In Record Time, KeyBank Mortgage Goes Live with MortgageFlex Loan Origination System

Agile Philosophy was the Key Factor

 

Jacksonville, Fla. (May 5, 2008) - MortgageFlex Systems, Inc., reported today that KeyBank Mortgage, a unit of Cleveland-based KeyBank NA has gone live with the LoanQuest™ Residential Lending System for its loan origination needs.

         

The MortgageFlex system was implemented ahead of schedule despite the more than one dozen custom interfaces, which had to be fully tested and approved before going live. Implementation was also well under budget.

 

Implementations often take years to complete and commonly exceed projected budgets by thousands of dollars.  KeyBank’s was accomplished in just seven months, due to the project team’s efforts, agile implementation methodology and LoanQuest’s customization capabilities.

 

 “Fast implementations are rapidly becoming a requirement for lenders that are looking to deploy software that can help them prosper in today’s industry,” remarked Lester Dominick, president, MortgageFlex. “Not only are lenders looking for flexible, dynamic software but they also require experienced vendors that can accommodate their unique business requirements.  We’ve completed over 200 implementation projects in our 28-year industry tenure and are well versed in all implementation aspects.”

 

         

Simply Agile

          “KeyBank requested that we use agile methodology for their implementation project instead of the standard waterfall approach,” said Shelley Barth, senior vice president, professional services, MortgageFlex. “Consequently, our entire team, including our programming department, underwent agile training with the KeyBank project team, before any project planning took place. By setting and delivering on monthly goals, the MortgageFlex and KeyBank teams were able to incrementally develop the interfaces and test the application.”

Agile software development/implementation methods produce completely developed and tested features, a subset of the whole, every few weeks or months. The driving principles of the agile manifesto are:

  • Customer satisfaction by rapid, continuous delivery of working software
  • Close, daily cooperation between business people and developers
  • Continuous attention to technical excellence and good design
  • Regular adaptation to changing circumstances

 

 

Tailored for success

          MortgageFlex offers flexibility in the ways the LOS system can be customized. By using a combination of business rules, user group menus, workflow and scripting, LoanQuest customers are able to improve process efficiencies, creating validation processes with built-in quality checks.

 

The LoanQuest scripting feature allows users to modify the system without expensive custom programming. Many LoanQuest clients have taken advantage of this feature to “modify at will”. KeyBank was able to utilize scripting to tailor their processing procedures.

 

          “The mortgage market is very dynamic; lenders need flexibility and cost effectiveness in an LOS. We made a decision several years ago that our customers should be able to customize LoanQuest when they needed to do so, without incurring excessive programming costs,” Barth concluded.

 

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About MortgageFlex Systems Inc.

MortgageFlex Systems, Inc., a provider of innovative software and systems solutions to mortgage companies and lending institutions, was named one of the “Top 50 Providers of 2007,” by Mortgage Technology Magazine. Headquartered in Jacksonville, Fla., the company, which began operations in 1980, launched LoanQuest™ in 1984, the industry’s first fully integrated product suite designed to simplify loan origination.

 

For information about products and services, please call 800-326-3539 or visit www.mortgageflex.com.

 

Media inquiries may be directed to Joyce Saunders at 904-356-2490, ext. 3260.