IBM Forms New Loan-Fulfillment Services Company

By Anonymous

Armonk, New York-based IBM has announced the formation of a new business unit-IBM Lender Business Process Services Inc. (LBPS), Charlotte, North Carolina-which will specialize in mortgage origination services. LBPS, a wholly owned subsidiary of IBM, said it will offer a full range of lending services, including loan application, underwriting, processing, vendor management, document preparation and loan closing.

LBPS will provide top-tier lenders an opportunity to utilize leading-edge technology and processes much more economically. By delivering automated solutions based on open standards and service- oriented architecture (SOA), the new unit will help U.S. lenders achieve improved back-office efficiencies in a highly cyclical industry, according to Af Assur, general manager of IBM mortgage origination.

“There is a fundamental shift in how the mortgage industry uses technology and automation to achieve the kinds of efficiencies required to thrive in the new lending economy,” said Assur.

LBPS will enable new entrants to the mortgage market to improve focus on their brands, products, business rules and customer experience while benefiting from LBPS’ scale and process expertise, explained Assur.

“Lenders need a partner like IBM [that] can invest to automate the total loan-fulfillment supply chain on their behalf to give them the competitive advantage they need,” said Assur. “By integrating fulfillment and imaging technologies, proven processes and highly experienced lending professionals, we will deliver the automation and digitization necessary to help achieve the loan-fulfillment efficiencies and service required for success.”

Copyright Mortgage Bankers Association of America May 2007

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