SAN DIEGO, CA--(Marketwired - Dec 17, 2015) - BofI Federal Bank ("BofI" or the "Bank"), the nationwide bank subsidiary of BofI Holding, Inc. (NASDAQ: BOFI), announced that it has implemented a new document management and delivery system for its Multifamily and Small Balance Commercial lending businesses.
SPEED2 is a state-of-the-art document management portal that allows Multifamily and Small Balance Commercial borrowers and Bank staff to easily and securely access, upload and store loan documents through desktops or through the cloud. Customers using the system can monitor the progress of their loan and send secure messages to loan officers while BofI staff can communicate directly with borrowers and brokers to provide accurate and timely feedback. Additionally, the system significantly improves the operational efficiency of the document delivery and storage processes by automating various indexing, editing, reporting and compliance functions.
Important features include:
- Ability to send and receive documents through a secure web portal
- Time stamped uploads and deliveries for enhanced reporting and tracking
- Email notifications at key milestones of the loan process
- E-signatures for secure and easy document approvals
- Automated document recognition and indexing functionality
- Audit and data trail for all processing functions
- Integration with BofI's loan origination system
"We are extremely excited to launch this new technology platform for our commercial lending customers," stated Brian Swanson, Executive Vice President and Chief Lending Officer. "Allowing our customers to electronically access the status of their loan files and deliver documents through our secure portal will provide greater transparency into our process and streamline our operational efforts. It provides another layer of differentiation in our already high level of customer service."
BofI expects to deploy the platform across other business units, including Commercial and Industrial Lending, Warehouse Lending, and potentially other business units in 2016.
About BofI Holding, Inc. and BofI Federal Bank
BofI Holding, Inc. ("BOFI") is the holding company for BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With approximately $6.3 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc.'s common stock is listed on the NASDAQ Global Select Market under the symbol "BOFI" and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information on BofI Federal Bank, please visit bofifederalbank.com.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to BofI's financial prospects and other projections of its performance and asset quality, BofI's ability to grow and increase its business, diversify its lending, the outcome and effects of pending class action litigation recently filed against the Company, and the anticipated timing and financial performance of new initiatives. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation changes in interest rates, inflation, government regulation, general economic conditions, conditions in the real estate markets in which we operate and other factors beyond our control. These and other risks and uncertainties detailed in BofI's periodic reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and BofI undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
