To more efficiently provide consumer, home equity and commercial loan products that meet its customers' needs, Republic Bank & Trust Co. of Louisville, Ky., is using the flexible document generation capabilities of the easyLENDER Consumer/Commercial iDM loan origination software (LOS) solution from Fiserv Lending Solutions, a business unit of financial software provider Fiserv, Inc. (Nasdaq: FISV).
The bank is also experiencing success using the Fiserv easyLENDER Mortgage software solution to grow its mortgage business.
The "iDM" designation of easyLENDER Consumer/Commercial iDM stands for intelligent Document Management, which reflects the software's ability to create accurate, unique and fully warranted loan documents for each transaction, regardless of the loan's complexity. "With easyLENDER Consumer/Commercial iDM, we are better equipped to ensure that the correct loan documents are produced," said Shannon L. Reid, senior vice president and loan administration manager at Republic Bank & Trust Co.
easyLENDER Consumer/Commercial iDM's intelligent document-management capabilities enable the bank's loan officers to perfect any loan transaction quickly and accurately, with full compliance in all 50 states. "Republic is growing its business with the efficiency, speed, flexibility and product cross-selling capability of easyLENDER software," said Dan Welbaum, Fiserv Lending Solutions' senior vice president of sales and marketing for easyLENDER products. "easyLENDER provides exceptional speed and accuracy, which streamlines the entire lending process."
Because the loan data managed by easyLENDER never has to be transferred to another solution for document preparation, the bank's process is now much more efficient. "For any loan," said Reid, "easyLENDER Consumer/Commercial iDM automatically knows what documents are required and then generates them, which eliminates the risk of sending the wrong document." According to Reid, easyLENDER automatically prepares and generates all necessary documents, based on loan type, collateral and other factors.
"Because of easyLENDER's dynamic document capabilities, we're seeing dramatic cost savings in loan-document preparation," said Reid. He also noted that the software's ease of use has reduced the amount of time his staff has had to spend in software training classes.
With the power and flexibility of easyLENDER Consumer/Commercial iDM, Reid believes the bank's commercial lending business is positioned for growth. "We're pursuing more asset-based commercial lending, and we now feel more confident about our document production and closing capabilities," he said. "easyLENDER has enhanced our ability to pursue and close commercial loans."
Republic is a growth-minded, multibillion dollar bank with a community banking network across Kentucky and southern Indiana, and the bank continues to add new banking centers. According to Reid, mortgage and home equity loans account for about 65 percent of Republic's lending portfolio, with commercial real estate loans comprising the remaining portion. But in recent years, the bank has added new types of loans to diversify its asset mix and enhance its profitability. Combined with branch expansion across two states, Republic's aggressive growth strategy was challenging the resources of its loan management operations.
"With so many banking centers spread across two states, we needed a flexible platform to consolidate our loan documentation and compliance requirements, particularly on the commercial side," Reid recalled. "And when Fiserv began developing easyLENDER Consumer/Commercial iDM, its development staff took the time to understand our special business needs. Fiserv took our concerns into account as their developers were creating the easyLENDER Consumer/Commercial iDM solution."
easyLENDER Consumer/Commercial iDM and easyLENDER Mortgage work together to serve as the bank's integrated LOS platform for mortgage, home equity, consumer and commercial lending. As a result, Republic has only one company to deal with when its staff needs lending software support. "All of our lending operations, from underwriting on the commercial side to credit checking on the retail side, report through me," said Reid. "So having an integrated software platform for mortgage, home equity, consumer and commercial lending that is sold and supported by the same team makes my job easier. There's less to explain and fewer people to explain it to."
Republic has taken advantage of easyLENDER's extensive interface capabilities to automate and streamline formerly manual processes. According to Reid, the bank has also licensed a variety of easyLENDER-based ancillary solutions, including software for automated underwriting, consumer loan credit decision making, automated credit reporting and more.
In a mortgage lending market with an uncertain outlook, Reid contends that easyLENDER is the LOS platform of the future. "With easyLENDER, Fiserv provides a 'one-stop' lending solution with top-of-the-line software," said Reid. "Going forward, many other banks are going to need that kind of platform integration and flexibility. Many may not be able to survive solely as mortgage lenders. They may be forced to also become home equity and commercial lenders."