CAL helps billion-dollar loan provider
develop new product
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.
Symmetry provides mortgage management solutions for originators,
brokers and financial services providers.
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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