CHARLOTTE, N.C. -- IBM Lender Business Process Services, Inc., a subsidiary of IBM, has partnered with Coastal Federal Credit Union to provide mortgage origination and processing services.
The IBM subsidiary was launched in 2007 to enable mortgage lenders to replace the fixed costs associated with typical loan fulfillment operations with a variable cost framework, according to the company. The subsidiary offers lending services, including loan application, underwriting, processing, vendor management, document preparation and loan closing.
The $1.9 billion Coastal FCU signed a five-year contract with IBM Lender Process Services. The credit union, which launched Daymark Realty in December 2007, officially launched its member business lending program in 2003.
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