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LAKE MARY, Fla.- The $2.5 billion ESL Federal Credit Union, Rochester, N.Y., is seeing measurables gains from its new online lending setup. ESL is using Fiserv Lending Solutions’ easyLENDERr Mortgage loan origination system (LOS) integrated with the PowerSiteT business-to-consumer (B2C) online lending platform from Mortgagebotr. The credit union says this combination has resulted in a lending channel that’s 16% faster than traditional retail lending operations. Mortgage Technology magazine awarded Fiserv and Mortgagebot its 2002 Synergy Award for moving the industry closer to the goal of a fully automated mortgage process. According to ESL, members can now complete mortgage applications online in about 20 minutes through ESL’s secure PowerSite-based lending Web site. PowerSite helps accelerate the application process by dynamically changing online menus based on the information entered by the borrower. Online tools such as help screens and frequently-asked-question (FAQ) lists help educate ESL members about the basics of mortgage loans and even coach them through the mortgage process. Dan Welbaum, SVP of Sales and Marketing for Fiserv Lending Solutions’ easyLENDER Products, said credit unions may know Fiserv best for its core processing prowess spread among seven CU DP subsidiaries, but lending solutions are also one of Fiserv’s strengths. “We offer all the aspects of loan origination -home equity, consumer and commercial. We have scores of credit unions who use either easyLENDER or Fiserv Unif,” said Welbaum. He noted that a number of billion CUs are on these products, including Navy FCU, Pentagon FCU, Suncoast Schools FCU, Xerox CU, and others. [email protected]

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