Jacksonville, Florida (PRWEB) April 06, 2012
MortgageFlex Systems, Inc., an innovative provider of loan origination and servicing technology, announced today that Republic Bancorp, Louisville, KY, has selected MortgageFlex Systems as their loan origination system provider.
Republic Bancorp is one of Kentucky’s largest locally-owned community banks and was recently named the best performing bank in the U.S. based on financial performance and level of capital by Bank Director Magazine. The well deserved honor was determined on a combined ranking on two financial metrics: core return on tangible common equity (ROTCE) and the ratio of average tangible common equity (TCE) to tangible assets.
The decision to move to a new loan origination platform was driven by Republic’s desire to eliminate two separate systems that did not communicate and replace them with one system that could accommodate both Consumer and Mortgage loans. The LoanQuest loan origination system (LOS) implementation will reduce Republic’s cost to originate by eliminating current manual tasks and redundant data entries with real-time data sharing between all business teams. LoanQuest employs an advanced business rules engine, embedded imaging center and workflow to drive process compliance and reduce errors.
Republic’s decision to select MortgageFlex was also driven by the vendor’s hosting capabilities. MortgageFlex offers secure, flexible hosting options in a SSAE16 certified environment. A hosted solution offers Republic current application updates without the personnel or infrastructure costs, giving immediate return on the investment.
”We performed an extensive search of loan origination platforms and found that LoanQuest gave us the capabilities and flexibility we needed to originate loans across multiple product channels while integrating seamlessly into our centralized operations center and 3rd party vendors. With LoanQuest’s open architecture structure we are able to rapidly adapt to an ever changing industry with confidence. Our commitment to providing a superior client experience is further enhanced through our partnership with MortgageFlex,” stated Chip Clements, Republic Bank’s Senior Vice-President of Loan Operations & Servicing.
LoanQuest is an enterprise level lending system that supports all mortgage loan channels with the added capability of supporting consumer lending. “Republic was searching for a solution that could accommodate all their lending needs, not just mortgages,” said John McCrea, Senior Vice President, Business Development, MortgageFlex. “We feel that LoanQuest is the solution that will meet their needs for many years to come.”
“Republic has distinguished itself as an industry leader with a long record of sound financial strategies,” stated Lester Dominick, President, MortgageFlex. “Their self sufficiency and dedication has established Republic as flexible lender that shifts its business approach to accommodate consumer demands. MortgageFlex is excited to partner with such a forward looking organization,” he concluded.