A mortgage servicing and settlement system delivered via the IBM cloud has enabled First Mortgage Services (FMS) to register more than 1000 lawyers and to process their secure transactions in the first year of operation.
propel-lc enables the secure exchange of documents, data and messages between lawyers and lenders, increasing the speed and accuracy of conveyancing while reducing costs.
The Canadian-sourced software is used by FMS’ parent company, First American Financial Corporation, which is the largest provider of its type in the world for settlement services. It was fine-tuned for the New Zealand market.
The propel-lc system runs on IBM’s Virtual Server Services (VSS), a managed service delivering hosted virtual machines.
FMS signed with IBM last year, initially for cloud hosting and subsequently for encryption services. FMS can also now process from Auckland mortgage documents for Australian customers.
FMS managing director Jonathan Flaws says the vision was to transform the cumbersome paper-based settlement processes and to reduce administration costs for property transactions.
“Hosting our business in the cloud was crucial to establishing a competitive advantage within a commodity-based industry while also providing extra assurance to customers that their data is fully protected and available on a 24/7 basis,” he says.
FMS is the first customer of IBM’s cloud-based encryption service PKI Vault, which provides hosted managed security to US Federal standards without the need to buy third-party software or hardware.
The company had a previous relationship with IBM.