IA Systems, an Open Solutions business unit and a provider of lending software to financial institutions, reports that seven credit unions implemented its loan origination system – StreamLend Velocity – in the fourth quarter of 2008.
Allegacy FCU in Winston-Salem, N.C.; University FCU in Austin, Texas; Clark County CU in Las Vegas; Fresno County FCU in Fresno, Calif.; State Employees CU in Linthicum, Md.; Oklahoma Employees CU in Oklahoma City; and Unitus Community CU in Portland, Ore., all began use of the system in the fourth quarter. Allegacy, a top-100 credit union by assets, chose the paperless, end-to-end loan origination system to better automate and accelerate its lending process, while further increasing efficiency by integrating with its core provider, IA Systems notes.
"The 2008 fourth quarter achieved significant growth in implementations, evidencing StreamLend Velocity's value in the industry," says David Van Pelt, senior director of software development for Open Solutions. "The lending landscape has significantly changed this past year, but with a customizable and efficient lending system, these institutions will be equipped to meet future challenges head on."
SOURCE: IA Systems