Magazine article Mortgage Banking
Portellus Makes Correspondent Solution Commercially Available
Portellus Inc., Irvine, California, announced that its correspondent origination and investor transaction-management solution is now commercially available for market evaluation and licensing.
The solution enables correspondents or conduits to offer a seller-facing portal that enables secondary-market participants to electronically submit data on flow, bulk and mini-bulk delivery. The platform also provides more robust modules for managing forward and master commitments, according to John N. Le, chairman and chief executive officer of Portellus.
"Investor and lender profits are being pinched, and now more than ever sustainability is about data quality, compliance and due diligence. Portellus' correspondent solution offers the respective clients of secondary-market investors an alternative to the capital-intensive business of delivering in bulk and mini-bulk," said Le. "Conversely, these same investors are now afforded an opportunity to service a broader market of small-to-midsize sellers with a higher-margin market opportunity in the flow business. Because our solution is already in use by several of the industry's biggest names, it is tried, tested and true," he said.
Portellus' correspondent transaction-management solution works in conjunction with its enterprise rules management (ERM) system to deliver instant product eligibility, automated underwriting approvals complete with stipulations and conditions, rate locking and extensions, exceptions management and up-to-date pipeline visibility and status. …