Factoring Companies, Consumer Financing, Consumer Receivables Financing - About Monterey Financial Services Consumer Financing, Loan Servicing, Debt Recovery In 1989 Robert Steinke founded Monterey Financial Services, Inc. in an effort to create a consumer factoring company that would be able to provide comprehensive financial solutions to consumer retailers across multiple industries through the delivery of three complimentary services: our consumer financing program, loan servicing, and delinquent debt collections. By focusing on these three areas, Monterey Financial Services has become one of the premiere factoring companies offering a one-stop shop for retailers and retail creditors with varying finance and servicing needs such as our Accounts Receivable loans service. In order to promote its services nationally, Monterey developed a vast network of independent finance brokers who specialize in alternative finance solutions of all varieties, and across many different industries. Initially, during the early years after formation, before generous lines of credit were available to it, Monterey grew its business by employing private capital and through the prudent reinvestment of its corporate profits (generated primarily by the collection and loan servicing divisions), which it then used to purchase consumer installment contracts for its finance division.

Since its inception, growth and diversification have been Monterey's priority. All three divisions have experienced steady growth in revenue and market share in the past two decades. The collection agency was the cornerstone of the company during its early years generating the most capital. However, presently, all divisions consistently generate significant revenue.

In 1996 Monterey built a 27,000 square foot facility in Oceanside, California in order to accommodate its rapidly growing operations. In addition to the state of the art office building it owns, Monterey acquired a contiguous parcel of land onto which future growth and expansion is possible. Monterey employs over one hundred full time associates and considers them to be its greatest resource. Most employees have college degrees, many are bi-lingual, and many have been with the company for ten or more years. Given that Monterey offers competitive base salaries, bonus programs, and full benefits packages which include medical, dental, profit sharing, and 401k matching, its employees have constant incentives to stay and grow with the company. Professional dress codes are enforced in order to support Monterey's standard for excellence along with regular training, testing, and evaluations. The building was constructed with comfort in mind, and includes a fully equipped exercise gym with professional health equipment, showers, locker rooms, and indoor/outdoor eating and gathering areas.

Monterey maintains compliance with all federal and state regulations governing the purchasing, servicing, and collection of consumer debt. Regular training and testing related to debt collection has been implemented since its birth. Its Wygant Call Recording System is utilized for quality control, training purposes, and protection against false consumer complaints. Monterey passes sensitive consumer data and performance reports through it secure website and ftp site. In the event a natural disaster were to compromise Monterey's physical facility, Monterey has implemented a disaster relief program, which includes back-up energy sources and an offsite redundant document storage servicing company, which would ensure that all services could be picked up and continued without interruption. Monterey obtains regular outside audits for Wells Fargo and various clients throughout the year. Additionally, Monterey employs independent outside audit and accounting firms to conduct both an annual financial audit, and an annual SAS70 audit.

Monterey's ability to manage accounts receivable funding in each division and underwrite a variety of consumer finance paper distinguishes it from other receivables factoring companies.Static performance analyses are continuously compiled for the purpose of projecting delinquency by credit quality. In its history, Monterey has implemented adequate reserves, buffering the risk of consumer default. Because of this long developed experience and expertise, seldom has Monterey experienced loan defaults exceeding reserve holdbacks.