QRM Announces Ninth New Mortgage Banking System Client of 1998.CHICAGO--(BUSINESS WIRE)--Oct. 15, 1998-- More than 40 Percent of all Mortgages Originated in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. are being Priced and Hedged using QRM's Mortgage Banking System The Quantitative Risk Management Group (QRM QRM Qormi (postal locality, Malta) QRM Quick Response Manufacturing QRM Man Made Interference QRM Quality Resource Management QRM Quantitative Research Methods QRM Quarterly Review Meeting QRM Quick Response Modification ) has announced the signing of Rock Financial, its ninth new Mortgage Banking System client through the third quarter of 1998. Rock Financial, based in Bingham Bing·ham , George Caleb 1811-1879. American painter noted for his portraits and genre paintings of the American frontier. Farms, Mich., is one of the largest independent mortgage banks in the country. QRM is a Chicago-based professional consulting and systems development firm specializing in expert option-based interest rate risk management systems for banks, mortgage banks and mortgage servicers. Its Mortgage Banking System was developed for all aspects of pipeline risk management, including pricing, hedging, marking to market Marking to market Settling or reconciling changes in the value of futures contracts on a daily basis. Also refers to the practice of reporting the value of assets on a market rather than book value basis. , best execution, pooling and delivery. Currently, more than 40 percent of all mortgages originated in the United States are being priced and hedged using QRM's Mortgage Banking System. QRM's client base includes nine of the top 12 mortgage lenders and more than 45 institutions overall. In addition to Rock Financial, QRM has added eight other top-level top-lev·el adj. 1. Of or relating to people of the highest office or rank. 2. Of or relating to the highest office or rank: a top-level job. mortgage banking clients to its Mortgage Banking System roster so far this year, including: -- InterFirst, based in Ann Arbor Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , Mich.; -- Independent National Mortgage Corp. (Indy Mac), based in Pasadena Pasadena (păs'ədē`nə). 1 City (1990 pop. 131,591), Los Angeles co., S Calif., at the base of the San Gabriel Mts.; inc. 1866. , Calif.; -- First Nationwide, based in Frederick, Md.; -- Bank United, based in Houston; -- Wilshire Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , based in Portland, Ore.; -- BB&T Mortgage, based in Winston-Salem, N.C.; -- American Mortgage Funding, based in Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part ; and -- Fleet Mortgage Group, based in Columbia, S.C. The ability to analyze fallout fallout, minute particles of radioactive material produced by nuclear explosions (see atomic bomb; hydrogen bomb; Chernobyl) or by discharge from nuclear-power or atomic installations and scattered throughout the earth's atmosphere by winds and convection currents. data in a detailed manner and use the data to model the value and rate sensitivity of each mortgage in its pipeline, using QRM's system, has allowed InterFirst to control hedging costs much more tightly, said Phillip Miller, senior interest rate risk manager. InterFirst's profitability has increased as a result. "You can predict future sales and more accurately predict your hedging costs," Miller said. "It's lowering the cost of hedging and increasing our accuracy and profitability." Mary Malloy, vice president of Secondary Marketing at Indy Mac, also noted QRM's analytics and service as key reasons Indy Mac selected QRM. "In past experience, QRM has provided me with excellent results using superior analytics to hedge a wide variety of products," Malloy said. "I'm also very satisfied with the outstanding level of service provided by the QRM technical support staff." Indeed, often overlooked because of the highly sophisticated financial modeling underpinning un·der·pin·ning n. 1. Material or masonry used to support a structure, such as a wall. 2. A support or foundation. Often used in the plural. 3. Informal The human legs. Often used in the plural. its software, QRM's client service is likewise extremely advanced. "Our Mortgage Banking System isn't just interest rate risk management and secondary marketing software," said Charles A. Richard, a senior vice president of the Quantitative Risk Management Group. "It also includes hands-on consulting and educational services provided by experienced finance professionals and a systems development team that is continuously improving the System, keeping up with industry innovations and client requests. "Our growing list of clients -- coupled with the fact that all existing clients renewed their contracts with us this year -- is the best testament to the quality of our Mortgage Banking System," Richard added. "We appreciate each client and welcome their input in helping us make our System even better." The QRM Mortgage Banking System runs on both Windows(r)NT(tm) and Windows 95 platforms. About QRM The Quantitative Risk Management Group is a Chicago-based professional consulting and systems development firm specializing in expert option-based interest rate risk management systems used for balance sheet management, servicing portfolio management and mortgage pipeline hedging. Since QRM's formation in 1987, the company has concentrated solely on risk management and expert system development, with a particular emphasis on mortgages, options and other complex financial instruments. Over this time, QRM has firmly established its reputation as an innovator in this field. In addition to providing expert systems, QRM performs strategic reviews and audits of corporate interest rate risk management policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental . QRM has been providing these services since its founding to a diverse international clientele that includes leading banks, insurance companies, mortgage banks, thrifts, corporations and money managers. |
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