Client Brief: First California Mortgage Company
First California Mortgage Company was founded in 1977 as a California-based mortgage banker. First California Mortgage Company has funded more than 300,000 residential loans to date in California and nationally as Mortgage Service America.
During 1977 to 1995, the company provided loans to more than 180 builders in more than 2,000 new home subdivisions throughout the western United States. In 1986, First California Mortgage Company expanded its operations and opened a wholesale division called Headlands Mortgage Company, employing more than 850 people in 10 regional centers, until its sale in 1999 (currently Greenpoint Mortgage). In 1993, First California Mortgage Company and Mortgage Service America employed more than 2,500 people, including 510 loan origination officers at 108 locations in 42 states. In 1995, First California Mortgage Company sold its retail loan servicing and origination operations to GMAC (currently Homecomings Financial).
Why Exadel
"Some large market leaders spend millions to produce this type of technology," said Christopher K. Hart, principal owner at First Capital Mortgage Company. "Exadel Professional Services helped First Cal produce a system far superior to existing online mortgage applications."
"Throughout the project, Exadel helped us control costs on-time and on budget—which is tough to find in an outsourcing market," Hart added. "We found that Exadel's expertise and dedication helped us to solve most any problem. Being able to work closely with a local project manager and the company's CEO also gave our development project a personal touch, which is in sync with First Cal's ideology."
Business Challenge
- Rapidly fluctuating mortgage rates combined with increasing customer demand for mortgage application feedback made FCMC realize the need to better prepare its broker network with a software application capable of providing real-time mortgage information
- Without relevant in-house experience and technology resources, First Cal decided to extend its software development team via a partnership with a qualified open source development organization
Business Solution
- FCMC was attracted to Exadel's previous experience deploying open source projects for financial services organizations.
- Specifically, FCMC knew that Exadel's professional services team was the mastermind behind the development of mortgage.com.
- By going with Exadel, FCMC was guaranteed quick, flawless execution
- FCMC chose Exadel's Professional Services and software to design and deploy a complex online business application providing real-time mortgage quotes and mortgage application status feedback to its broker network
- Exadel's "co-shoring" business model offered a project management team in Exadel's Bay Area offices as well as in its Minsk facility. The First Cal team was able to interact with a local project manager, while utilizing Exadel's offshore development team for optimal cost savings
Business Results
- By choosing Exadel as FCMC's open source development partner, the company tapped into added resources and expertise
- Furthermore, the open source technology model leveraged by Exadel enabled the development of cost- and time-effective applications
- The ultimate outcome is that Exadel built the FCMC online mortgage application in record time
- FCMC was then able to trademark the online mortgage site that Exadel built for them
