Wachovia Rolls Out Web-Based Mortgage System - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Software // Enterprise Applications

Wachovia Rolls Out Web-Based Mortgage System

System is built on reusable software components that can be deployed to third-party portals.

Wachovia Corp. on Friday revealed that it has implemented a Web-based mortgage-lending system from Palisades Technology Partners that uses reusable business software components that can be deployed across customer and broker portals.

Wachovia Mortgage--Wachovia's mortgage division, which has $507 billion in assets--plans to deploy software components built into Palisades' Impact Mortgage Services Suite, such as loan pricing, fee calculations, and compliance, as Web services, says Laurie Smith, Wachovia's director of lending technology, in a statement.

For example, Wachovia could export the loan-pricing component to a consumer or broker portal, where the service could be called as an independent service. Portals "can tap into these stateless lending services, meaning they're not calling a service that's associated with a particular loan transaction," says Palisades chief technology officer Steve Octaviano.

The Impact suite includes a loan-processing system featuring work queues, task management, and processing alerts that Wachovia is using to reengineer its business processes. The system communicates with Wachovia's accounting, reporting, and secondary marketing systems, as well as workflow systems and application servers, using a standards-based interface, Octaviano says.

U.S. banks will spend a total of $3.5 billion on mortgage technology this year, up slightly from $3.4 billion last year, according to the TowerGroup research and consulting firm.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
Slideshows
Data Science: How the Pandemic Has Affected 10 Popular Jobs
Cynthia Harvey, Freelance Journalist, InformationWeek,  9/9/2020
Commentary
The Growing Security Priority for DevOps and Cloud Migration
Joao-Pierre S. Ruth, Senior Writer,  9/3/2020
Commentary
Dark Side of AI: How to Make Artificial Intelligence Trustworthy
Guest Commentary, Guest Commentary,  9/15/2020
White Papers
Register for InformationWeek Newsletters
Video
Current Issue
IT Automation Transforms Network Management
In this special report we will examine the layers of automation and orchestration in IT operations, and how they can provide high availability and greater scale for modern applications and business demands.
Slideshows
Flash Poll