Portellus, Irvine, Calif., announced recently that it had signed The Pinnacle Companies as a new client. The tech firm will be providing loan origination software, automated underwriting, business rules management and a broker portal for the company.
The platform will serve more than 100 branches, 7 fulfillment centers and over 1,250 users. That's a pretty big deal, but perhaps not as big as the fact that the client will be using so much of the firm's software.
Jeff Vratanina, vice chairman and director of The Pinnacle Companies, gave Portellus a glowing endorsement in the press release, but actions speak louder than words.
For a long time now, lenders have been saying that they want a single platform to handle all of the work necessary to write loans from any channel. However, for a number of good reasons, most lenders won't trust their entire operation to a single vendor. SOA has made it easier for lenders to take that step. The promise of best-of-breed components, regardless of the vendor that creates them, takes away some of the risk.
In this case, Portellus is getting all of the business. If it works out for the lender, it could be a big deal for the vendor.
What's not in the release: Joe Bowerbank, Director of Marketing for Portellus tells us that his company is keeping track of how the deal goes in order to create a detailed case study. If done well, that document could make for some very good reading, especially for firms that are intent on putting their operation on one enterprise-wide lending solution.