Subprime Lender Uses Interlinq Technology to Offer Online Service.(Brief Article)

Interlinq Software Corp. has shipped version 4.6 of its mortgage servicing software, MortgageWare Loan Servicing, and one bank is using the software to cut costs and connect its servicing platform with the Internet.

Interlinq said the upgrade of the client-server based system further supports efforts to lower the total cost of servicing a loan.

Joseph Smith, senior vice president for the Provident Bank's national servicing center, said the company's labor expenses would be one third higher today had it not implemented MortgageWare about a year ago. Today, Provident Bank's servicing center employs about 210 people. The workload would have required a staff of 270 had they not implemented the Interlinq system, Mr. Smith said.

He said the latest release of the software gives Provident the ability to electronically archive reports, saving time that would be spent locating and pulling reports from paper files.

Earlier this year, Provident integrated its MortgageWare Loan Servicing platform with the Internet to build an online servicing operation. That allowed the bank to cut operating costs while improving customer service. A new voice response unit ...