orion performs a daily reconciliation of the account. Funds are then transferred to the clients operating account by ACH.

ACH Processing

Orion processes initial ACH requests, manages obligor bank account information and creates the files necessary to handle both reoccurring and one-time ACH item processing. One-time ACH items are offered to obligors as an alternative to mailing or overnight mailing of checks and can improve delinquencies.

Returned Item Processing

On checks or ACH items returned for non-sufficient funds, Orion contacts the obligor's bank to determine if funds are available.  If so, checks are redeposited, ACH's are reprocessed and if possible, returned checks are converted to cashier's checks to ensure collected funds.

Sales Tax Reporting

Orion provides sales tax administration.  Orion registers the client in the appropriate jurisdictions that they intend to conduct business.  Sales tax reports are prepared and taxes are remitted to the various jurisdictions.

Personal Property Tax

Orion manages the entire personal property tax process.  Personal property tax affidavits are prepared for each county where equipment is located.  Tax assessments are reviewed for accuracy.  Personal property tax is remitted to the appropriate jurisdictions and is then billed to the obligor.  Advanced personal property tax is estimated on payoffs and is collected from the obligor and remitted to the client to cover future taxes.

Insurance Tracking

Orion processes insurance renewal and cancellation notices and follows up with insurance brokers, agents and obligors to secure proof of insurance.  Notices are sent to obligors requesting proof of insurance.  Phone calls are made to those obligors that do not respond to mailed notices.  Orion provides the client an insurance program that will cover the equipment in the event the obligor does not provide proof of coverage.

Customer Service

Orion provides customer service representatives to answer inquiries, such as requests for duplicate invoices, billing and equipment location changes, requests for copies of documents, etc.

Payoffs

Orion processes early termination requests as directed by its clients.  Orion can handle the entire process or quotes can be prepared and forwarded to the client so they can determine the reason for the request and quote an appropriate payoff directly to the obligor.

Residuals

Orion tracks contracts that are coming to term.  Orion estimates the fair market value of the equipment.  Orion prepares a letter to the obligor informing them of the amounts due.  Upon receipt of all amounts due Orion prepares a UCC termination statement or processes the vehicle title and returns the original documents to the obligor.