Visionet Systems, Cranbury, New Jersey, announced it has been selected to design technology for the developing secondary mortgage market in the Persian Gulf nation of the United Arab Emirates (UAE).
Dubai, UAE-based Emirates National Securitization Corporation (ENSeC) selected Visionet to provide information technology (IT) business consulting in order to help facilitate the sale of compliant UAE mortgages to U.S. and European investors, according to Scott Jeffries, executive vice president of Visionet's Mortgage Practice Division.
"The U.S. secondary mortgage market is the driving force behind our successful economy, and ENSeC is bringing this model to the UAE," said Jeffries. "Because of our more than 10 years of experience in providing consulting, technology and business process outsourcing to U.S. mortgage lenders, we are uniquely able to assist ENSeC in meeting its goal of developing a successful secondary market."
ENSeC was created in 2004 to establish a secondary mortgage finance system for both residential and commercial...