The Channel logo

News

By | Kelly Fiveash 27th March 2007 13:10

IBM jumps on board the mortgage ship

As everyone else jumps off...

Just as the US mortgage biz flushes itself down the toilet, IBM has said it will offer software and computers that will help process wannabe homebuyers' applications.

Based in North Carolina, IBM Lender Business Process Services Inc will include consultancy, mortgage processing, and management of home loan paperwork on behalf of lenders.

The technologies on offer include digital imaging products and optical character recognition, which IBM hopes will help ease the burden of paperwork for mortgage lenders and borrowers.

It will also outsource loan processing services with IBM employees gathering up documents from the time a loan completes into one package for underwriters to review.

New technology has been fingered as one of the drivers of the soaring US housing sector in the first half of this decade. The problem is the wheels now seem about to come off, with the housing market feeling the bite of a slowing economy, and a brewing scandal over over-enthusiastic lending to customers with questionable credit histories. ®

alert Send corrections

Opinion

Lightning

Jack Clark

Just as Jeff Bezos did to books and CDs, Amazon's rivals are now doing to it
Microsoft CEO Satya Nadella
ARA_LIbertad

Chris Mellor

Elliott Management sinks its teeth into retiring godhead

Features

Failure to crack next-gen semiconductors threatens to set back humanity
SMEs get lip service - what they need is dinner at the Club
SAP Match Insights
Vorsprung durch grossendatatechnik, as we like to say in Germany
Inside the Google Lab where surgeons prepare the human/dog experiment
Big Blue exec tells El Reg what to keep an eye on