A Puerto Rican housing agency is automating its mortgage underwriting with the same software as some of the largest U.S. banks.

The Puerto Rico Housing Finance Corp. is investing $110,000 in a system developed by Data Select of Westlake Village, Calif. The more efficient system will "reduce labor and underwriting costs," said Gustavo A. Castillo, executive director of Puerto Rico Housing Finance.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.