CitiMortgage, a division of global financial services provider Citigroup, is to implement Xpede's Web-based mortgage origination application for online mortgage processing.
Citi customers will be able to use the system to directly apply for and receive approvals for mortgages through the Internet, automating the manual process of underwriting and fulfillment, typically reducing the time it takes to complete a mortgage loan from weeks to days, the companies claim.
The site is to be integrated with a new CitiMortgage around-the-clock customer-support department staffed with "electronic mortgage consultants".
Lewis Goldman, vice president of Internet business alliances says: "Citigroup is committed to meeting the needs of its customers through every medium including the Internet. The Xpede solution for mortgages allows us to provide instantaneous online decisions directly to customers."