September 01, 2009 11:00 ET

Member Advantage Mortgage Cuts Costs and Triples Mortgage Lending Capabilities With XetusOne Loan Origination System

As Credit Unions Continue to Originate Loans at Record Pace, XetusOne Provides a New Level of Collaboration and Transparency, Allowing CU's to Enhance and Streamline New and Refinanced Loans

PALO ALTO, CA--(Marketwire - September 1, 2009) - Member Advantage Mortgage (, with assets of $4 million, announced that it has more than tripled its mortgage origination capabilities through the use of Palo Alto, CA-based Xetus Mortgage Corporations' ( XetusOne Loan Origination System. Based in Ada, Mich., Member Advantage Mortgage has increased its mortgage loans from an average of approximately 60 per month up to over 200 per month, with only three processors/closers in the entire organization.

Founded in 2006, Member Advantage Mortgage, a subsidiary of CUSO Development Company, LLC (, is majority owned and operated by 7 credit unions in New Hampshire, Virginia, Massachusetts, Pennsylvania and Nevada. Jennifer Durham, National Sales and Production Manager, said the company partners with its member credit unions in order to garner strength by numbers and concentrates exclusively on mortgages, freeing up the credit unions to use their resources toward their other businesses, such as deposits.

With more than 150 years of combined experience, service specialists at Member Advantage Mortgage have access to a full range of mortgage products including jumbo loans, construction loans and even mortgages for clients with less than perfect credit. Durham said that after researching numerous LOS offerings, XetusOne was the only one that offered all the features she was looking for.

"Our business has tripled and there's no way we could have done it without XetusOne's multitasking, importing and exporting capabilities," Durham said. "We can send the closing documents to the closing and if there's a change, I can make it and send it back through the Xetus web interface. There is no other product out there with that kind of flexibility. It's very user friendly."

Collaboration Beyond the Enterprise

Durham said she chose XetusOne over competing products because the company wanted to operate in a paperless environment where employees at its 17 branches could collaborate as transparently as possible. "Most of our employees have to be able to take applications home, to credit unions or real estate offices," she said. "We have to have everything centralized so if our server goes down we can still work. XetusOne is the only product that met those requirements."

Durham said the company uses all of XetusOne's functionalities. "Before, we could e-mail closing documents, but you couldn't do your application docs," she said. "You had to mail them or have a face-to-face with the member. Now we can do things instantly rather than having to wait days or use fax machines if there are changes. She also said the flexibility of XetusOne allows employees to attach information to loan files anywhere during the process. "Everything uploads easily and we can track loans and export any information out to make a report, which is very important to us," she said. "From a service standpoint, if something is not right we can change it right away in a completely secure environment."

Xetus has maintained a high level of service even during the difficult times the industry has been going through. "Their value to our company has been excellent," Durham said. "They have supported us with every change we've had to encounter. We just tell them what we need and they find a way to take care of it."

Jerome Coonen, Chief Operating Officer for Xetus, said XetusOne empowers loan originators and third-party servicers to collaborate online throughout the loan process via a standard web browser. "Collaboration exists in two layers, within and outside the enterprise," Coonen said. "Within the enterprise, there needs to be collaboration among loan officers, underwriters and underwriter assistants. Outside the enterprise, XetusOne users collaborate with third-parties holding a tremendous wealth of data, assembling coherent electronic loan folders with credit reports, flood data, underwriting findings and more."

Credit Unions are Demanding Increased Transparency

"Transparency is the ability for someone with the proper credentials to look into any bit of data within any electronic file folder that may be anywhere in the pipeline," said Scott Stein, Xetus Vice President of Sales and Marketing. "This allows a manager who is responsible for several branches to access the XetusOne system through a standard web browser and see details regarding any loan folders, look at profitability by branch, and even make required changes to data fields. Those changes are automatically recorded for compliance and accountability within XetusOne, and visible to anyone else using the system."

Stein said Xetus is the only company to expand the transparency capabilities of its loan origination system to enable secondary-market investors to use it in order to make long-range decisions. "We can give investors the ability to look 90 days into the pipeline to see what loans are coming through and what their average loan-to-value or credit score is," he said. "Any data about that group of aggregated loans could be coming from a single financial institution or group of financial institutions that want to band together to get better pricing because they're able to provide more volume to an investor."

About Member Advantage Mortgage

Founded in 2006, Member Advantage Mortgage ( is a wholly owned subsidiary of CUSO Development, LLC, majority owned and operated by leading credit unions across the US. It is a full service mortgage lender with an experienced staff offering professional advice in every area of mortgage lending, from purchase to refinance.

About Xetus Mortgage Corporation

Xetus ( 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.

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