First Union Mortgage Corporation Selects Bravura Mortgage System.GREENSBORO, N.C.--(BUSINESS WIRE)--Oct. 6, 1997-- Nation's Sixth largest Banking Holding Company Chooses 32-Bit Client-Server Mortgage System From FiTECH Systems Lending Division FITECH Systems Lending Division announced today at the 1997 Mortgage Bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. Association annual convention that First Union Mortgage Corporation has selected the Bravura bra·vu·ra n. 1. Music a. Brilliant technique or style in performance. b. A piece or passage that emphasizes a performer's virtuosity. 2. A showy manner or display. adj. 1. mortgage system for its lending operations nationwide. With headquarters in Charlotte, N.C., First Union Mortgage Corporation has a mortgage portfolio of $52 billion with nearly 700,000 mortgage loan customers throughout the nation. "We've had a working relationship with FiTECH Lending for the past six years, and we know they can deliver whenever they make a commitment," said Laura Black, Vice President of Residential Marketing for first Union Mortgage. "With its experience in the mortgage industry, FiTECH Lending is a company that can provide First Union Mortgage a powerful and flexible system such as Bravura, which not only meets our current needs but also those in the future." "First Union Mortgage's selection of Bravura is big news to the mortgage industry," commented Chuck Welsh, Vice President for FiTech Lending. "First Union Mortgage becomes the second top 15 lender to commit to Bravura. Our studies tell us that many of the top lenders in the country are looking to retool re·tool v. re·tooled, re·tool·ing, re·tools v.tr. 1. To fit out (a factory, for example) with a new set of machinery and tools for making a different product. 2. for the future. Bravura was designed with them in mind." First Union Mortgage was particularly impressed with Bravura's risk-based and automated pricing, centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. reporting capabilities and its electronic data interchange See EDI. (application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. (EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. ) capabilities while operating in a client-server environment. "We view Bravura as a vehicle that enables us to provide our customers with better products and service," continued Black. "By selecting Bravura, First Union is making a commitment to be at the forefront of the mortgage industry trend of workflow automation See workflow. ." Bravura users, including laptop users, can access the company's centralized database in its Raleigh, N.C. office. The company plans to have Bravura on-line for its wholesale operation by second quarter of 1998 and the remaining lending units by first quarter of 1999. Bravura is the industry's first GUI-based, 32-bit Windows(R) NT mortgage software system that incorporates all aspects of lending including pro-qualification, origination, closing, secondary marketing and pipeline management overlaid o·ver·laid v. Past tense and past participle of overlay1. with automated workflow. FiTECH Systems Lending Division is a fully autonomous operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of FiTECH Systems, Inc., a major provider of software applications and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" for financial institutions nationwide. Headquartered in Greensboro, N.C., FiTECH develops, installs and supports mortgage lending processing and database systems that track, qualify and perform all mortgage functions. FiTECH's flagship products, Bravura and Mortgage Lending System, are complete mortgage applications used by more than 150 financial institutions and over 20,000 customers across the country. For more information about FiTECH Systems Lending Division, contact Charles E. Welsh, Vice President, at (800) 753-6633 ext. 462, or write FiTECH Systems Lending Division, 706 Green Valley Road, Greensboro, N.C., 27408. CONTACT: FiTECH Lending Division Charles E. Welsh, 800/753-6633 ext. 462 |
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