FIRST NATIONAL BANK OF EASTERN ARKANSAS SELECTS GENESIS 2000 FOR MORTGAGE AUTOMATION; Lender Implements Genesis 2000 Loan Processing System.WYNNE, Ark.--(BUSINESS WIRE)--May 1, 1995--First National Bank of Eastern Arkansas (FNBEA) has selected the Genesis 2000 Loan Processing System for its lending operations. Headquartered in Forrest City, Arkansas Forrest City is a city in St. Francis County, Arkansas, United States. It was named as a result of General Nathan Bedford Forrest using the location as a campsite for a construction crew soon after the Civil War. , FNBEA has seven branches throughout eastern Arkansas and an asset size of $172 million. FNBEA processes, approves, and closes all of its loans through its mortgage lending branch, WynBanc, in Wynne, Arkansas Wynne is the county seat and largest city of Cross County, Arkansas, United States. The population was 8,615 at the 2000 census. Nestled between the Arkansas Delta & Crowley's Ridge, Wynne is home to the largest state park in Arkansas, Village Creek State Park. . Genesis 2000, Inc. is a Calabasas, California-based provider of mortgage automation software for lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in . Although it used a PC-based application for completing application and verification forms, WynBanc was essentially a paper-based operation. To increase efficiency, the bank decided to upgrade to a complete mortgage automation system. After a year-long review of mortgage automation software, WynBanc chose the Genesis 2000 Loan Processing System. Andrew Falls, Senior Vice President of Mortgage Lending for WynBanc, commented on FNBEA's selection: "We were looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a system that would allow our loan officers to handle more loans in an organized fashion. Genesis's Loan Processing System provides us with the power and flexibility to do just that. We can now take applications via computer, update loan files daily, and generate status reports in a matter of minutes A Matter of Minutes is an episode from the television series The New Twilight Zone. Cast
"We have also been able to reduce the time it takes to prepare loan information for FNBEA's Mortgage Loan Committee. Previously, it would take a loan officer almost an entire day to manually produce such information for review and that might hold back the loan for a week; now it takes only fifteen minutes. This in turn reduces the time it takes to process the loan." Initially, the Loan Processing System was running on a stand-alone PC A desktop or laptop computer that is not permanently connected to a local area network (LAN) or a wide area network (WAN). Throughout the 1990s, millions of stand-alone PCs were networked in offices, but it is no longer uncommon to find computers networked in the home so that family at the WynBanc branch. Today, all loan officers and processors are using the system on a network. "We are excited about our new relationship with FNBEA," commented Homy hom·y adj. Variant of homey1. homy or esp US homey Adjective [homier, homiest] like a home; pleasant and cosy Adj. 1. Majd, Principal of Genesis 2000, Inc. "This partnership reinforces our commitment to providing powerful and flexible, yet affordable mortgage automation to lending institutions of all sizes." The Genesis 2000 Loan Processing System automates the prequalification, origination, processing and tracking of conventional and government loans. By typing information into simple screen formats, users can prequalify applicants, calculate payments and print out a complete set of forms and amortization schedules. Other system features include automatic APR APR See: Annual Percentage Rate calculation, tracking of all verifications, mail merge Printing customized form letters. A common feature of a word processor, it uses a letter and a name and address list. In the letter, Dear A: Thank you for ordering B from our C store..., A, B and C are merge points into which data are inserted from the list. and printing inventory reports. A built-in word processor enables users to create form letters and other custom documents with data integrated from loan documents. Designed as a non-proprietary mortgage automation solution, the Loan Processing System is written in a relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. language and can easily customize to any lending institution's operations. Genesis 2000, Inc. will release a Windows version of the Loan Processing System by the end of the second quarter this year. Genesis 2000, Inc. is a Calabasas, California-based provider of mortgage automation software for lending institutions of all sizes. Founded in 1986 by Fred Myer, Genesis 2000 offers mortgage lenders a variety of user-friendly loan processing and tracking products. Today, the company has 2,500 installations with more than 6,000 users nationwide. For more information about Genesis 2000, Inc. or any of its products, contact Homy Majd, Principal, at 5000 North Parkway Calabasas, Suite 300, Calabasas, CA 91302, or call (800) 882-0504. CONTACT: First National Bank of Eastern Arkansas Andrew Falls, 501/238-8131. |
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