Coastal Federal Signs Up for IBM Loan Fulfillment Services
Posted on: Wednesday, 2 April 2008, 12:00 CDT
IBM Lender Business Process Services, a wholly owned subsidiary of IBM, has announced that Coastal Federal Credit Union has entered into a five-year contract with the company to provide comprehensive private label mortgage loan fulfillment services.
As part of the agreement, IBM LBPS will provide Coastal Federal with a full range of lending services, including loan application processing, underwriting, customer care, vendor management, document preparation and loan closing coordination.
IBM will enable Coastal Federal to replace much of the fixed costs associated with typical loan fulfillment operations with a variable cost framework, freeing employees to focus more on providing better personal service and support to members. This deal is anticipated to lower mortgage origination costs for Coastal by thirty to forty percent and provide best in class functionality to rapidly scale to meet market demands.
Source: Datamonitor
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