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Bank Expands Correspondent

Institution uses technology to widen correspondent channel

Jan. 17, 2012

By MortgageDaily.com staff


A bank-holding company with subsidiaries operating throughout the Southwest has plans to expand its correspondent lending business.

Robert Ross has a strategic vision.

He sees his Tulsa, Okla.-based employer widening its correspondent channel.

"To expand our mortgage footprint, we knew our system had to be agile and responsive to the needs of the market place," Ross, who is vice president of correspondent and private-label lending at BOK Financial Corp., said in a statement Tuesday. "Access, convenience and ease of use are key requirements for our lending partners to do business with us."

BOK, which has $25 billion in assets, reported $3 billion in 2009 production.

It acquired a $4.1 billion servicing portfolio from Charter Bank in February 2010, when BOK's mortgage servicing portfolio already stood at $7.4 billion.

The holding company operates subsidiaries 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.

BOK implemented Commerce Velocity's correspondent lending technology, according to the announcement.

Commerce Velocity, which calls Irvine, Calif., home, said its Spectrum Correspondent Solution is rules-based technology built as a web application for hosted and non-hosted models. Commerce Velocity President Umesh Verma claimed in the statement that the offering works well for expanding banks that need adaptable applications with the ability to scale.

"The Commerce Velocity Spectrum Correspondent Solution supports our pursuit of greater market share." Ross, of BOK, said in the press release.

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