Comerica Extends Technology in Commercial Lending; Completes Major Loan System Upgrade with AFS.EXTON, Pa. -- Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Financial Systems, Inc. (AFS-Exton) announced the successful migration of commercial lending operations at Detroit, MI-based Comerica Incorporated (NYSE NYSE See: New York Stock Exchange :CMA CMA - Concert Multithread Architecture from DEC. ) to the newest release of the AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System Level III Loan Accounting System. Release 8.3 enables Comerica to remain at the forefront of the industry in its lending technology and provides a solid foundation for the Bank's future investment in additional automation to support its strong Middle Market franchise. "This upgrade reinforces Comerica's leadership position in technology, innovation, and continuous improvement," said Paul Obermeyer, Senior Vice President of Comerica's Operations Services Group. "We believe there is value in staying current with releases to provide superior loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. for our customers, to keep on top of ongoing enhancements, and to serve as a foundation for planning additional technology investments in the future." Release 8.3 positions financial institutions for the total integration of loan processing, encompassing consumer, business banking, commercial, and capital markets lines of business on a single system. It represents a first response to regulatory changes that AFS expects to become increasingly more rapid and demonstrates the company's commitment to enhance system capabilities at a pace consistent with market and compliance dynamics. Currently, 70% of the top 25 U.S. banks are users of the AFS system. Said John Shain, President of AFS, "This upgrade solidly establishes Comerica at the leading edge of lending technology and regulatory compliance. Comerica is positioned to respond aggressively to future needs and to support its customers seamlessly with fully integrated delivery capability and process control. We are pleased to be working with Comerica in building a lending infrastructure that will provide long term competitive differentiation in the market." About Comerica Comerica Incorporated (NYSE:CMA) is a financial service company headquartered in Detroit. Comerica's approximately 11,000 employees focus on relationships, and helping people and businesses be successful. Comerica Bank locations can be found in Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Texas, and Florida, with select businesses operating in several other states. Munder Capital Management and Comerica Securities are investment services affiliates. Comerica reported assets of $52 billion at December 31, 2004 and ranks first among the top 50 U.S. bank holding companies in commercial loans as a percent of total assets. For further information, visit Comerica's website at www.comerica.com. About AFS AFS is the dominant provider of commercial lending software and services to U.S. financial institutions, combining the systems, execution expertise, and management information to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. risk, reduce
costs, and increase revenue. The firm is headquartered in Exton, PA; its
European Europeanemanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. subsidiary, Automated Financial Systems GmbH is located in Vienna, Austria. For further information, visit AFS' website at www.afsvision.com. |
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