Freddie Mac wants to set the mortgage industry standard for electronic commerce and hopes giving away its pre-packaged software will prompt lenders and wary competitors to adopt it.
Gold Com, a Windows-based "universal" interface, enables banks to conduct electronic transactions with Freddie Mac's Loan Prospector or other services without creating custom interfaces, says Freddie Mac vp Peter Maselli. It's also meant to boost Loan Prospector usage by making point-of- application units cheaper. Interlinq Software, FiTECH Systems and ALE Systems developed Gold Com.
Freddie Mac says it will share Gold Com with Fannie Mae, but officials there claim to have a better system-offered to Freddie Mac last February. "Without seeing the product, it's hard to know what makes this a breakthrough," says Fannie Mae vp Roger Conley. FB