Ultraprise Corp. said it is launching a secure Internet-based service that will fully automate transfers of loan pools between financial services institutions.
The company said the system will be used starting Jan. 14 to transfer pools of high-loan-to-value home equity loans and will eventually be available for other types of loans.
The service will be an auction site where lenders can offer portfolios for sale and take bids from potential buyers.
Ultraprise said the service has the potential to reduce the cost of building a loan portfolio and to increase the liquidity of loan pools on the secondary market.
Ultraprise is a privately held software engineering company.