Portellus Makes Web-Based Correspondent Transaction Management Solution Available. Check it out:
IRVINE, Calif. --(Business Wire)-- Portellus Inc., a leading provider of technology solutions for the financial services industry, announced that its correspondent origination and investor transaction management solution is now commercially available for general market evaluation and licensing. The solution enables correspondents or conduits to offer a seller-facing portal that enables secondary market participants to electronically submit data on flow, bulk and mini-bulk delivery. Additionally, the platform also provides more robust modules for managing forward and master commitments.
Portellus' correspondent transaction management solution works in conjunction with its enterprise rules management (ERM) system to deliver instant product eligibility; best-ex pricing; automated underwriting approvals complete with stips and conditions; rate locking and extensions; exceptions management; and up-to-date pipeline visibility and status. The solution streamlines the e-delivery of loans with common attributes, improves the consistency and accuracy of investor due diligence, and accelerates the processing and acquisition of loans by secondary market investors/participants.
The solution is currently in use by Clayton Services, one of the largest providers of mortgage-based due diligence, who engaged and collaborated with Portellus in October of 2005 to use the system to enhance its conduit services technology business. It is also in production with a tier one Wall Street firm and a top five mortgage banker.
"The complex automation this solution offers is changing the way buyers and sellers do business on the secondary market," said John N. Le, chairman and CEO of Portellus. "Investor and lender profits are being pinched, and now more than ever sustainability is about data quality, compliance and due diligence. Portellus' correspondent solution offers the respective clients of secondary market investors an alternative to the capital intensive business of delivering in bulk and mini-bulk. Conversely, these same investors are now afforded an opportunity to service a broader market of small-to-midsize sellers with a higher margin market opportunity in the flow business. Because our solution is already in use by several of the industry's biggest names, it is tried, tested and trued."
Driving the intelligence behind Portellus' correspondent solution is the company's ERM system, which houses investor-specific underwriting guidelines to govern loan quality and return instant decisioning to sellers via the portal. The back-end system empowers non-technical business users with the ability to maintain changes to products, pricing and underwriting guidelines in plain English via a simple user interface.
Officials at Portellus say the solution creates ease of deal structuring, facilitates seller-investor trust and establishes a new medium to reach more sellers and buyers. As a result, loan quality is controlled for investors and the funding process is dramatically accelerated for sellers.
About Portellus
Headquartered in Irvine, Calif., Portellus Inc. is a leading provider of next-generation technology solutions for the financial services and insurance industries. The company's Decision Management, Enterprise Rules Management (ERM), Loan Origination and Portal solutions utilize a service-oriented approach to deliver loosely coupled applications and flexible solutions, enabling clients to gain competitive advantages, reduce costs, mitigate risk, increase profitability, comply with regulatory requirements and swiftly respond to changing marketplace conditions. For more information, visit www.portellus.com or call 949-250-9600.
Portellus will be offering demonstrations of its correspondent solution at the 93rd Mortgage Bankers Association Exposition and Conference in Chicago, October 22 - 24, in its private meeting room. Contact the company to arrange a discussion time at 949.250.9600, ext. 2250 or e-mail them at [email protected].
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