Imperial Bank’s Express (ICE) operation, which originates multifamily loans in 20 days, is now powered by North Shore System’s cre loan processing system. The system facilitates electronic loan submission and origination over the web, as well as the underwriting and closing of loans.
The twenty-day loan approval cycle they have achieved with North Shore is about a third of the usual time required.
The bank’s structured loan division uses the system to originate construction loans as well as ‘one-off’ permanent loans.
The bank uses the system to track their overall real estate lending performance and exposure, as well as determining if they are in compliance with the government’s lending regulations.
They also take advantage of North Shore’s credit-based lending features, such as its automated download of borrower and principal credit data from the Chase credit bureau.
The system was tailored to Imperial’s work flow processes by NSS, and installed in ninety days. This has impressed management and hastened the application of North Shore to other parts of the bank.