TECHNOLOGY FOR THE MORTGAGE INDUSTRY
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TECHNOLOGY FOR THE MORTGAGE INDUSTRY
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| The two mortgage insurers in Canada, GE Mortgage Insurance and CMHC have their own in-house proprietary insurance underwriting tools. These companies provide insurance to protect lenders in high-ratio (high loan amount to property value) mortgages. GE's GE Excel's adjudication system can review a mortgage application and return a response within a minute. The application is transmitted to GE through the broker platforms such as Filogix and Basis100, through a separate direct electronic link between the lender and the GE, or by fax. The application is reviewed for data correctness and consistency (addresses etc. ) and then various decision models are applied including borrower risk, property risk, and comparison to underwriting guidelines.6 If the mortgage does not pass the decision model criteria the system streams it to a manual process where an underwriter reviews the file and corresponds with the submitter to remedy the problem. The system provides the workflow and process management capability. CMHC's emili system provides a similar function for mortgage applications submitted to CMHC however the CMHC system has comprehensive market and property data providing a more sophisticated market, economic and property value assessment. Decision models for borrower risk, market and economic risk, and property risk are applied to the application for fast response and problem applications are manually administered where possible. |
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The "Technologies for the Mortgage Industry" site was created by Adriana Ieraci, a graduate student at the University of Toronto (Canada). This site was developed for a graduate course - JCI1503 - Advanced Topics in Computing and Information Systems - as a term project requirement. Much of the content material and web links presented on this website have been collected from existing sources. You should not assume that any of this is error-free or that it will be suitable for any particular purpose you may have in mind when using it. The site is meant to be solely a project in an educational context - and has no other purpose. The author, the University of Toronto or any of its divisions, including the course instructors, unequivocally declare that they do not endorse any of the companies or products mentioned or statements made in or referenced on this site.
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