22 August 2017
Visit http://response.ncr.com

Sovereign Bancorp automates correspondent lending processing with ARC Systems

27 October 2004  |  385 views  |  0 Source: ARC Systems

ARC Systems of Austin, Texas, a leading mortgage automation provider, has reached an agreement with Sovereign Bancorp, Inc. (NYSE:SOV), headquartered in Philadelphia, to automate their decisioning on purchases of closed loans by Sovereign Finance Company on a bulk and flow basis.

A Web-enabled platform for submitting loans will be established and is to include third-party compliance screening.

"This is Sovereign Finance Company's first automated underwriting engine and we expect its turnkey nature to streamline our correspondent lending operation and make it more efficient for our business partners," said Clifford A. Schultz, Senior Vice President, National Correspondent Lending at Sovereign Bank.

"Our goal is to supply our correspondent lending business partners with the speed they require. The only way to meet that requirement is to employ this advanced technology from ARC Systems," he added.

Ed Jones, President and Chief Executive Officer of ARC Systems, said "Sovereign is one of the top 20 banks in the country and joins another of our customers, Deutsche Bank, which is one of the top international financial institutions, further expanding our reach into the large bank arena."

Steve Jenkins, Vice President, Business Development, ARC Systems, added: "Our existing relationship with other clients like HSBC Mortgage Services enables us to accommodate the flow business and browser-based business of companies like Sovereign."

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.niceactimize.comvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12505 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11051 views comments | 22 tweets | 34 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10276 views 0 | 6 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10220 views comments | 10 tweets | 8 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10150 views comments | 21 tweets | 34 linkedin

Featured job

Find your next job