Monday, March 27, 2006

Portellus: Signs Century Bank

Sarasota, Fla.-based Century Bank will implement an LOS, ERM and Broker portal solution from Portellus Inc. The technology provider says the result will be an end-to-end solution built with best-in-class components.

Portellus is one of the firms operating in the mortgage technology space that is making good use of SOA-based architectures. The firm has leveraged SOA to create an LOS that avoids lengthy customized installs by empowering lenders to implement out-of-the box functionality to achieve a faster ROI. Lenders can later build out a more comprehensive solution on an as needed basis via the easy configuration of features, functions and workflows.

This "initial configuration" concept has proven essential for companies offering flexible/scalable platforms that promise to do many things well. It's a concept that some technology providers, like BofA-owned Framework, figured out too late.

Portellus will also integrate its ERM and LOS with Fannie Mae’s Desktop Underwriter (DU) to combine portfolio and secondary marketing best execution strategies for both its nonconforming and conforming products.

In addition to Century Bank using Portellus’ ERM solution to govern both its back office decision-making requirements it will also utilize the system to extend instant risk-based pricing, product eligibility and automated underwriting approvals to the point-of-sale, complete with
conditions and exceptions.

Portellus’ broker portal provides Century Bank’s entire broker network with real-time access to best-fit products and pricing, credit pulls or re-pulls, debt management, integration with Fannie Mae's Desktop Underwriter (DU), complete pipeline visibility and updated loan status.