GHR Systems Partners with MPACT Immedia for Mortgage Site
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Initially, the site is scheduled to feature access to seller/servicers on Freddie Mac's GoldWorks network. GHR will manage and distribute the loan product and pricing information from the GoldWorks lenders on the OME site.
MPACT is a Montreal-based firm that developed electronic commerce applications for such clients as Royal Bank of Canada, Bank of America and Citibank. GHR is a provider of fully automated mortgage origination systems for single lenders, and said it can support multilender systems of the highest volumes.
OME is already available in Canada and services several Canadian banks at www.themortgage.com. By moving into the U.S. market, MPACT said it faced the formidable task of modifying OME for the U.S. mortgage industry. One aspect of the move that posed a challenge was the daily rate updates of American mortgage lenders. Finding an information management system to address this became a priority.
GHR said its multilender system is capable of handling any combination of loan parameters the site's users may request.
The GHR system will manage and distribute loan product and pricing information on the OME site. Once users provide information about themselves and the type of loan they are seeking, it will be GHR's system that matches that information to the loans available through OME and allows users to view those loans. Financial terms of the arrangement were not disclosed.
"Our goal of providing more quality services to GoldWorks lenders is well- served by GHR's ability to manage such high volumes of information," said Griff Straw, Freddie Mac's director of products and new business. "With GHR's system, lenders will be able to inexpensively provide rate information to consumers, rather than using traditional processes that often prove to be costly."
Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers.