Wells Fargo & Company has selected e-Cognita's Streamloaner software to automate its commercial mortgage operations. The US bank also reports it has taken an undisclosed equity stake in e-Cognita.
The browser-based software works within and between businesses to automate and streamline the entire loan and service delivery process, from underwriting through closing, to portfolio or sale. Products are built upon the proprietary e-Cognita Framework architecture, which permits communication with legacy systems and third-party applications.
Wells Fargo intends to use Streamloaner to minimise repetitive data entry and improve communication between the parties to a transaction.
Ed Blakey, head of Wells Fargo Bank's commercial mortgage origination unit, says: "It will be a powerful tool in our ongoing efforts to accelerate loan origination while minimising associated costs."