Core Systems

12:21 PM
Connect Directly
RSS
E-Mail
50%
50%

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.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.