Bisys Inc. has introduced a mortgage banking system for the users of Bisys Totalplus.
Bisys Totalplus is the banking system that the Houston-based company offers on an outsourcing basis to banks, thrifts, and other financial institutions.
According to Bisys president Paul Burke, the mortgage component was developed after two years of research and development. of research and development.
"We interviewed mortgage bankers and our mortgage lending client base," Mr. Burke said.
"We performed product comparisons to target critical productivity needs."
The Bisys studies indicated that mortgage bankers were looking for a flexible, PC-based solution that used optical disk storage.
That, said Mr. Burke, is exactly what Bisys then delivered.
"Our strategy was to combine the flexibility of the PC with the mainframe processing capabilities of Totalplus to give our users the most advanced solution."
Because the Bisys mortgage banking product is directly linked to the mainframe system, it can display multiple "real-time" transactions.
In addition, the system enables users to customize menus and reports to their liking.
With optical disk technology, the system provides for the storage of all lending documentation on-line, eliminating much of the need for paper or fiche.
"It facilitates and accelerates access to information so that customer service personnel can answer questions almost instantaneously," said Chuck McManus, president of Bisys Loan Services Inc., the mortgage servicing division of the company.
Also based in Houston, Bisys Loan Services uses this system to service and maintain a portfolio of over 60,000 loans.
Adjusting Workflows
Mr. McManus said the system re-engineers the workflows traditionally associated with mortgage processing and servicing.
For example, whenever a payment is made on a loan, the typical mortgage system must divide that payment, applying it to principal, interest, and escrow.
Instead of applying payments one after another, the Bisys product performs this function in batches.
"The time it takes to process 100 payments has been reduced from one hour to about 20 minutes," said Mr. McManus.
