Academic journal article ABA Banking Journal

First City Ends Paper Loan Forms

Academic journal article ABA Banking Journal

First City Ends Paper Loan Forms

Article excerpt

First City ends paper loan forms

First Bancorporation of Texas, Houston, is currently rolling out computerized loan documentation software in all of its 62 locations in Texas after testing the program for six months in its headquarters and visiting other banks that had previously implemented the system. The bank holding company expects to have the software in all locations by this summer. The product the company selected is called Laser Pro. It is marketed by CFI Bankers Service Group, Portland, Ore., which has the endorsement of both the American and Texas Bankers Associations.

Although Glen G. Magnuson, Jr., executive vice-president and general counsel, would not disclose what the bank holding company paid for the software, he points out that using the software "is vastly cheaper than keeping many forms and updating them. You get a consistent product that can't be fooled around with. Before we used the software, lawyers had to draw up forms and we had to keep stacks of forms." This has been eliminated with the new system, he says.

The software provides us with "assurance that loans are done on the right forms. …

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