Government Employees Credit Union Implements Advanced New Mortgage Lending Technology

LIVONIA, Mich.--Dynatek's Loan Origination Software Allows Credit Union to Deliver Full Mortgage Services to Members Dynatek, a leading provider of mortgage software, announced the successful implementation of MorVision Loan Manager software at Government Employees Credit Union (GECU) of El Paso, Texas. GECU is a full service credit union serving more than180,000 members. Dynatek's Loan Manager software is used to originate, process, underwrite and close mortgage loans.

Pat Carmona, manager of GECU's Mortgage Department, said, &uot;We found MorVision's customization features extremely helpful. GECU offers a variety of lending services including home mortgages, refinancing, home equity and home improvement loans. The software gives us the ability to easily create unique loan programs and forms to suit each of our individual loan types.&uot;

Dynatek provided operational and technical expertise and guidance through each step of the implementation process including having its technical staff onsite. There was little break in the business flow for GECU. Dynatek also provided comprehensive training and support to ensure maximum productivity and use of the software. &uot;Training is key because you cannot fully maximize the software overnight,&uot; Carmona said. Following implementation, Dynatek's Professional Services and Customer Support staff coordinated efforts to make sure GECU received the most from MorVision's functionality and versatility. &uot;Dynatek provided immediate phone support which is critical during the implementation stage. Calls were taken live to ensure a smooth and timely installation,&uot; Carmona continued.

MorVision's features include the ability to order credit reports and use that information to directly populate data fields in the loan application. Using the latest Windows printing technology allows MorVision loan documents viewed on the screen, printed within the software. This feature alone saves valuable time in the origination process.

MorVision's features include the ability to order credit reports and use that information to directly populate data fields in the loan application. Using the latest Windows printing technology allows MorVision loan documents viewed on the screen, printed or faxed within the software. This feature alone saves valuable time in the origination process.

Jack Luhtanen, president of Dynatek, said, &uot;We're very pleased to have GECU as a customer. MorVision is a scaleable product that can be used by credit unions of all sizes. Our mission was to design software that would streamline the origination process by eliminating the need for the re-keying of information. This decreases the turnaround time on loan approvals for the borrower and, in turn, increases the loan volume for our credit union customers.&uot;

About GECU of El Paso

Government Employees Credit Union of El Paso is a community chartered credit union. It was founded in 1932 and currently has 186,707 members with assets of $620,263,000. For further information write GECU of El Paso, P.O. Box 20998, El, Paso, TX 79998-0998.

About Dynatek

Dynatek is considered one of the mortgage industry's top providers of mortgage lending software solutions. The company offers complete automated mortgage origination solutions for a wide range of financial institutions including mortgage brokers, mortgage bankers, credit unions, commercial banks and savings institutions. MorVision was designed as an advanced Windows-based mortgage origination system. Dynatek has corporate headquarters in Livonia, Michigan and regional offices across the nation.

For more information on Dynatek, Inc. or MorVision, contact Michael Hammond at (800) 462-5545, via fax at (734) 462-4859, email mhammond@dynatek.com or write to Dynatek, 17488 N. Laurel Park Drive, Livonia, Michigan 48152-3981. Visit Dynatek's web site at www.dynatek.com.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.