Chicago Area First American Bank Selects LendersLogic for Consumer Direct Instant Online Mortgage Approval

  LendersLogic, Inc. today announced that the Chicago area First American Bank is now using the LendersLogic consumer direct online mortgage loan decisioning solution to help streamline the mortgage process for its customers.

Bob Horsman, First American Executive Vice President, said LendersLogic was selected after a competitive review for its design and how easy and quick it was for applicants to get through. The bank s goal was to find a 24-hour-a-day decisioning tool that would enable the bank to increase the mortgage volume coming in from the bank s web site.

"First American Bank was excited to find loan origination software that was turn key in nature, easy to install, compliant, affordable, and had a "plug and play" ability with (Freddie Mac) Loan Prospector ," said Horsman. "After reviewing the benefits versus the cost, it was almost impossible to find a reason not to install it."

Horsman said they wanted to add consumer direct mortgage loan decisioning because the conventional online application they were using before was not working for them. He said the LendersLogic solution will also be utilized at most of the bank branches to streamline the application process.

 Borrowers today will welcome the convenience of the instant online mortgage loan decisioning provided by LendersLogic,  said Horsman.

First American is a 30-year-old Illinois-chartered, full-service bank with nearly 50 Chicago area locations and more than $2 billion in assets. A privately held bank that is 80% owned by officers, directors and family members, First American is a bank that`s always been on the cutting edge of financial services  including the latest technology along with innovative and superior products.

 First American Bank is an important new customer for LendersLogic and we look forward to partnering with them to make their web mortgage volume grow,  said Wayne Howe, LendersLogic President.   By adding instant online approval, First American has added a whole new level of service for its customers. We are pleased to have them as a new client.
LendersLogic  award winning technology today is used by banks, credit unions and mortgage companies all across the country to provide consumer direct decisioning right at the point of sale. More than just a credit evaluation, LendersLogic provides a one step institutional underwriting assessment on all submitted applications.

About First American
As an owner operated bank, First American understands the goals and concerns of its customers. First American s goal is to develop an ongoing, solid, personal relationship with its customers while continuing to develop new products to fit their needs -- including a complete range of checking, savings and cash management services for business and personal accounts.

About LendersLogic

Among the first companies to provide consumer-direct automated underwriting at the point of sale, LendersLogic was built in partnership with leading mortgage lenders and has a verified interface to Freddie Mac`s Automated Underwriting System (AUS). Offered as a managed web service, LendersLogic meets all government guidelines for consumer data protection and the product was awarded Mortgage Technology Magazine`s "Rising TechStar 2005" award.

For more information:

Wayne Howe, President
LendersLogic, Inc.
529 Main St. 1M7
Boston, MA 02129
info@lenderslogic.net 617.241.0901

LendersLogic, Inc.
 http://www.lenderslogic.net

529 Main St. 1M7 Boston MA  02129
 United States

Wayne Howe
info@lenderslogic.net
 617.241.0901