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Financial services company and Freddie Mac join in an effort to make mortgages more affordable.
Wendover Financial Services is attempting to go where no lender has gone before. It is introducing a new service that features a fully automated and integrated fulfillment approach for processing mortgage loan applications.
The service will give mortgage lenders and personal financial service providers the ability to reduce capital and risk.
Wendover Financial Services, Greensboro, N.C., will do all of the fulfillment activity that includes collecting the legal documentation, creating the closing package, having a presence at the closing table and table funding of the mortgage.
Although this is not too different than what most lenders do, Wendover integrates technology into the fulfillment process.
"Our core competencies are delivering value in a business-to-business world," said Mark DeBenedictus, president and chief operating officer, Wendover. "We want to enable transactions to be created in areas which they have never been created before."
Wendover outsources its online lending operations. Credit unions, banks, and thrifts that offer mortgage loans can now provide Internet-based mortgage lending services to customers under their own name, a...