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View More Press Releases by 401kLoans, LLC

Press release:

401kLoans, LLC Offers Loan Origination and Documentation Solution

Issued by: 401kLoans, LLC

Date: Jan. 19, 2004

St Cloud, MN, January 19, 2004 – 401kLoans, LLC today announced the release of a first-of-its-kind Loan Origination and Documentation System.  

This system combines the convenience of ASP connectivity and delivery, with federal and state law compliance sensitivity and the cost-savings of an efficient, intelligently-designed workflow process.     

The Loan Origination and Documentation System (LODS) offers a complete, on-line experience for the participant, as well as the service provider. E-commerce best practices are paired with electronic disclosure capability to take the industry beyond paperless loans, to the virtual loan. Application, review, and closing are all completed on-line while providing the applicant with the important disclosures and documents required by federal and state law. The system’s calculation engine supports the usual payroll frequencies, fee structures and disclosure obligations. The system can be accessed by the participant or service provider at any time. The staff at 401kLoans, LLC monitors federal and state lending and ERISA law to respond to changes affecting the system functionality and output. The system provides key security measures and a hardy load capacity to support even the largest plans.  

Through the ASP delivery, 401kloans, LLC will host the server hardware and technology infrastructure, as well as the database server, at its headquarters in St Cloud, MN. Tracking versions and downloading software are unnecessary as participants and service providers always log on to the current version of the application. The only requirement for the participant is to have access to a PC with an Internet connection and a printer, in order to complete the loan transaction in a secure environment. Optional features allow the participant to receive on-line guidance, alternative loan options and credit life coverage. ASP delivery lightens the technology overhead and expense required of service providers and plan sponsors. It provides both with flexible report options, off-site storage, audit trails, and disaster recovery.  

“With many CIO’s and retirement executives looking to solve staffing problems and reduce fiduciary liabilities, this is an important and beneficial option for their plan participants, offering firms a way to provide a benefit but stay competitive,” said John Colvard, CEO of 401kLoans, LLC.  “This is a new way to handle the day-to-day challenges of loan origination without the ongoing battle of compliance monitoring and maintenance of the technology infrastructure.”

For more information regarding:
Sales & Pricing, contact Bill Fournier, CBDO, at 1-800-209-2818 or bfournier@401kloans.com. For Media Relations, contact Thomas Walter, CLO, at 1-866-906-4015 or twalter@401kloans.com

About 401kLoans, LLC

401kLoans, LLC provides documentation and fulfillment solutions to the retirement benefit industry. Founded in 2000 and headquartered in St. Cloud, MN, 401kLoans, LLC is an innovative provider of plan loan origination and documentation systems. Visit 401kLoans, LLC at www.401kloans.com.

For more information: http://www.401kloans.com/

View More Press Releases by 401kLoans, LLC

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