Florida credit union to adopt IA Systems loan processing system

The $2.1 billion GTE Federal Credit Union has picked IA Systems' StreamLend Velocity to replace its custom-built, in-house loan processing system, IA Systems announced.

GTE FCU, of Tampa, Fla., plans to automate lending, processing, underwriting, funding, and closing operations with StreamLend Velocity in all of its 35 branches. Following a conversion of its core data processing solution, the credit union plans to go live with StreamLend Velocity in the first quarter of 2007.

"Converting to IA Systems' StreamLend Velocity gives us the flexibility necessary to have faster, more reliable loan processing for our members," said Neil Timson, senior vice president of lending at GTE FCU. "StreamLend Velocity gives us the ease of expanding delivery channels while avoiding the complications and costs of maintaining an in-house system."

GTE is the 30th largest credit union in the country, and has a reputation as a leader in financial institution technology. In the 1970s, it was the first credit union in the world to offer credit cards; more recently, it was the second credit union in the country to offer a successful debit card program, IA said.

"Our goal is to make the lending process as simple as possible while still maintaining flexibility and strength. StreamLend Velocity's open architecture allows GTE to surpass the control it had with its in-house system, while also providing a solution that is easy to use and easy to maintain," said Chris Cazer, president of IA Systems.

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.