Wednesday March 13, 8:02 am Eastern Time
ARC Systems Expands Product Line in Agreement With Mortgage Division Of Provident Bank
First Time Credit-Decisioning Technology Applied to Warehouse Lending
ATLANTA, March 13 /PRNewswire/ -- ARC Systems, the Austin-based mortgage
technology application service provider, announced today at the MBA Technology
Conference that the company has signed an agreement with PCFS Mortgage
Resources (PCFS), the mortgage division of Provident Bank, Cincinnati, Ohio.
ARC Systems will be providing the company with a technology solution to
automate their warehouse lending process.
This application of the ARC
Systems' technology marks a first for the company and the industry.
Dick Gravino, President of PCFS, conceived that relating automated
underwriting technology to an institution's warehouse line would have many
advantages for both PCFS and the lenders they service.
``The lenders who are
currently faxing us an application and waiting to hear back from us as we make
a manual underwriting decision, will have the ability to flow that information
to us electronically via the Internet and receive an instant decision,'' said
``Applying the technology at this level is a critical element in
reducing the time to complete a transaction.
Once we've completed the ARC
Systems' technology integration into all of our business channels, our whole
system becomes more productive and efficient.
This adds tremendous benefits
to our bottom line.''
By the end of this three-phase project, PCFS will be utilizing ARC
Systems' technology, through the life of the loan, starting with the
application and going through to servicing, to include their retail,
correspondent, and broker lending channels.
``We're excellent in the credit automation and customization business, and
along the way we have gained a tremendous understanding of the business from
top to bottom,'' said Ed Jones, ARC Systems CEO.
``We now have the capability
to provide an end-to-end solution to our clients, starting with an LOS and now
through to selling and servicing.''
Customized for PCFS to integrate at all levels of their business, this
phase of the integration of the technology marks new territory for ARC Systems
who is known as the first organization to automate the most difficult
underwriting process in the financial services industry, non-conforming
ARC Systems has been developing and expanding their flagship product,
LT2K, most commonly referred to as 'ARCS' since its inception in 1994.
they provide a full complement of technology services to their clients, which
include Lehman Brothers, Household Finance and First Franklin.
About ARC Systems
Founded in 1984, ARC Systems is a privately held company that provides
lending institutions, investment and commercial banks across the nation with
the power to make fast, accurate and consistent decisions at the point-of-sale
for risk-based pricing and credit evaluation.
institutions with the ability to make better business decisions, the company's
proprietary, patent-pending, rules-based system is used by lenders to provide
their customers, correspondents and brokers direct access to automated
underwriting and online loan origination system functionality.
About Provident Bank
The Provident Bank is the main subsidiary of
Provident Financial Group, Inc. (Nasdaq: PFGI - news), a Cincinnati-based company
with $15.6 billion in on-balance sheet assets and $19.8 billion in managed
The Provident Bank provides full-service retail and commercial
banking operations regionally and nationally.
Additional company information
is available at http://www.provident-bank.com .
Mary Tipps, V.P. Sales & Marketing