Custom Credit Systems (CCS), a provider of integrated, end-to-end, credit processing and maintenance systems for small business and commercial loan processing, announced today that WSFS Bank selected its CustomLender automated suite to originate and manage its commercial loans.
WSFS is owned by WSFS Financial Corporation (Nasdaq: WSFS) and is one of the oldest banks in the country. The bank went live with CustomLender in May 2009.
CustomLender is CCS' flagship, end-to-end system that features rules-based decisioning in the loan application and underwriting process, legal document preparation, imaging, loan boarding, compliance and reporting and loan management. The solution provides financial institutions with added flexibility in managing its portfolios that every bank needs to handle commercial loans under increased scrutiny from the federal government.
"With nearly two centuries of experience in banking, WSFS has seen - and made it through - most of our nation's most uncertain economic times," said Brian Shaw, president and CEO of CCS. "They understand that strong, strategic investments in a today's banking environment is essential to a prosperous future. Similarly, CCS was founded in the dramatic economic downturn of the late 80s, and as we celebrate our 20th anniversary this year, we see the same strong need for efficiency in processing that brought us to the market."
WSFS Bank was founded in 1832 and is one of the 10 oldest banks continuously operating under the same name in the United States. Based in Delaware, the bank has emerged as one of the largest financial institutions in the state.
"CustomLender is an important enhancement to our internal controls and a first step in installing a cradle-to-grave commercial loan origination system," said Glenn Kocher, senior vice president and chief credit officer of WSFS Bank.
As more lenders look to better process and manage their commercial loans, they are selecting systems such as CustomLender to ensure they can be as efficient as possible to help in the effort, according to Shaw.