Countrywide Credit, IBM project to speed mortgage processing.Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Credit Industries, facing explosive growth in its mortgage loan business, recently signed an agreement with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) to develop a computerized computerized adapted for analysis, storage and retrieval on a computer. computerized axial tomography see computed tomography. system that will speed up the underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. process for new loans and increase productivity by 60 percent. Officials at Pasadena-based Countrywide said the new system is expected to be in use by January and should reduce the processing time for approved applications from 40 minutes to as little as 10 seconds for about 40 percent of the applications. Falling federal interest rates and the resulting increased demand for fixed-rate mortgages have spurred demand for Countrywide's loans, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Jeffrey Butler, managing director and chief information officer at the company. Countrywide is currently originating twice the volume of loans it did at this time in 1990 and plans to increase the number of loans it services to $80 billion in 1996 from $20.4 billion today. Butler declined to state how much the new system will cost but said he expected it to be priced below other expert systems, which cost $200,000 to $400,000. He said that the new system will be in use at all of Countrywide's 120 branches by mid-1992. The system's new software makes use of expert systems, a form of artificial intelligence which uses the processes of human experts in making decisions or recommendations when evaluating information. In the underwriting process used by Countrywide today, an applicant's file is routed to a human underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. for review. Once the new system goes into use, however, the file will be routed to the expert system for review. |
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