GHR Systems
partnered with MPACT Immedia to
operate Online Mortgage Explorer (OME), a multi-lender mortgage origination Web site.
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.
“We knew that handling the ever-changing rates in the American market would be
critical to this project,” said Robert Habert, vice president of strategic
alliances for MPACT. “Canada has a handful of mortgage lending institutions,
and their rates change infrequently, so it’s very easy to update information
for the Canadian OME site. Gaining access to the GoldWorks membership was
great news, but it clearly posed an information management challenge.”
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.
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