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$235 Million Washington Credit Union Chooses IA Systems
to Automate Its Consumer Lending
(Albany,
NY) October 12, 2004 Sound Credit Union, serving over 43,000
members in communities throughout the state of Washington, has selected IA
Systems, Inc.—a leading developer of software products and services for the
financial industry—to
fully automate its consumer lending operation.
Sound CU
recently purchased StreamLendTM, IA Systems’ flagship software
product, which streamlines the entire loan application and underwriting process,
integrating lending procedures into one, paperless environment. StreamLend is
the only paperless loan origination software
system that seamlessly integrates with all sales channels to provide financial
institutions with the ability to automate their entire lending process.
StreamLend’s modular approach also allows organizations to automate only
specific segments of their lending process, including direct, indirect,
consumer, Internet, and home equity loans.
Sound Credit
Union—an institution with $235 million in assets and based in Tacoma,
Washington— will implement StreamLend’s automated underwriting, risk-based
pricing, home equity line of credit, and Internet loan origination modules. The
system will allow the Credit Union to increase loan volumes while decreasing
processing time and eliminating the paper involved with traditional
lending.
“StreamLend
will improve our staff efficiency through its sophisticated automated loan
decisioning and integrated imaging. We’ll
serve our members better by faster delivery of funded loans,” said Rick
Brandsma, President and CEO of Sound CU. “Our
partnership with IA Systems will provide the tools we need to increase our
competitive advantage across all of our lending channels.”
“IA Systems is proud
that Sound Credit Union chose StreamLend to deliver the high quality service its
members have come to expect,” said Deborah C. Ryan, CEO of IA Systems. “Sound
Credit Union represents another addition to our growing family of Washington
state institutions and Symitar clients who rely on StreamLend to make their
lending operations more efficient and more profitable.”
For more information about IA Systems or
StreamLend™, please contact, Penny Perkins at 518-862-9200 ext. 279, or pperkins@iasystems.com.
About
Sound Credit Union
Sound Credit Union, formerly Telco Community Credit Union, was formed in
1940 by 51 employees of Pacific Telephone and Telegraph with total opening
deposits of $106.50. They wanted an alternative to commercial financial
institutions and to provide low interest loans and safe savings vehicles for
their fellow employees.
As a member-owned cooperative financial institution, the credit union now
has over 43,000 members, assets exceeding $235 million, and has grown to serve
all communities in the State of Washington. Sound Credit Union has nine branch
locations and offers a full array of financial services.
For
more information, visit Sound Credit Union online at www.soundcu.com.
About
IA Systems, Inc.
IA Systems (IA) is a leading provider of loan origination software for banks,
credit unions, and other financial institutions.
In 2000, Securian Financial Group (SFN), based in St. Paul, Minnesota,
purchased IA Systems, giving IA the backing of a parent company with $23 billion
in assets. As an affiliate of SFN, IA Systems is represented by a national sales
force that promotes the company's flagship product: StreamLendTM, a
paperless loan origination software system that automates the lending process. Headquartered
in Albany, NY, the heart of New York’s Tech Valley, IA Systems has seen annual
sales growth of 40% for the last three years and now provides our StreamLend
suite of fast decisioning, automated workflow, and risk management tools to more
than 125 financial institutions worldwide.
For more information, visit IA Systems online at www.iasystems.com
or call 800.803.7554.
(pdf
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