Danvers Savings Bank of Danvers, Massachusetts, is using easyLENDER® loan origination software from Fiserv, Inc. (Nasdaq:FISV) to accelerate its lending processes and help increase its loan volume.
Danvers Savings Bank, founded in 1850, is an award-winning, $875 million mutual savings bank that serves the financial needs of the northeastern metropolitan Boston area through 12 full-service locations in three counties.
After carefully evaluating a variety of loan origination software (LOS) systems, Danvers Savings Bank selected the easyLENDER Mortgage and easyLENDER Consumer/Commercial software solutions to automate all aspects of its mortgage, home-equity, consumer and commercial lending operations.
Paul Sullivan, Assistant Vice President of Project Management for Danvers, said the bank was concerned during its evaluation about both system functionality and software costs.
"We were using a system that did not fully meet our residential lending needs, and our workflow was very inefficient," said Sullivan. "Our former LOS was adequate for commercial and consumer lending, but we did not want to originate with two different systems. Our goal was to find a solution that met our operational requirements and cost no more than our former system. It was easyLENDER that best met all of our requirements."
Danvers Savings Bank implemented easyLENDER in early 2003.
"The staff at Danvers Savings Bank is taking full advantage of the many benefits easyLENDER has to offer," said John Tenuta, President of Fiserv Lending Solutions. "They've automated their entire lending business with easyLENDER, and they're preparing to launch an Internet based, business-to-consumer mortgage application system using the integration between easyLENDER Mortgage and Mortgagebot® PowerSite®. They're a pleasure to work with, and we're delighted to have them as our client."
One of easyLENDER's greatest strengths is the software's ability to integrate with a wide range of popular lending systems and services, including government sponsored entities (GSEs), credit bureaus, flood certification and title services, loan servicing systems, and much more. And that kind of integration was a key factor in Danvers Savings' LOS evaluation process.
Stephen Britton, Danvers Vice President of Residential Lending, said, "The fact that we can establish direct interfaces with our servicing system, credit agency and investors made our decision for easyLENDER an easy one. easyLENDER's interface to our ITI Premier® loan servicing system and other third-party vendors has given us several luxuries that we did not have with our former LOS."
Sullivan said the benefit of easyLENDER's open integration makes the bank's lending business more productive. "We can free up time by the efficiencies we gain from easyLENDER,, and that has contributed to the bank being able to increase its loan volume," he said.
Sullivan said the bank's residential mortgage volume has increased by about 30% in the last year. "easyLENDER and our ITI servicing system are both Fiserv products and are well connected," Sullivan said. "Also, we can pull credit reports from the Web and transfer data directly into easyLENDER, which is a tremendous timesaver for our loan processors. Another great timesaver is the way our originators can now take loan applications remotely with laptop PCs."
Britton said excellent service from Fiserv has confirmed the wisdom of the bank's easyLENDER decision. "The easyLENDER customer-support team has been outstanding," Britton said. "Right from the start we had responsive, professional and dedicated people to coordinate our implementation. And the ITI staff is equally supportive. Both easyLENDER and Premier are Fiserv products, which has given us a virtually seamless interface from origination to servicing--something we couldn't get with our previous LOS."