DAYTON, Ohio, Aug. 27 /PRNewswire/ -- Community banks and credit unions can now offer their customers the same sophisticated online mortgages as their larger competitors with the NCR Internet Loan Origination service from NCR Corporation's (NYSE: NCR) Worldwide Customer Services division. Combining Lend-X(SM) technology from LendingTree, Inc. (Nasdaq: TREE) and software from Sound Software, the service offers smaller banks end-to-end processing of mortgage and other loan applications.
Once customers fill out a loan application on the bank's Web site, the information is captured, processed and transmitted by Lend-X using the standard Fannie Mae Desktop Underwriter file format. The bank can then easily prepare all other loan documentation, including the final contracts. No additional re-keying is required, saving labor costs and minimizing the possibility for errors in processing the loan.
"Already about three-quarters of potential loan applicants go to the Internet in search of loan information, so the NCR Internet Loan Origination service puts the smallest community banks on a competitive basis with their national competitors," said Greg Hanson, general manager, eCommerce Solutions at NCR. "Their customers get the convenience of applying for loans online, with electronic 'paperwork' that only has to be filled out once."
The first bank to use the service, Marblehead Savings Bank of Marblehead, Mass., introduced it in mid-July. The NCR Internet Loan Origination service is available today and can be quickly and easily implemented into a bank's existing lending resource.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in providing Relationship Technology(TM) solutions to customers worldwide. NCR's Relationship Technology solutions include the Teradata(R) database and analytical applications such as customer relationship management (CRM) and demand chain management, store automation systems and automated teller machines (ATMs). The company's business solutions are built on the foundation of its long- established industry knowledge and consulting expertise, value-adding software, global customer support services, a complete line of consumable and media products, and leading edge hardware technology. NCR employs 33,300 in more than 100 countries, and is a component stock of the Standard & Poor's 500 Index. More information about NCR and its solutions may be found at www.ncr.com .
NCR and Teradata are trademarks or registered trademarks of NCR Corporation in the United States and other countries. All brand and product names appearing in this release are registered trademarks or trademarks of their respective holders.
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SOURCE NCR Corporation
CONTACT: Paul Curtin of NCR Corporation, +1-937-445-3153, or paul.curtin@ncr.com /