http://on.wf.com/6043zsSuU
The crazy thing is, WF is still using many systems that have been around since the 1970s, but hey wasn't that JPMC reject SvB going to change all that?
#bankontech lol
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anyone who's done any type of stint in mortgage servicing knows we use a 100% DOS based (yes the original MS DOS) system for loan servicing, escrow, collections, loss mitigation, foreclosure, bankruptcy, etc. Actually every major bank/servicer in the industry uses the same platform because its been around for ever and it was the best in its time. Sometimes you become so dependent on a system its impossible to get away from the dated tech. They can build software to "sit on top" of the servicing system and perform automation/commands but at the CORE its still entirely DOS.
True, there is a reason all those old systems still work well with no major issues to keep people up at night.
Worth the new “Minimum Viable Product” approach I’d stick with the 1970s tech - at least it has all the features working!
This tells me that it works....but people by and large seem to think they are smarter than they really are and assume that something newer, that may not work, is better.
Many banks are still running Hogan. So what? It's an industry standard.