MortgageFlex Systems Inc., a provider of lending and servicing solutions, has been selected by Wainwright Bank & Trust Co. of Boston to provide a technology system for the institution's residential and consumer lending activities. Implementation is expected to be completed this summer in a hosted environment.
‘Key to our selection of MortgageFlex is that it operates in a hosted environment. This lets us focus on our residential mortgage business and leaves it to MortgageFlex to maintain the technology,’ says Anthony C. Rizzo, the bank's senior vice president. "It gives us the scalable, front-to-back functionality we were looking for in a cost-effective manner."
MortgageFlex's compliance functionality was another reason Wainwright chose the technology, Rizzo adds, referencing the Jan. 1 Real Estate Settlement Procedures Act (RESPA) changes in particular.
"The entire industry has had to get re-educated [on the RESPA changes] practically overnight, and those changes were significant," he says. "MortgageFlex did a good job building an intuitive and seamless flow to their fee screens to handle the changes to RESPA. It was immediately apparent to us they put a lot of time and effort into getting it right."
SOURCE: MortgageFlex Systems