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

Privacy image

Frank Jennings

Two working parties, ministers galore... but data transfer law remains in limbo
EMC_Unity_bezel

Chris Evans

It does simplify the hardware setup, whatever it is
A microscopic view of the biometric shark skin. Pic: James Weaver

Chris Mellor

Do something and stop faffing about in the bush league

Kat Hall

International system in general needs greater transparency

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers