Summit will provide the Bank with multi-asset class coverage including interest rate derivatives, loans and a broad array of fixed income securities, including mortgage-backed securities (MBS) and mortgage loans. Summit will deliver pricing and structuring capabilities for loans made to member banks, as well as assist in meeting compliance with US accounting standards and Sarbanes-Oxley legislation.
Federal Home Loan Bank of Pittsburgh is the 4th member of the FHLBank System to choose Summit. "We evaluated a number of suppliers and were encouraged by the results achieved so far by the Summit implementations at the other FHLBanks. We also found that Summit had very knowledgeable staff who understood our requirements well," comments Robert S. Kovach, Chief Investment Officer, FHLBank of Pittsburgh. "We expect to gain significant operational advantages from the rationalisation and automation of our front-to-back processes."
Ralph Herdman, Associate Director of Sales at Summit New York says, "I am very pleased that the Federal Home Loan Bank of Pittsburgh has chosen to partner with Summit for a full front to back office implementation of our system. The Bank has put together an exceptional project team and demonstrated a very strong commitment to re-engineering their business processes. We look forward to contributing to the Bankâs long term goals".
Joe Bruno, Executive Director of Sales for Summit New York concludes, "At Summit we recognise the specialised needs of the home loans market sector and have developed a strong product with respect to MBS coverage. We are able to offer functionality that is unique among the vendor community. As a result, we are confident that Summit will continue to win deals and grow our market share in this area."