successes
Pulaski Bank Reaps Substantial Benefits Via e-Delivery with SwiftSend Investor Delivery
CUSTOMER PROFILE
Pulaski Bank is an independent community bank providing friendly, personal service to consumers in the St. Louis and Kansas City metropolitan areas. Of the hundreds of mortgage providers in the region, Pulaski Bank continues to be ranked among the top, largely due to its commitment to top-level customer service. Toward that end, Pulaski Bank was looking for the most effective way to streamline the mortgage loan investor delivery channel to best meet its own needs, as well as those of the secondary market investors with whom the bank does business.
BUSINESS SITUATION
As part of its community banking operations, Pulaski Bank originates mortgages that are then sold upstream to secondary market investor institutions. Cultivating a continual, smooth and uninterrupted flow of loans from Pulaski to the secondary investor market was critical to Pulaski’s ability to continue originations at top capacity.
The traditional paper-based delivery of loan documents to investors, involving copying, packaging, handling and shipping of loan portfolios, was both costly and time-consuming. In order to provide the best, most timely service to its customers, Pulaski Bank needed to speed the process, increasing operational efficiencies while still pushing to reduce costs.
STRATEGY
Looking to achieve greater workflow efficiencies, Pulaski Bank made the decision to explore an electronic loan delivery channel to its secondary market investors. In a business environment where reducing costs through electronic processing has become imperative, Pulaski Bank also needed an entry point to e-delivery that could quickly demonstrate a positive return on investment.
Pulaski Bank determined the best course of action would be to partner with industry leader eLynx. Its Web-based SwiftSend Investor Delivery service allowed Pulaski to make a painless jump to electronic submission. The Web-based nature of the service ensured an easy implementation, with setup taking only minutes and the service in full production within a week.
"In the very first month of using eLynx’s SwiftSend Investor Delivery service, we saw dramatic time and cost savings. We’re happy, the investors are happy, and there’s more business going back and forth between us as a result."
Chris Purcel, VP, Loan Operations
Pulaski Bank
SOLUTION
eLynx’s Web-based SwiftSend Investor delivery service enables Pulaski Bank to securely package, convert and submit imaged loans to investors, formatted to particular institutional specifications. eLynx’s working relationships with leading investors ensures all of their individual criteria are met every time.
Scalable to handle origination volumes for banks of any size, SwiftSend Investor delivery was a perfect fit for Pulaski. As a Web-based service, there were no up-front costs, hardware or software purchases, or long-term obligations. In addition to being convenient and cost-effective for lenders, SwiftSend also significantly expedites the investor delivery process, speeding up funding while minimizing the chances of lost rate locks. By using SwiftSend Investor Delivery, Pulaski Bank benefits from a delivery system that, in matching the requirements of the investor, keeps the process entirely transparent for the lender.
For investors, productivity and cost savings are increased as the electronically transmitted files enter seamlessly into their computer systems. There is no need for labor-intensive data entry, processing or manipulation. SwiftSend Investor Delivery also lessens the chance that a loan will be rejected because of misplaced documents.
RESULTS
Setup of SwiftSend Investor Delivery was smooth, with eLynx Support guiding the Pulaski Bank staff through the entire process, from installation, to establishing user names and passwords, to delivering test files. Overall it took just one week to get Pulaski Bank fully operational.
Within a month of utilizing SwiftSend Investor Delivery to submit loans to its investor partners, Pulaski Bank was delivering hundreds of loans to CitiMortgage and Countrywide, reaping significant time and cost savings in the process. In addition to an instantaneous savings of $5 per file in courier costs alone, Pulaski’s investors were able to clear files more quickly, resulting in faster funding of the loans by the investors.
As Pulaski Bank can attest: With elynx’s SwiftSend Investor delivery, everyone benefits.