Express Loans
This story appears in the February 2000 issue of Entrepreneur. Subscribe »
Fast, efficient and tech- savvy, LOIS is the latest addition to the family. Ac-cording to FMAC (Franchise Mortgage Acceptance Company), LOIS should increase speed and efficiency in the company's operations, enhance customer service and connect with business partners. So who is this Wonder Woman named LOIS? It's short for Loan Origination and Information Systems, a software program developed especially for FMAC.
"Because we service a very niche commercial lending area, there was no off-the-shelf software that could support the needs we have," says Mohan Chhabra, senior vice president and director of information technology.
In business since 1991, FMAC has become a leader in financing to franchise-oriented industries. The new software addresses the needs of franchise financing, which is different from other commercial lending. According to Chhabra, LOIS was designed for extensive flexibility to accomodate any changes in base operations or even a new business. The future of LOIS is wide open as the company looks toward extranet capabilities.
"Outside sources will have access through Web connectivity. Business partners and customers will be able to transact business with us over the Web, access deals in process, input information and send documentation," says Chhabra. "This allows us to turn deals around a lot faster."
Contact Source
FMAC, (310) 229-2630, www.fmax.com.
