New software makes hard loan decisions in seconds

MyCustomer.com
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The process of applying for mortgage loans online has taken a quantum leap forward in both speed and sophistication. First Union Home Equity Bank (FUHEB) has unveiled its new First Union Loan Arranger decision engine using Ilog optimization software – the latest example of technology automating customer self service.

Requests are considered case-by-case and decisions are made within seconds. Alternatives can be offered if the requested loan or amount isn’t available.

“Customers applying for loans want immediate decisions, but they also want to know that their requests have received careful consideration,” said Chris Oddleifson, president of FUHEB. The ability to offer instant, tailored loans online to customers, enabled by Ilog technology, is unprecedented in our industry, and we’re excited by the prospects.”

Optimization software is being used in many industries today to solve business problems, whether it’s how best to utilize manufacturing capacity, schedule a flight crew or get a shipment from point to point. The powerful technology behind optimization has recently been used to automate the web, as demonstrated by Ilog Solver embedded in the new Loan Arranger product.

Dually headquartered in Paris and Mountain View, California, Ilog is a supplier of C++ and Java software components. Ilog’s embeddable optimization, visualization and business rules software components shorten the development time of enterprise software applications in the supply chain, telecommunications, transportation and financial services industries.

FUHEB is a full service mortgage lender offering credit, first and second mortgages through brokers, mortgage bankers, and direct to consumers.

First Union is a provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates banks in 12 East Coast states and Washington, D.C., and brokerage offices in 41 states and international offices worldwide.

First Union

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