Customer Profile

MortgageIT is one of the largest online mortgage companies, providing
consumer-focused mortgage origination services as well as operating as a mortgage holder.

Business Situation

MortgageIT wanted to expand its business by buying mortgages originated outside the company from Correspondents (businesses which aggregate mortgages sold by local financial institutions). In order to achieve this expansion while maintaining its traditionally low operating costs, MortgageIT envisioned a similar application of information technology to Correspondent interaction as it applied to its consumer-focused mortgage business.

MortgageIT engaged Lab49 to build the technology solution that is the operational hub of the new Correspondent Lending Division of MortgageIT. Prior to the existence of CLD, all Correspondent interaction was performed over the telephone, whereas the new business unit is entirely based on IT.

Solution Description

Lab49’s solution is a way for the various business groups involved in CLD to organize and integrate their workflows, as well as a source for documents that are central to CLD’s business processes. Our consultants performed a thorough analysis of the CLD business, thereby developing an understanding of the needs of both internal users and the external Correspondents whose engagement would be crucial to CLD’s success.

The resulting web-based solution is based on Microsoft’s ASP.NET platform and backed by Microsoft SQL Server. The solution integrates with several proprietary and third party systems, including ExperITy, as well as maintaining its own large repository of mortgage-related data. Lab49’s architecture exposes each subsystem as a Service that interoperates via XML/Web Services, yielding a solution based on industry standards that is easy to maintain and enhance. Documents are generated and served in Adobe PDF format, and data is provided in Excel format for ease of use.

For MortgageIT’s CLD, the Lab49 solution IS the business. External Correspondents, the company’s Capital Markets Group, and the internal Administration group each uses its own custom web application to perform its daily business activities.

Benefits

• Enabled an entirely new line of business for MortgageIT
• Custom built to precisely fit the way CLD stakeholders work