Sharonview FCU selects browser-based loan
processing solution for powerful automation, accelerated decisioning,
enhanced sales channels
ALBANY, N.Y., Jan. 23, 2006 –
IA Systems, a provider of lending software and services for credit unions,
banks and other financial institutions, announced the launch of its
next-generation loan processing system, StreamLend Velocity. StreamLend
Velocity is a browser-based, customizable, paperless, end-to-end loan
origination system that automates lending operations and streamlines
everything from processing and underwriting to funding and
closing.
According to IA Systems officials, StreamLend Velocity offers
several key differences from other loan processing software, including:
- A
proprietary “configurable workflow engine” that enables users to
customize the system, e.g., assigning loan applications to specific loan
officers, by type of loan or by loan amount;
- A
user-centric, browser-based interface designed around how end-users
intuitively think lending software and browsers should work; and
- A
sophisticated “modular” software architecture that allows new features
and upgrades to be easily added and quickly installed without affecting
other parts of the system.
Fort Mill, S.C.-based Sharonview
Federal Credit Union, which is serving as one of the original beta
testing sites for StreamLend Velocity, has $721 million in assets and 19
branches in three states. The longtime IA Systems client is
migrating to StreamLend Velocity primarily because IA Systems built the new
solution based on input from its customers.
“We could not have asked for a
better business partner than IA Systems,” said Casey Munn, loan operations
manager of Sharonview FCU. “They have supported us, and they have
listened to our needs. We have decided to migrate to their new StreamLend
Velocity product because it contains many of the enhancements we have asked
for, particularly configurable workflow. This makes the software incredibly
flexible and easy to use, and that will enable our staff to take our lending
to the next level.”
StreamLend Velocity also has a customizable dashboard
opening page that provides loan processors and lending managers with
necessary information at a glance; exclusive, built-in optical imaging
technology that provides completely paperless lending, including digital
signature and e-signature capabilities; expansive sales channel integration,
including indirect lending, lending by aggregators, vendor ordering and
tracking, online lending, no-touch lending, and call center capabilities; and
business rules that can be tailored to give institutions optimal power and
flexibility for their lending.
Deborah
Ryan, CEO of IA
Systems, said, “This comprehensive solution will help change the landscape of
lending – creating the ‘lendscape’ of the future. In the past 15 years, IA
Systems has established itself as a leading, innovative provider of
streamlined business solutions. With StreamLend Velocity, we further
demonstrate our commitment to advancing the front-line of progressive,
next-generation lending technology.”
Taking advantage of .NET and XML architecture allows StreamLend Velocity to
seamlessly integrate with all major core data processors, and offer dozens of
interfaces to third-party applications, eliminating monthly server or CD-ROM
updates from companies such as auto evaluation companies or real estate title
and appraisal vendors.
Chris
Cazer, chief operating officer of IA
Systems, said, “When we developed StreamLend Velocity, one of our goals was
to give clients the flexibility to conduct lending operations the way their
business needs and processes dictate. We wanted to empower front-line loan
application processors as well as loan managers with the tools that would
ensure their success. The many customizable aspects of the system give
financial institutions greater control while decreasing operating costs and
increasing member/customer service and satisfaction.”
Other significant features of StreamLend Velocity include
advanced security, auditing and compliance tools that allow lenders to
protect their borrowers and keep their data safe, as well as a hosted option
at IA Systems’ new ASP facilities offering lenders an off-site, hassle-free,
low-cost entry point to the system.
About IA Systems
Since 1991, IA Systems has developed technology to
streamline business operations for credit unions, banks and other financial
institutions. In 2000, St. Paul, Minn.-based Securian Financial Group purchased IA Systems,
providing the backing of a parent company with $26 billion in assets. The
company’s flagship product, StreamLend Velocity, is a paperless, end-to-end
loan origination system that simplifies, automates and accelerates the
lending process using next-generation tools such as a user-centric browser
interface, configurable workflow, and modular software design. The powerful
and flexible browser-based tools of StreamLend Velocity automate workflow,
speed credit and loan decisioning, integrate sales channels, and manage risk
for financial institutions, while decreasing operational costs and increasing
loan processing efficiencies.
For more information about IA Systems and its products and
services, visit the company’s Web site at www.IASystems.com,
write 500 New Karner Road, Albany, N.Y. 12205, or
call 800.803.7554 ext.
396.
For more info, contact: Lisa Santy, 518.862.9200 ext. 396 lsanty@iasystems.com
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