Northeast Home Loan picks MortgageFlex's LoanQuest.

Brattleboro, Vermont-based Northeast Home Loan LLC--a subsidiary of Passumpsic Savings Bank, St. Johnsbury, Vermont--announced it is implementing the LoanQuest Loan Origination System designed and marketed by MortgageFlex Systems Inc., Jacksonville, Florida.

Northeast Home Loan provides

mortgage loan processing through interim servicing for a select group of banks and credit unions throughout New England. Since its inception, Northeast Home Loan has partnered with 12 participating financial institutions to provide a wide range of home finance options, interest rates and terms to homeowners in Vermont, New Hampshire, Maine, Massachusetts and Connecticut, according to Andy Hadden, chief financial officer for Northeast Home Loan.

The company is taking advantage of "industry downtime to implement the new MortgageFlex system and be prepared for the future," said Hadden. Northeast is also planning to open a correspondent lending channel, and saw LoanQuest as a way to handle both channels, he added.

Hadden praised LoanQuest for its "seamless environment," which will enable Northeast to replace its separate providers for such services as document management, funding, etc. "Now we have one system to support all of our business processes," Hadden said.

LoanQuest enables the client to build unique process flows and supporting menus for multi-channel organizations, including retail, wholesale, correspondent, bulk purchases and home-equity line of credit (HELOC).

This multi-channel functionality allows the client to deploy system enhancements, new products and process improvements to all channels simultaneously. Business rules having common application to more than one channel can be used by other business units where applicable, reducing system overhead and downstream maintenance, explained James Dowell, chief operating officer, MortgageFlex Systems.

"The ability to customize without programming was particularly important to Northeast Home Loans. LoanQuest has numerous customization tools that allow customers to create fields and screens quickly and easily," said Dowell. "We have created a system that our customers can depend on to grow with them."