AFTECH says it can get loan decisions done in 10 seconds

MALVERN, Pa. – AFTECH says that its new loan decisioning and Internet connectivity software, linked to new Internet credit reporting capability from credit bureaus, can help credit unions process loans in as little as 10 seconds. Pelican State Credit Union in Baton Rouge, Louisiana, an AFTECH client, is the first to test the AFTECH software with Equifax. The CU has already gone live, using the AFTECH software with Experian. "Our staff needs the credit report data in seconds, not minutes," said Pelican State Chief Executive Officer Jeff Conrad. "We like to process applications while we talk to the members, so we can eliminate playing phone tag later on." The CU revamped its lending processes and in the midst of that became the first financial institution in the country to use the Internet to update credit reports, according to AFTECH President Joe Antellocy. According to Jim Dexter, Vice President of Lending for State Employees of Michigan Credit Union, the credit union has doubled its loan volume, reduced its lending staff and decreased the costs of loan production by 35% since introducing the AFTECH loan platform. -pgentile@cutimes.com