MILWAUKEE Customers Forever LLC announced that it will soon offer its online loan origination and fulfillment services to lenders at the point of sale.
The Milwaukee-based business-to-business Internet company runs private label Web sites for lenders that fully automate the underwriting, processing, and closing of mortgages. It specializes in helping lenders retain existing customers, and enhance those relationships.
The expansion enables Customers Forever to branch out from customer retention and get into actual mortgage production. We believe we can reduce the fixed costs of loan production by 50% for our clients, said K. Terrence Wakefield, its president and chief executive.
Mr. Wakefield said Customers Forever will offer the services to loan call centers early next year, and to loan officers early in the second quarter of 2001.
A $15.2 million investment in GHR Systems Inc. of Wayne, Pa., is behind the new offering. Customers Forever uses GHRs Windows-based software to enable its lender clients to quote products and prices to borrowers. It is now creating an Internet version of the product for Customers Forever. Investors were Washington Mutual Inc. of Seattle, Mr. Wakefield, and the companys major shareholders MGIC Investment Corp. and Metavante Corp., both of Milwaukee.
