In attempts to compete with large lenders, many small- to mid-sized companies are incorporating innovative technology to remain relevant in the industry.  Based in Chicago with branches in Wisconsin, Texas, Florida, California and Arizona, Chicago Bancorp is one of those companies.

Recently given a distinguished honor by Mortgage Technology Magazine, the independent mortgage banker was ranked among the magazine’s 2009 Top 25 Tech-Savvy Lenders. The magazine noted that Chicago Bancorp reduced its loan turnaround by 40% simply by using technology.

Chicago Bancorp accomplished the feat by streamlining several systems into a single unified system that communicates with only one database.  Previously, the lender used e-mail to transfer files between branches.  There was no consistent, accurate method to ensure data integrity.  Chicago Bancorp now uses what they call their LOS to initiate custom documents, along with the automation of the company’s existing lending process.

Boasting an optimal mix of technology, convenience and mortgage banking expertise, Chicago Bancorp’s website homepage states that the company approves loans within 24 hours of receipt of information submitted online.  The webpage also touts a streamlined process that enables the company to offer discounted loans and decreased closing costs, unlike conventional mortgage lenders.

Along with Chicago Bancorp, AmTrust Bank, Direct Mortgage Wholesale, Envoy Mortgage, Fairway Independent Mortgage Corp., Florida Capital Bank Mortgage and 19 other lenders were included in Mortgage Technology Magazine’s top 25 list for their innovative use of technology in simplifying the mortgage process for borrowers.