NuUnion Credit Union and Pittsford Federal
Credit Union Select IA Systems’ StreamLend
VelocityÒ
Web-based loan processing solution offers
accelerated decisioning, paperless lending
ALBANY, N.Y.,
May 15, 2006 –
IA Systems, a provider of lending software
and services to credit unions, banks and other financial institutions, announced
that NuUnion Credit Union (formerly State Employees Credit Union) and Pittsford
Federal Credit Union have selected StreamLend Velocity to enhance their
loan processing operations. StreamLend Velocity offers automated
loan processing tools that accelerate lending operations for consumer, indirect,
and home equity loans. Lansing, Mich.-based NuUnion Credit Union has $780
million in assets, 14 branches and 88,000 members; Mendon, N.Y.-based Pittsford
Credit Union has $225 million in assets and 16,600 members.
NuUnion Credit
Union will use StreamLend Velocity for all its consumer loans and home
equity processing, and plans to "go-live" this October after its host conversion
is complete. Pittsford Credit Union will use StreamLend Velocity for
automobile loans, personal loans, overdraft lines of credit, Visa, home equity,
home improvement, and HELOC. Its “go-live” is scheduled for this September.
StreamLend
Velocity is a customizable, paperless loan origination system that automates
the entire lending process. The Web-based software architecture streamlines
everything from processing and underwriting to funding and closing. The lending
solution seamlessly integrates with all major core processors and offers dozens
of interfaces to third-party applications. StreamLend Velocity also
offers advanced security, auditing and compliance tools that allow lenders to
protect their borrowers and keep their data safe.
“The decisioning model in StreamLend
Velocity is more robust than our current system,” said Jim Costello,
executive vice president
at NuUnion Credit Union. “StreamLend
Velocity offers both the simplicity of operation and the structural
depth required to support our current product lines, as well as the ability to
integrate new loan products as needed. The system will allow us to become more
efficient by automating several manual processes, thus enabling our staff to
spend more time deepening relationships with our members."
According to
Brian Scudder, senior manager at Pittsford, there were several reasons why the
Federal Credit Union selected StreamLend Velocity to streamline their
loan operations. “StreamLend Velocity allows us to customize the
application layout and workflow processes to embrace our unique environment.
For our needs, the in-house application is a better fit than a service bureau
model. We have found StreamLend Velocity to be extremely intelligible –
its navigation, layout and workflow are very advanced. Though it’s early in the
process, there is already a notable level of comfort and understanding among the
team members who have had experience with the StreamLend Velocity
system.”
Scudder added,
“During our evaluation process, I received a reference for IA Systems that,
without hesitation or limitation, testified that this growing technology company
was one of their most preferred vendor relationships. So far we have been very
impressed with the high degree of knowledge and the professional relationship
that we have formed with IA Systems. We are very satisfied with the staff, the
technology, and the customer service.”
Chris Cazer, COO of IA Systems, noted, “We developed StreamLend
Velocity to automate and streamline the lending operations of any size
financial institution, for both an in-house installation and an off-site, hosted
option. Both options are Web-based, and these browser capabilities give clients
more control and flexibility to customize their lending operations based on
their specific needs. Our goal was to make lending simple, powerful, flexible,
and secure, and we feel this is undeniably reflected in StreamLend Velocity.”
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, with assets of more than
$26 billion, purchased IA Systems, providing IAS with a national sales force and
the financial backing of one of the nation’s largest independent distributors of
insurance protection services for financial institutions.
IA Systems’
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, including: a user-centric
Web interface, configurable workflow, expansive sales channel integration, and a
modular software design based on open standards. 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.
—end—
For more info,
contact: Lisa Santy, 518.862.9200 ext. 396,
lsanty@iasystems.com
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