Source: IA Systems
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."