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For Immediate Release
Monday, March 12, 2001
Contact: Stacy Miles
V-Tek Systems Corporation
909-396-5355; smiles@v-tek.com
V-Tek Systems Corporation, a software development
and system integration company, today announced
that they will be offering their student loan
data warehouse system,
SL DataMart ,
in a remote ASP configuration.
"The system has been in production for more
than a year at Bank of America," said Doug
Hawks, V-Tek Executive Vice President. "Their
response to its functionality has been extremely
positive. Given the way it has improved B
of A's portfolio management, we think there
is a real need for it at other large and medium
sized lenders in the student loan market."
Kathy Cannon, Bank of America Senior Vice
President agrees. "Until now, we only had
a servicer-by-servicer view of what was happening
with our loans, not the total picture. With
all of our servicing data accessible in one
place for reporting and inquiry, we really
have complete management control of our student
loan portfolio."
Most, if not all, active student lenders use
multiple servicers to manage the servicing
aspects of their student loan portfolio. Each
servicer is unique in the way it reports information
and even in how it structures a student loan
account in its database. As a result portfolio
management for the asset holder is generally
a compartmentalized process with a largely
manual roll-up of limited financial and management
data. SL DataMart solves this loan servicing
data dilemma by taking month-end data feeds
from each of a lender's loan servicers and
merging this information into a single database.
The merging process requires that the data
from each servicer be mapped into a standard
format before processing to the SL DataMart
database. "Part of the problem has always
been that every servicer had a unique data
structure for student loan accounts," says
Rick Knapp, the architect of the system. "We
use a combination of Oracle data mart tools
and our own proprietary mapping technology
to create a consistent structure across servicers."
Once the monthly feeds are loaded to the system,
scheduled reports are run against the data
that gives the using entity a true picture
of how their overall portfolio is performing.
They can look at loan volume by school on
a monthly and year-to-date basis and see what
the volume is doing compared to the previous
year. They can project interest earning, track
delinquencies and model the financial impact
of secondary market sales. A lender can also
utilize the consolidated information as a
customer service tool by providing borrower
customers with on-the-spot status and repayment
information via a Web browser interface.
V-Tek Systems Corporation, headquartered in
Diamond Bar, CA, is a software development
and system integration company with extensive
expertise in Web-based business applications,
Internet communications, client/server technology,
UNIX & NT operating systems and Oracle database
software. V-Tek provides software solutions
and services to many of the nation's financial
institutions and colleges and universities.
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