Portellus Delivers End-to-End Lending Automation Solution to Alliance Mortgage in Four Months
IRVINE, Calif., Oct. 18, 2005 - Portellus Inc., a leading provider of technology tools and services for the financial services industry, today announced that it has delivered its loan origination system (LOS), automated underwriting system (AUS) and business rules management system (BRMS) to New York-based Alliance Mortgage Banking Corp. in four months. The deal was inked in early July and delivered on time and on target in October.
Portellus' total solution integrates Alliance's 35 branches and 480 full-time employees under one solutions umbrella, thus eliminating data redundancy, enhancing data integrity and executing consistent, accurate and profitable decisions across the company's locations."We have been very impressed with Portellus' technical team and their high level of knowledge, responsiveness and professionalism throughout the delivery of the solution," remarked Sal Finocchio, senior vice president at Alliance Mortgage Banking Corp. "Portellus truly understood the business needs and technical requirements necessary for a project of this size, and demonstrated this by holding to their four month commitment to us."
The solution streamlines Alliance's loan origination and loan processing life cycles from application through pre-qualification, underwriting, pricing, funding and post-closing. Portellus' LOS seamlessly interfaces with the decisioning output from its AUS to execute rapid and accurate loan processing, and the retail application provides Alliance's loan officers with point-of-sale prequalification, credit/debt management, loan scenarios and automated underwriting. Collectively, the end-to-end solution and mortgage solutions framework create new found companywide agility and flexibility that empowers Alliance to rapidly respond to marketplace shifts using a single platform.
Alliance's policies, processes and rules are now driven by Portellus' BRMS, which utilizes a centralized rules repository to enable rule changes to be executed across all pertinent business functions and applications, facilitating a "write once; use everywhere" method. Moreover, the BRMS empowers business users to make changes to rules without the direct involvement of its IT department, which virtually eliminates system maintenance costs. As a result of the system's on-demand change management capability, time is saved, maintenance costs are reduced and new products and pricing can be brought to market in hours.
The business case for Alliance to utilize our Mortgage Solutions Framework and BRMS is its ability to provide the crucial flexibility and scalability that Alliance needs to remain competitive as they continue to grow," said John Le, CEO of Portellus. "The systems of yesteryear are inflexible and cannot empower lenders to rapidly respond to marketplace changes like Portellus' next-generation technology can, and this is why lenders are increasingly turning to vendors like Portellus that have built newer, service-oriented technology frameworks, augmented with highly configurable end user interfaces and dashboard consoles. This next generation approach combines the utility of out-of-the-box, speed-to-market systems with the more robust extensibility of higher end tool kit based platforms."
The company will be offering demonstrations of its suite of mortgage technology solutions at the 92nd Mortgage Bankers Association Exposition and Conference in Orlando, October 23 - 26, in booth 636.
About Portellus
Headquartered in Irvine, Calif., Portellus Inc. is a leader in the application of Service Oriented Architecture (SOA) for the mortgage banking and insurance industries. The company's
Decision Management Solution, Business Rules Management System, Mortgage Solutions
Framework, and Rating and Underwriting Engine seamlessly integrate with existing systems to enable clients to gain competitive advantages, reduce costs, increase profitability, mitigate risk,
and quickly launch new products/pricing to penetrate new markets. For more information, visit
www.portellus.com or call 949-250-9600.
About Alliance Mortgage
Headquartered in Levittown, New York, Alliance Mortgage Banking Corporation is a national wholesale and retail mortgage banker. The company focuses on Alt-A, non-conforming,non-prime, and government loans. Alliance Mortgage is a member of the Mortgage Bankers Association of America. For more information, call 516-520-4100 or visit www.ambcsecondary.com.
CONTACT:
Joe Bowerbank
Portellus, Inc.
949.250.9600, ext. 250
jbowerbank@portellus.com
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