GTE Federal Credit Union licences StreamLend Velocity for loan processing
24 July 2006 | 2713 views | 0
Source: IA Systems
IA Systems, a provider of lending software and services to credit unions, banks and other financial institutions, announced that $2.1 billion GTE Federal Credit Union selected StreamLend Velocity to enhance its loan processing operations.
After operating a custom-built, in-house loan origination system for the last five years, the credit union decided to move to StreamLend Velocity to reduce its overall IT operation costs. Key to this savings is Velocity's ability to provide powerful customization capabilities to users in its easy-to-use maintenance module, without software engineers having to reprogram the underlying technology.
Tampa, Fla.-based GTE FCU plans to automate lending, processing, underwriting, funding, and closing operations with StreamLend Velocity in all of its 35 branches. The solution's open standards .NET and XML architecture enables it to integrate with all major core processors and third-party applications, as well as incorporate diverse loan delivery channels easily. GTE FCU will use StreamLend Velocity for automobile loans, personal loans, insurance services, indirect lending, and home equity loans through a variety of channels including in-person, branches, loan by phone, call centers, online, fax, and email. Following a conversion of its core data processing solution, the credit union plans to "go-live" with StreamLend Velocity in the first quarter of 2007.
"Converting to IA Systems' StreamLend Velocity gives us the flexibility necessary to have faster, more reliable loan processing for our members," said Neil Timson, senior vice president of lending at GTE FCU. "StreamLend Velocity gives us the ease of expanding delivery channels while avoiding the complications and costs of maintaining an in-house system."
Chris Cazer, president of IA Systems, added, "Our goal is to make the lending process as simple as possible while still maintaining flexibility and strength. StreamLend Velocity's open architecture allows GTE to surpass the control it had with its in-house system, while also providing a solution that is easy to use and easy to maintain. The Web-based options of our Velocity platform give customization, scalability, and control to financial institutions of any size."
StreamLend Velocity is a customizable, paperless loan origination system that automates the lending process from beginning to end. The loan origination technology also offers advanced security, auditing, and compliance tools that allow lenders to protect borrowers and keep data safe. Not only does StreamLend Velocity allow financial institutions to expand their portfolios while mitigating risk, the technology also decreases the costs of lending operations while simultaneously increasing loan processing efficiencies and increasing borrower satisfaction.