Demand for Xetus’ “Software-as-a-Service” Model Continues
For Immediate Release
Demand for Xetus’ “Software-as-a-Service” Model Continues as More Banks and Credit Unions Choose XetusOne LOS System
Increase in New XetusOne Customers in 2010 Reflects Lenders’ Priority To Lower Costs and Boost Efficiency
(November 23, 2010) – Palo Alto, CA-based Xetus (www.xetus.com) announced the signing of three new financial institutions to its XetusOne loan origination platform in the third quarter of 2010. The move by $45 million-asset Community First Bank of Glendive, Mont.; $78 million-asset Cleveland Selfreliance Federal Credit Union, based in Parma, Ohio; and $60 million-asset Coloramo Federal Credit Union, based in Grand Junction, Colo., to adopt XetusOne’s “Software-as-a-Service” (SaaS) model—whose agility, collaboration, and transparency allow users to easily deploy loans through a standard Web browser and Internet access—confirms the trend away from traditional server-based software to the affordable, superior product.
Scott Stein, Xetus’ Vice President of Sales and Marketing, says financial institutions are shifting from competitors’ products to XetusOne, whose intuitive set-up is gaining significant traction with originators of all sizes. In fact, both the rates of new customer acquisition and loan applications processed by existing customers have increased in each of the first three quarters of 2010. “Financial institutions are looking for ways to leverage technology to maintain customer satisfaction with fewer human resources. XetusOne’s Web-deployed architecture and per-loan pricing satisfy the most stringent IT regulations and business-profitability goals,” he explains.
XetusOne’s Cost-Effective Model
Through per-loan pricing, XetusOne eliminates major upfront costs, per-seat or per-user fees, and annual maintenance charges. Stein says the ability to pass the per-loan fee through to the borrower on the HUD makes great business sense. Frank Jerman, lending manager for Coloramo FCU agrees, saying, “The affordability of the pay-as-you-go pricing is unparalleled.”
XetusOne also enables financial institutions to drastically reduce spending by eliminating the heavy-lifting and capital costs of traditional server-based software, which require cumbersome hardware and software configurations. Lee Ann Loucks, real estate loan officer of Community First Bank, says her bank searched for a year before finding a cost-effective solution. “The intuitive work flow, per-loan pricing, and access to technical support are the key reasons XetusOne proved to be the best solution,” she explains. “We are a small community bank and each of us wears many hats, so the efficiency that comes with the time- and cost-savings is invaluable.”
XetusOne’s Time-Efficient Solution
Most new XetusOne customers are referrals from existing customers, who have experienced the time-saving advantages of XetusOne—such as the speed of the SaaS platform; the user-friendly interface; its seamless, one-day deployment; and the quick availability of Xetus’ support staff. “Word of mouth regarding its ease-of-use, data sharing, and compliance capabilities continues to spread,” Stein comments.
Both Coloramo FCU and Cleveland Selfreliance FCU were referred to Xetus and made the switch from a competing product. Loan Officer Irene Bycko says Cleveland Selfreliance considered numerous LOS solutions but that “the differentiating features that XetusOne offered—an easy-to-use, robust user interface and competitive pricing—ultimately made our decision an easy one.” Jerman similarly highlights XetusOne’s crucial time-efficient benefits in boosting Coloramo FCU’s ability to serve nearly 8,000 members. “The ability for our lenders to access the XetusOne Web-based loan origination platform anytime and anywhere, and to collaborate real-time is essential to our business,” he says.
Xetus (www.xetus.com) pioneered the development of “software as a service” (Saas) in the mortgage industry. Users access its service through standard Internet web browsers, while Xetus updates the product transparently. Xetus provides powerful, easy-to-use mortgage loan processing to lenders, brokers, service providers and investors collaboratively in real-time over the Internet in a secure environment. Xetus is partnered with some of the country’s major credit organizations, underwriting and selling entities, mortgage insurers, valuation and compliance providers.