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First County Bank streamlines the credit lifecycle

Loan origination system

Outdated LOS

With a 173-year legacy, First County Bank is deeply rooted in its community. But as the demands of commercial lending grew, its existing systems and manual workflows began to hinder efficiency. “We needed to get away from paper-based underwriting,” said David Christiansen, Chief Credit Officer at the bank. “We had a platform before that was electronic, but it was really only being used for spreading and kind of a glorified version of Microsoft Word.” The earlier system lacked integration, data mapping, and automation, forcing the small-but-agile team of five analysts and a credit manager to rely on time-consuming, error-prone processes. Data had to be manually entered, credit memos were built without dynamic content, and much of the reporting was disjointed. 

Recognizing this as a growth and efficiency opportunity, the bank’s credit leadership transformed the lending workflow using Abrigo’s loan origination system (LOS). “We weren’t using all the tools that we could to create a very holistic, very centralized database of information,” Christiansen said. “Your products have really enabled us to do a lot more of that.”

 

DOWNLOAD CASE STUDY HERE

Implementation and benefits of loan review software

Implementing Abrigo’s loan origination system (LOS) gave First County Bank the tools needed to streamline processes across the loan lifecycle, including:

  • Relationship Manager to see deposits, loans, and opportunities on a single dashboard
  • Dynamic Application and a secure, online portal for data and document collection
  • Automated workflows tailored to various loan types to provide step-by-step visibility
  • Custom ticklers to automate annual review tracking and requests for borrower financial documentation
  • Daily core system integration for consistent loan data
  • Online tax return reader leveraging OCR and quick tax-data imports to extract and analyze financials efficiently
  • Credit memo automation with MS Word integration for collaborative editing and reviewing
  • Third-party integrations, including credit pulls via Xactus, within the Abrigo platform
Download the case study to read more.

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