OSI Upgrades Loan Origination System

GLASTONBURY, Conn. – Credit union data processor OSI’s Sound Software unit said it has upgraded its loan origination technology to allows users to securely deliver loan packages online and to print out the documents at anytime during the process. Called Sound Delivery, it interfaces with the Sound Software consumer and mortgage loan origination solutions. The delivery system places loan packages on a secure server and automatically generates a notice to the receiving party that the package is available online through an embedded link. Mike Nicastro, senior vice president at OSI, said Sound Delivery allows originators to easily set up new branches anywhere there’s an Internet connection, as well as eliminates problems with lost or delayed delivery of hard documents. “In today’s competitive lending industry, financial institutions are driven to move to a more paperless environment. Sound Software provides lenders with the ability to process loans in a more cost effective and efficient manner, and make changes to documents without inconveniencing their borrowers,” Nicastro says. Sound Software serves 316 organizations, 36 of them credit unions.