June 20, 2011 11:00 ET

Venture Bank Chooses Xetus' Loan Management System to Launch New Mortgage Loan Department

Efficiency and Flexibility of XetusOne LMS Provide Venture Bank With Immediate Loan Processing Capability and Solid Entry Into Full-Service Banking

PALO ALTO, CA--(Marketwire - Jun 20, 2011) - Venture Bank, based in Bloomington, Minn., announced the launch of its new mortgage loan department using Palo Alto, CA-based Xetus' ( XetusOne Loan Management System (LMS). The $256-million asset bank can immediately and efficiently process loans through the LMS' intuitive workflow and ease-of-use. Venture Bank Vice President Colleen Karst says XetusOne -- which allows for comprehensive loan management, including origination, subordination and modification -- enables the start-up of their mortgage operations through affordable per-loan pricing, with no significant upfront expense. "As we begin offering mortgage loans, we are turning the page to full-service banking. What better way to further secure our customer relationships than through the use of XetusOne, an efficient system that is fully flexible and customizable to our loan products," she says.

Operational Efficiency from SaaS Capability and Web-based Service
XetusOne's Web-based architecture and "Software-as-a-Service" model were driving forces behind the bank's decision to partner with Xetus. As the technical framework for Venture Bank's mortgage loan department, XetusOne manages the origination, processing and closing of loans through a standard Web browser and Internet access. "Using XetusOne means we can operate our department from the start with peace of mind," says Karst.

Karst says competing systems do not measure up to XetusOne. Traditional server-based software demands time and effort toward maintaining hardware and software configurations. XetusOne, however, requires no maintenance, ultimately increasing operational efficiency. "I have worked with origination systems that required constant attention. I had to review upgrades and obtain approval for them, and our system inevitably experienced downtime while upgrades were downloaded. Once the upgrades were installed, our system would develop bugs that required additional time devoted to fixing them." The absence of laborious upgrades for XetusOne, particularly during the initial growth phase of the bank's mortgage loan department, is a prime advantage because it allows Karst to get the mortgage department up and running very quickly.

Competitive Advantage from XetusOne's Customization and Flexibility
XetusOne's ease of customization was also a key factor in Venture Bank's decision to install the LMS. Karst anticipates taking advantage of its flexibility to integrate specific documents according to the bank's needs. "There are certain forms that Xetus will create and integrate into XetusOne for us so that we can seamlessly incorporate them into our loan processing," says Stephanie Beisel, mortgage loan processor for Venture Bank. "In other systems I've worked with I've had to go in and create the forms myself, which was cumbersome. XetusOne clears this hurdle for us and supports our use of the product in a holistic manner."

Ultimately, XetusOne's flexibility in incorporating various loan products presents a competitive advantage. For instance, the bank carries several complex niche loan products that are more difficult to process. "XetusOne works well with our niche products. We have some loans outside the box that very few institutions can offer. These products have particular needs and XetusOne can easily accommodate them," says Karst.

About Xetus
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, automatic valuation and compliance providers.

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