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BILLION-DOLLAR LOAN PROVIDER SAYS LIXI TO TRANSFORM MORTGAGE INDUSTRY 1 May 2006 Stargate Technologies, an online software provider responsible for processing over $12 billion of loans globally, has become the latest company to adopt LIXI’s Credit Application Language (CAL) in the development of their new product, Symmetry. Lending Industry XML Initiative (LIXI), a not for profit group introducing ecommerce standards, developed CAL to allow home loan information to be standardised and transferred electronically, cutting processing times by 50 per cent and costs by up to $10m annually. Prior to CAL’s launch, each lender had separate, non-compatible systems. Based in Victoria, Stargate Technologies is a leader in the development of a range of custom software systems and solutions for mortgage industry clients. Simon Bednar, program manager of Stargate Technologies, says LIXI addressed the need for a standard application system for the lending industry, and as a result Symmetry was built from the ground up using CAL. “We expect to see a number of improvements to the mortgage industry with the use of Symmetry, including an increased number of applications submitted to a lender, as it will be easier to send and receive data,” Mr Bednar says. “CAL should also see a decrease in response time and increase the speed of loan approvals. We also expect that CAL will cut down on manual administration of data, realising cost efficiencies,” he says. Stargate’s clients including ANZ, Rams Home Loans, Genworth Financial and Seiza Capital, amongst others, have already embraced the Symmetry software. Stargate Technologies is currently in the process of implementing CAL across a significant portion of their existing software suite. “Companies considering implementing CAL should ensure thorough communication and establish some guidelines for correct interpretation of the standard. Since the CAL project began in March 2005, staff are becoming very proficient in this new language,” Mr Bednar says. “Stargate Technologies expects that CAL will become the stable platform underpinning all future development efforts,” he says
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