GTE Federal Credit Union Utilizes Licensed
Version of FLDI's Flood Determination Service

AUSTIN, Texas, Feb. 21, 2005 - First Lenders Data, Inc. (FLDI), an Austin, Texas-based technology, data and bundled services provider, announced today that GTE Federal Credit Union, a Tampa, Fla.-based, member-owned, not-for-profit cooperative financial institution has purchased Prime FloodT, a private label version of FLDI's FirstClose™ vendor management platform, for flood services. 

GTE is a member-owned, not-for-profit cooperative financial institution formed to enable members to pool savings, participate in inter-union lending of funds and obtain related financial services.  The credit union selected Prime Flood in late 2004, began using the platform in Q1 2005 and now processes more then 400 flood determination requests per month through the platform.

"We selected Prime Flood because it enables us to better serve our members," said Neil Timson, senior vice president of lending at GTE.  "The cost savings of using the platform is passed onto our members, and the vendor management services provided by FLDI help us to refocus our time and resources to further enhance the quality of our services. "

"FLDI's technology solutions are designed for credit unions like GTE that are interested in making an impact within their marketplace and gaining market share," said Tedd Smith, CEO of FLDI.  "Credit unions compete with the large, corporate banks, and platforms like FirstClose and Prime Flood are efficient, practical tools for small to medium-sized lending institutions interested in providing the same level of service with significantly fewer resources."

FLDI works directly with mortgage service data providers and vendors on behalf of banks, mortgage lenders and credit unions to provide a variety of mortgage solutions through a single point - FLDI's FirstClose platform.  FirstClose and its licensed versions offer FLDI's customers a wide selection of bundled financial services such as credit reports, AVMs, insured AVMs, appraisals, flood certifications, property reports, legal and vesting reports, lien reports and income verification.  These bundled services are a cost-effective method for financial institutions to manage the entire origination process. 

About GTE Federal Credit Union

GTE Federal Credit Union (Tampa, Fla.) is a member-owned, not-for-profit cooperative financial institution formed to enable members to pool savings, participate in inter-union lending of funds and obtain related financial services.  It is the 30 th largest credit union and one of the fastest growing in the country, with nearly 600 employees, 235,000 members and 38 branches throughout the United States.

For more information, please visit their Web site at www.gtefcu.org.

First Lenders Data, Inc. 

First Lenders Data Inc. (FLDI) is an Austin, Texas-based provider of settlement service solutions to the mortgage lending industry.  FLDI offers its products and services through its proprietary Web-based FirstCloseT platform.  The company's product offerings include credit reports, flood certifications, AVMs and traditional valuation products, as well as title and property data services.  Additionally, FLDI provides more progressive services, including hybrid and gap valuations, guaranteed AVMs and alternative lien reports. 

For more information on FLDI's products and services, please visit their Web site at www.fldi.com.

<<Back to List