Lease Servicing & Administration
Lease Accounting and Management System

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

Documentation Storage and Maintenance

Orion First Financial, LLC can maintain original lease files in fire-rated filing cabinets for safekeeping. Original files contain the original lease documents, copies of UCC financing statements and vehicle titles. A working file containing copies of the lease documents, credit data, insurance data and other correspondence will be maintained.

Perfecting Collateral

Orion First Financial, LLC can process all of the necessary UCC filings on equipment leases and can manage the title transfers on vehicles. The company utilizes the services of Diligenz, Inc. as their product allows 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

Lessees receive professional appearing invoices in the business name of the appropriate lessor. 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 First Financial, LLC 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™. Orion First Financial, LLC performs a daily reconciliation of the account. Funds are then transferred to the clients operating account by ACH.

ACH Processing

Orion First Financial, LLC will process initial ACH requests, manage lessee bank account information and create the files necessary to handle both reoccurring and one-time ACH item processing. One-time ACH items are offered to lessees as an alternative to mailing or overnight mailing of checks and can improve delinquencies. Items returned for incorrect account information are researched and reprocessed once correct account information is obtained.

Returned Item Processing

On all checks or ACH items returned for non-sufficient funds the company will contact the payor's bank to determine if funds are available. If so, checks are represented, ACH's are reprocessed and if possible, returned checks are converted to cashier's checks to ensure collected funds.

Sales Tax Reporting

Orion First Financial, LLC will provide sales tax and personal property tax administration. The company can register the lessor 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 First Financial, LLC 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 lessees. Advanced Personal property tax is estimated on payoffs and is collected from the lessee and remitted to the client to cover future taxes.

Insurance Tracking

Orion First Financial, LLC processes insurance renewal and cancellation notices and follows up with insurance brokers, agents and lessees to secure proof of insurance. Reports of all leases without proof of insurance are provided on a monthly basis. Notices are sent to lessees requesting proof of insurance. Phone calls are made to those lessees that do not respond to mailed notices.

Customer Service

Orion First Financial, LLC 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 First Financial, LLC can handle early termination requests entirely or quotes can be prepared and forwarded to the lessor so they can determine the reason for the request and quote an appropriate payoff.

Residuals

Orion First Financial, LLC will prepare reports of leases that are coming to term. We will estimate the fair market value of the leased equipment on these types of leases. We prepare a letter to the lessee informing them of the amounts due. Upon receipt of all amounts due we prepare a UCC termination statement or process the vehicle title and return the original lease documents to the lessee.

© 2003 Orion First Financial, LLC