ADA, Mich. (9/25/09)--Member Advantage Mortgage announced that it has tripled its mortgage origination capabilities to about 200 per month from 60 per month. Member Advantage Mortgage is majority owned and operated by seven credit unions in New Hampshire, Virginia, Massachusetts, Pennsylvania and Nevada. The company has three loan processors. Member Advantage said it increased mortgage origination because it is working with XetusOne, which offers a paperless operation and allows employees to take loan applications at home. “Before, we could e-mail closing documents, but you couldn’t do your application documents,” said Jennifer Durham, Member Advantage Mortgage national sales and production manager. “You had to mail them or have a face-to-face with the member. Now we can do things instantly rather than having to wait days or use fax machines if there are changes.” XetusOne can be used through a standard Web browser, which helps originators and third-party servicers collaborate online through the loan process. Managers in charge of multiple branches can view details of any loan folder, look at profitability by branch, and make changes to data fields, said Scott Stein, Xetus vice president of sales and marketing. Xetus, Palo Alto, Calif., offers “software as a service” to the mortgage industry, including credit unions.
LAKE MARY, Fla. (9/25/09)--Harland Financial Solutions has launched Phoenix Extended Financial Enterprise (EFE), an integrated enterprise software platform for financial institutions, including credit unions. PhoenixEFE is designed for credit unions with a focus on business services, including commercial lending and loan participation. The solution integrates Phoenix System, a real-time core processor, with solutions for risk management, lending and compliance, business intelligence and marketing, branch automation, self-service, enterprise content management, payments and financial accounting. Consumers CU, Kalamazoo, Mich., is one of two financial institutions that went live on PhoenixEFE in August. The credit union said the solution helped it expand its reach in the commercial market. PhoenixEFE Core runs on Microsoft Windows and is integrated by a Web services transaction gateway that uses XML and Web services. The Phoenix System brand will no longer be used in the U.S. All its functionality will be included with PhoenixEFE, Harland added.