Federal Mac Attack

First Federal Bank of Arkansas Inc., the publicly traded Harrison bank that operates seven locations in Benton and Washington counties, has one-upped the other guys.

The bank is believed to be the first in Arkansas to offer online loan approvals. Many banks offer online loan applications, but First Federal can now actually approve or deny loans via the Internet within a few minutes.

The bank approved its first online applicant Nov. 21. Ross Mallioux, the bank’s senior vice president and chief lending officer, said that inquiry came without doing any advertising.

First Federal made a hefty investment to get a direct interface with the Loan Prospector software system used by “Freddie Mac” (the Federal Home Loan Mortgage Corp.).

The software comes with the highest encryption security available and basically eliminates the need to visit a loan officer in person.