Commerce Velocity (CV), a member of the Fidelity National Financial (FNF) family of companies and a provider of loan origination technology, has announced the implementation of correspondent lending technology to support BOK Financial's strategic initiatives for BOK's correspondent channel. BOK Financial operates seven banking divisions including Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas, and Colorado State Bank and Trust.
"To expand our mortgage footprint, we knew our system had to be agile and responsive to the needs of the marketplace," said Robert Ross, vice president of correspondent and private label lending for BOK Financial. "Access, convenience, and ease of use are key requirements for our lending partners to do business with us. The Commerce Velocity Spectrum Correspondent Solution supports our pursuit of greater market share."
Umesh Verma, President of Commerce Velocity, said that the Spectrum Correspondent Solution is a good fit for banks looking to expand and in need of applications with more adaptability to internal and external systems, as well as the ability to scale.
"What we are able to provide to BOK Financial is a more flexible, convenient and reliable system that they can in turn provide to their correspondent banks," said Verma. "Trust in technology is critical to maintain competitiveness. Thin margins and the limited availability of origination transactions make adapting to change without disturbing the flow of business very crucial to profitability."
Verma said that the Commerce Velocity Spectrum Correspondent Solution is rules-based technology architected as a web application in hosted or non-hosted models. It is designed to be responsive to regulatory or market changes. In most cases it takes minimal effort to propagate new regulations or guidelines across a mortgage operation thereby minimizing risk and exposure to subjective decisioning.
"It is critical we provide our correspondents with the tools they need to be as effective and productive as possible and we accomplished this with the Spectrum Correspondent Solution," said Ross. "Our new 24/7 online storefront allows us the flexibility to make necessary credit and regulatory changes in real time, which is vital to our business, and the business of our correspondents."