American Management Systems, which stepped outside its usual realm of business two months ago by starting NetCredit, has added another big-name banking company to the online lending network. FleetBoston Financial Corp. last week became the third bank company - the others are Citigroup and LoanFirst - to join NetCredit. Banks, their affiliates, and brokers can use the network to feed loan applications from Web sites and other distribution points into a central underwriting system.
AMS, of Fairfax, Va., has 300 financial institutions as clients; its loan software, credit bureau reporting, and loan decision systems have been sold to more than half of the largest 50 lenders in North America. It expects that NetCredit will have 60 lenders within the next 18 months.