[June 23, 2004] 15 Financial Institutions Purchase Lending Software from Open Solutions Inc.'s Lending Business Unit, Sound Software SHELTON, Conn. --(Business Wire)-- June 23, 2004 -- Continued Growth for the Country's Most Widely Used Loan Origination System as Ranked by America's Community Banker's 2004 Survey Sound Software, a business unit of Open Solutions Inc. (NASDAQ: OPEN) and a provider of lending management and loan origination systems for banks and credit unions, announced today that 15 financial institutions have selected one or more of its systems as their mortgage, consumer and commercial lending solution. The new clients include Boiling Springs Savings Bank in Rutherford, N.J.; Citizens & Northern Bank in Wellsboro, Pa.; Foxboro Federal Savings in Foxboro, Mass; Greenville Federal Savings & Loan in Greenville, Ohio; River Valley Credit Union in Miamisburg, Ohio; The Grange Bank in Columbus, Ohio; The RiverBank in Osceola, Wis.; USA Federal Credit Union in Auburn Hills, Mich.; and Vermont State Employees Credit Union in Montpelier, Vt. Additionally, Sound Software mortgage solution clients Brattleboro Savings & Loan in Brattleboro, Vt., Collinsville Savings Society in Collinsville, Conn., Haverhill Co-Operative Bank in Haverhill, Mass., Ocean City Home Bank in Ocean City, N.J., Peoples Community Bank in West Chester, Ohio and Westfield Bank in Westfield, Mass. purchased Sound's consumer lending solution. The Sound Mortgage Management System provides mortgage lending management through a comprehensive set of features. The base system enables lenders to originate mortgages at the main office, branch, Internet or from a laptop PC. It is designed to automate the mortgage process, from advanced disclosures, pre-qualification, origination, document preparation, processing, loan tracking, underwriting and commitment to comprehensive management and government reporting. The optional modules provide FHA and VA processing, state-specific and multi-state closing documents, remote laptop origination, automatic booking to a host servicing system (either in-house or at a data center), automated underwriting and credit reporting. Kenneth Emerson, chief technology officer for Boiling Springs Savings Bank, said, "Boiling Springs evaluated several mortgage origination applications and ultimately decided to purchase Sound due to its integration to Open Solutions' core data processing system as well as positive referrals from other thrifts. After struggling with issues from our previous vendor, we are excited about having a solution that will integrate seamlessly with Open Solutions' core processing system, facilitate our unique menu of real estate lending products and have the level of support that Open Solutions traditionally provides." In addition to the Sound Mortgage Management System, Sound Software also offers the Sound Consumer Loan Management System, which is designed to automate consumer lending, and the Sound Commercial Loan Documenter, which prepares custom documentation for all types of commercial loans. David Kepler, president of Greenville Savings & Loan, added, "We were looking for a system that could meet our needs for both mortgage and consumer loan origination, and we found that with Sound Software." Mike Nicastro, general manager and senior vice president of Open Solutions' Strategic Solutions Group, said, "Sound Software's continued growth is a testimony to its quality and vision as a leader in the lending industry. Sound's strategic focus has always been, and always will be, to set the industry standard in lending systems for community banks and credit unions." Earlier this year, Sound Software's Mortgage Management System was ranked first as the most widely used loan origination system among members of America's Community Bankers (ACB) who responded to the 2004 ACB Retail Lending Survey. This marks the fourth year in a row that the Sound Software solution has topped the list of most used systems. About Sound Software Since 1983, Sound Software, a business unit of Open Solutions Inc., has been providing total lending management solutions to community financial institutions. The company offers comprehensive automated processing systems for both mortgage and consumer loan management. Representing more than 300 community financial institutions nationwide in 31 states, Sound Software is dedicated to developing innovative products to help financial institutions streamline their operations and improve profitability. For more information about Sound Software, or its lending management solutions, contact Bill Lodovico at [email protected], or visit Sound Software's Internet site at www.soundsoftware.com. About Open Solutions Inc. Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response and loan origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service. For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at [email protected], by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com. Open Solutions Inc. (R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Safe Harbor Statement Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, we could lose existing clients and be unable to attract new business if we fail to adapt our products and services to changes in technology or in the marketplace. Likewise, the design of other core vendors' software or their use of financial incentives may make it difficult for clients to use our complementary products. Other factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices, and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended March 31, 2004, as filed with the Securities and Exchange Commission. [ Back To TMCnet.com's Homepage ]