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PNC speeds up Web-based loan service
Thursday, July 29, 1999 By Steve Massey, Post-Gazette Staff Writer
Seeking to get a step up on the local competition, PNC Bank has unveiled an online banking service that it says can provide conditional approval on home equity loans within seconds and close the loan and put the money in the borrower's hands within a week -- about a third of the time it typically takes.
The Pittsburgh-based bank said the new rapid home equity loan approval process is made possible by software developed for it by American Management Systems Inc., of Fairfax, Va. It can instantaneously check credit histories, initiate title searches and order property evaluations.
A number of banks across the country have begun using similar technology to speed loan approval, including Columbus, Ohio-based Bank One, Citibank and Chase Manhattan. But PNC is believed to be the first to do so locally; Mellon said it expects to unveil a similar service later this summer.
The rush to rapid loan approval is being fueled by the Internet and sophisticated new technology that let banks gather information electronically that they used to obtain in person or over the phone. Banks also like doing business this way because it's much cheaper than operating a branch.
PNC already offers quick turnarounds on car loans and loans to American Automobile Association members. Ultimately, it would like to approve and close all consumer loans within a week, said Bryan Ridley, senior vice president for consumer lending.
"More and more organizations are to a point where they can take applications for home equity loans over the Internet," Ridley said. "But where we can distinguish ourselves is the speed of approving the application and moving to closing."
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