The nation's second-largest servicer of home mortgages, Fleet Mortgage Group, recently completed a two-year conversion that placed its two major operating units on common systems.
According to Fleet officials, the move to a common platform, rather than creating cost savings, will allow the company to expand and develop new products more easily.
Together, the two units, Fleet Mortgage Corp., Milwaukee, and Fleet Real Estate Funding Corp., Florence, S.C., service more than 1.1 million loans worth more than $68.6 billion.
Fleet Mortgage Corp. converted from an internally developed mortgage servicing software package to the system used by Fleet Real Estate Funding. That system was developed by Data-Link Systems Inc., South Bend, Ind.
The conversion involved 579,000 customer files, which were switched to the Data-Link servicing system over the course of a single week-end in July.
First, all of the account data had to be mapped, or matched from system to system.
Part of that conversion process also involved making more than 40 modifications to the Data-Link software so it would have features comparable to those of the system used by Fleet Mortgage Corp.
The modifications "really added some automation to features that Data-link didn't have," said Eric Ross, a vice president at Fleet Mortgage Corp.