Palo Alto, Calif.-based Xetus has announced the signing of three new financial institutions to its XetusOne loan origination platform in the third quarter of 2010. The move by $45 million-asset Community First Bank of Glendive, Mont.; $78 million-asset Cleveland Selfreliance Federal Credit Union, based in Parma, Ohio; and $60 million-asset Coloramo Federal Credit Union, based in Grand Junction, Colo., to adopt XetusOne’s “Software-as-a-Service” (SaaS) model—whose agility, collaboration, and transparency allow users to easily deploy loans through a standard Web browser and Internet access—confirms the trend away from traditional server-based software to the affordable, superior product.
Scott Stein, Xetus’ vice president of sales and marketing, said financial institutions are shifting from competitors’ products to XetusOne, whose intuitive set-up is gaining significant traction with originators of all sizes. In fact, both the rates of new customer acquisition and loan applications processed by existing customers have increased in each of the first three quarters of 2010.
“Financial institutions are looking for ways to leverage technology to maintain customer satisfaction with fewer human resources," said Stein. "XetusOne’s Web-deployed architecture and per-loan pricing satisfy the most stringent IT regulations and business-profitability goals.”
Through per-loan pricing, XetusOne eliminates major upfront costs, per-seat or per-user fees, and annual maintenance charges. Stein says the ability to pass the per-loan fee through to the borrower on the HUD makes great business sense. Frank Jerman, lending manager for Coloramo FCU agrees, saying, “The affordability of the pay-as-you-go pricing is unparalleled.”
XetusOne also enables financial institutions to drastically reduce spending by eliminating the heavy-lifting and capital costs of traditional server-based software, which require cumbersome hardware and software configurations. Lee Ann Loucks, real estate loan officer of Community First Bank, says her bank searched for a year before finding a cost-effective solution. “The intuitive work flow, per-loan pricing, and access to technical support are the key reasons XetusOne proved to be the best solution,” she explains. “We are a small community bank and each of us wears many hats, so the efficiency that comes with the time- and cost-savings is invaluable.”
Both Coloramo FCU and Cleveland Selfreliance FCU were referred to Xetus and made the switch from a competing product. Loan Officer Irene Bycko said Cleveland Selfreliance considered numerous LOS solutions but that “the differentiating features that XetusOne offered—an easy-to-use, robust user interface and competitive pricing—ultimately made our decision an easy one.” Jerman similarly highlights XetusOne’s crucial time-efficient benefits in boosting Coloramo FCU’s ability to serve nearly 8,000 members. “The ability for our lenders to access the XetusOne Web-based loan origination platform anytime and anywhere, and to collaborate real-time is essential to our business,” he said.
For more information, visit www.xetus.com.