Washington Mutual Announces Partnership with GHR Systems and Framework for Industry-Leading Mortgage Origination and Decisioning Platform

Strategic Insights -

Washington Mutual, a leading financial services company, has partnered with GHR Systems and Framework to develop an advanced mortgage origination and decisioning platform, dubbed "Optis." The platform aims to increase efficiency, speed up loan processing, and provide improved customer service. The Optis system will service all of Washington Mutual's distribution channels, including retail, wholesale, and correspondent mortgage lending, and its mortgage origination website.

Key Takeaways:

  • The Optis system will automate up to 80% of all loan decisions, reducing origination costs and increasing origination volume without increasing staff levels.
  • The platform will provide 24-hour access to Washington Mutual, allowing users to check the status of a loan at any time.
  • Optis will give users the ability to cross distribution channels, starting the loan process through one channel and completing it through another.
  • The system will ultimately provide loan consultants, mortgage brokers, correspondents, and online mortgage applicants with decisions in a matter of minutes and loan closing in as few as three days.
  • Washington Mutual expects the system to assist in its plans to increase annual originations from $40 billion to $75 billion within five years.
  • The Optis system will be implemented in phases, starting in the second half of 2000, with full implementation expected in the second half of 2001.
  • GHR Systems will provide the front-end capabilities of the Optis system, including the PremierSuite family of products and services, while Framework will provide the back-office fulfillment solution with its LendWare product.
  • The integration of GHR's technology with Framework's fulfillment solution will provide an end-to-end solution that optimizes the entire mortgage origination process.

Statistics:

  • Washington Mutual expects to increase annual originations from $40 billion to $75 billion within five years. (Source: Washington Mutual)
  • The Optis system will automate up to 80% of all loan decisions. (Source: Washington Mutual)
  • The platform will provide 24-hour access to Washington Mutual. (Source: Washington Mutual)
  • Washington Mutual has over 2,000 consumer banking, mortgage lending, commercial banking, consumer finance, and financial services offices throughout the nation. (Source: Washington Mutual)
  • Washington Mutual had assets of $188.61 billion at March 31, 2000. (Source: Washington Mutual)

Sources:

  • Washington Mutual, Inc.
  • Business Wire, May 8, 2000
  • GHR Systems, Inc.
  • Framework, Inc.