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Wachovia Selects Impact Mortgage Services Suite for New Loan Origination System

Strategic Insights

— 1 min read

Wachovia Corporation, the fourth largest bank holding company in the U.S., has chosen the Impact Mortgage Services Suite to implement their new loan origination system. This system, set to be rolled out across Wachovia's lending network, aims to reduce loan application processing time, increase capacity, and enhance efficiency while ensuring compliance with changing regulations. The Impact platform's services-oriented architecture and component sharing capabilities will enable Wachovia to quickly adapt the system to meet their unique business and lending requirements. This partnership highlights the growing importance of technology in the mortgage industry, as lenders seek to improve efficiency and customer experience.

Key Takeaways:

  • Wachovia Corporation has selected the Impact Mortgage Services Suite for their new loan origination system, scheduled for implementation across their lending network.
  • The system aims to shorten loan application processing time, increase capacity, and improve efficiency, while ensuring compliance with changing regulations.
  • Impact's services-oriented architecture and component sharing capabilities will enable Wachovia to customize the system to meet their unique business and lending requirements.
  • The Impact platform's n-tier architecture, reusable components, and Java design will provide unprecedented scalability and reliability.
  • Palisades Technology Partners, the provider of the Impact platform, has 20 years of experience building technology solutions for the mortgage industry.
  • Wachovia has chosen Palisades due to their state-of-the-art technology and experienced management team with comprehensive knowledge of the mortgage industry's needs.
  • The partnership will enable Wachovia to deliver an outstanding customer experience by leveraging the Impact platform's capabilities.

Statistics:

  • $401 billion: Wachovia Corporation's assets as of December 31, 2003.
  • $61 billion: Wachovia Corporation's market capitalization as of December 31, 2003.
  • $32 billion: Wachovia Corporation's stockholders' equity as of December 31, 2003.
  • 9 million: Number of households served by Wachovia Corporation.
  • 900,000: Number of businesses served by Wachovia Corporation.
  • 11: Number of East Coast states in which Wachovia Corporation operates.
  • 32: Number of international offices providing global services for Wachovia Corporation.

Sources:

  • "ENGLEWOOD CLIFFS, N.J., March 15 /PRNewswire/ -- Wachovia Mortgage and Palisades Technology Partners..."
  • About Palisades Technology Partners (http://www.ptpusa.com/)
  • About Wachovia Wachovia Corporation is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $401 billion, market capitalization of $61 billion and stockholders' equity of $32 billion at Dec. 31, 2003.

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