Academic journal article ABA Banking Journal

Credit Origination for the Net Age

Academic journal article ABA Banking Journal

Credit Origination for the Net Age

Article excerpt

Want to usher your home equity, auto, or mortgage loan processing into the Internet era?

Instead of merely adding web pages that link to the legacy system so that, essentially, e-mails are received by the back office for standard processing, consider adopting a browser based alternative called CreditSphere by X/Net Associates, Fairport, N.Y.

CreditSphere is written with an object-oriented architecture called MetaSage. It is designed to be an "end-to-end" solution for loan origination, approval, automated compliant document delivery, and processing (though not loan servicing).

Instead of linking disparate systems with unpredictable results, this architecture in essence creates a common computing environment to deploy "vertical" lending solutions for any type of loan that your bank handles, to an end-user based anywhere.

With this approach, logically connected streams of standardized code are incorporated into the system design, eliminating the need for a lot of customized programming for application function.

CreditSphere also requires no expensive upgrades to network design or expensive addition of banks of servers to expand or modify the system; nor does it require the piecing together of different vendor's plug-and-play systems to initiate an upgrade, X/Net points out.

Software upgrades can be delivered via "cartridges" over the Internet and quickly implemented.

As a result, CreditSphere is easier to implement, modify, manage, and expand; systems that used to take months to deploy can be operational in weeks.

Billed by the company as the first loan origination system optimized for web and client-server environments, CreditSphere works with Java 2 servers. …

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