Farmington Bank, a full-service community bank with 22 branch locations throughout central Connecticut, has launched its new Correspondent Lending Portal (CLP), which offers a real-time cloud-based link between the bank and its correspondent lenders.
The new portal is powered by technology from Data-Vision Inc. and Associated Software Consultants Inc. (ASC). Data-Vision develops technologies that enable mortgage lenders to quickly and affordably implement Web portal and e-lending capabilities, while ASC is developer of the PowerLender loan origination system.
‘Being able to provide an electronic lending portal to our correspondents is imperative in today's banking market,’ says Jim Wilson, senior vice president and director of residential and consumer lending at Farmington Bank, in a release. ‘The CLP solution allows us to streamline processes and significantly increase production while driving cost efficiencies.’
Thanks to this integration, the bank's correspondents will have a robust solution for pricing, registration and ongoing communications.
‘The collaboration with ASC was exceptional which allowed us to deliver this powerful solution to Farmington Bank,’ says Randy Schmidt, president of Data-Vision. ‘The CLP solution delivers real-time pricing, immediate registrations, pipeline management, secure messaging and document exchange. This allows for faster and more complete data transfer with less overall maintenance and better communication between all parties.’