The complex nature of whole loan production and MBS trading forced Solera to seek out an extensible and cost effective software solution. The breadth and depth of TAPMasterâs data and asset class coverage for fixed income securities, the speed of installation and integration to the business workflow, and lower operating costs of a Microsoft-centric technology platform were determining factors for the purchase.
"Solera will be providing new levels of service to the mortgage banking industry, so we have to demand our technology partners provide solutions that support the most specialized and complicated aspects of the market," says Chris Wiley, President and CEO of Solera. "TAP showed us they understand that market and proved how we could take a fully supported turnkey product and apply it to our business, allowing Solera to stay ahead of our customersâ requirements without the need for lengthy and expensive customization. Our new service model will be in production within the quarter â something we could never achieve alone."
TAPMaster will serve as Soleraâs core data hub, managing and deploying MBS and TBA data from a variety of sources including Reuters, loan originators, and associated market participants including Fannie Mae, Freddie Mac, Ginnie Mae, and FHA/VA. TAP worked with Soleraâs staff in San Diego, Seattle, and Houston to install the base TAPMaster platform in October, while full integration with historical data sets and downstream applications will be complete in December. The accelerated delivery and roll-out was made possible by Microsoft Financing, the financing arm of Microsoft Corporation.
"Solera provides a great example of how TAPMasterâs fully automated approach to broad-based reference data issues can also be applied to complex niche opportunities in capital markets," says Ryan Koershuis, TAPâs Client Manager for Solera. "Soleraâs core value proposition is based on its ability to calculate and disseminate unique market analytics for its clients to provide a competitive edge. TAP is delighted to provide the enabling technology to support Solera as they establish best practice leadership within their industry."