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Virginia Heritage Bank Selects CMSI's Credit Processing Solution to Automate Lending Operations

Posted on: Wednesday, 4 March 2009, 09:54 CST

System will support both direct and indirect lending

COLUMBIA, Md., March 4 /PRNewswire/ -- Credit Management Solutions (CMSI) a leading provider of credit automation systems for all types of consumer lending announced today that Virginia Heritage Bank has chosen CMSI's Origenate(R) credit processing system to support their direct and indirect consumer lending operations.

Origenate automates the entire credit origination process, from application through decisioning, underwriting and contract administration, and is integrated with a wide spectrum of data and functionality from credit reporting, consumer and vehicle information, decision support, and servicing system suppliers. In addition, Origenate supports indirect vehicle lending through integration with dealer-to-lender communication capabilities from DealerTrack(TM), RouteOne(TM), and other auto loan aggregators.

As a new community bank in the densely populated Northern Virginia market, Virginia Heritage Bank was seeking a cost-effective platform that would support their aggressive pursuit of market share. Their goal was to implement a solution that would streamline credit processing for direct-to-consumer lending originated in their branches, as well as provide tools to successfully compete against major indirect lenders. "We selected Origenate because it's the same system used by many large national lenders, so it helps us level the playing field," said Richard Johnson, Chief Consumer Lending Officer.

Virginia Heritage chose to implement Origenate in planned stages. "CMSI's team is great to work with, and we were able to become operational within a few weeks, we used the Xpress(TM) version of Origenate," said Mr. Johnson. "Then we focused on implementing their more complete solution, configured to the bank's specific requirements, in a controlled manner that follows Virginia Heritage's desired timetable."

In addition to process improvements across the lending life cycle, Mr. Johnson said that Virginia Heritage was also seeking control and regulatory compliance features as part of new automation. "The rules that surround lending are changing quickly, and Origenate's audit and tracking capabilities will help us ensure we stay in full compliance with both existing and forthcoming regulations," he said.

"Virginia Heritage is an innovative community bank with an intense dedication to customer service," said Chip Riordan, president of CMSI. "We're very pleased that they've chosen Origenate as the technology foundation to better serve their customers and position them to succeed in this competitive banking marketplace."

About CMSI

With over two decades of industry leadership, CMSI is a premier provider of advanced credit automation solutions that handle the processing and decisioning of all types of consumer credit. Using web-based, open-systems technology, these solutions also provide integration with popular application aggregators, client web sites, major fraud and ID verification providers, and loan servicing solutions, as well as the major credit bureaus. Additionally, CMSI provides support for advanced eContracting and other electronic document technologies. The choice of many of North America's largest lending institutions and other organizations; CMSI offers its portfolio of products on a transaction basis or through a traditional software license. For more information, visit www.cmsinc.com or call 800-777-2674.

About Virginia Heritage

Virginia Heritage Bank (VHB) is a full-service community bank that is locally owned and managed. Our board of directors and senior management live and work in northern Virginia -- people who have a personal interest in maintaining a strong, vibrant local community. VHB is committed not only to serving the community today, but also to creating a future of excellence. This commitment is our foundation -- and it drives the way we conduct business every day. We build relationships with small and medium sized businesses, their owners and local consumers that serve their needs now and empower their plans for tomorrow.

SOURCE Credit Management Solutions, Inc.

Source: PR Newswire

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