Business Editors
LAKE MARY, Fla.--(BUSINESS WIRE)--April 13, 2004
Innovative, $875 Million Massachusetts Community Bank Uses Fiserv
LOS to Streamline Lending Processes and Integrate with ITI Premier
Core-Banking System
Danvers Savings Bank of Danvers, Massachusetts, is using easyLENDER(R) 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(R) PowerSite(R). 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(R) 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."
Serving its community since 1850, Danvers Savings Bank is an $875 million Massachusetts-based financial institution operating out of 12 full-service locations in Essex, Middlesex, and Suffolk counties, including Andover, Beverly, Chelsea, Danvers, Middleton, Peabody, Reading, Revere, Salem, Wilmington and Woburn, and a representative office in Boston. The bank is an acknowledged leader in small business lending, earning the status of "Preferred SBA (Small Business Administration) Lender" in both Massachusetts and New Hampshire. During the past ten years alone, Danvers Savings Bank has disbursed over 700 SBA loans to more than 500 companies, representing more than $125 million in financing. The bank has grown into a leader in Massachusetts SBA loan production, and was the first mutual savings bank in the U.S. to earn the "Preferred SBA Lender" designation from the U.S. Small Business Administration. The FDIC also recognizes the bank as "outstanding" for its community reinvestment activities. For more information, visit the bank's Web site at www.danverssavings.com.
easyLENDER is part of a suite of products and services provided by Fiserv to mortgage and consumer lenders. Fiserv's comprehensive lending solution set includes mortgage and auto lead generation management and customer loyalty programs, industry-leading automated valuation model (AVM) products, auto leasing solutions, mortgage banking software and services, appraisals, broker price opinions, credit reporting, closing services and default management.
Fiserv, Inc. (Nasdaq:FISV) provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at www.fiserv.com.
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