Pyramid Systems Selected to Help Advance HUD through a $42 Million Loan Modernization Program
FAIRFAX, Va., Sept. 16, 2020 /PRNewswire/ -- The U.S. Department of Housing and Urban Development (HUD) awarded Pyramid Systems the Salesforce Refactoring and Implementation Support Services (SRISS) contract, which will modernize the Federal Housing Administration (FHA) loan system. SRISS runs for two years and is worth $24 million. Pyramid will modernize and replace several mainframe and legacy applications to help the agency operate more efficiently and cost-effectively while improving system usability, security, and maintainability. Last summer, Pyramid was invited to help the agency embark on a critical and ambitious initiative to transform and modernize FHA's legacy systems using a minimum viable product (MVP) approach. HUD's leadership developed an aggressive time frame for different vendors to build MVPs. Pyramid successfully developed an MVP and pushed the solution into production within 100 business days.
Sherry Hwang, president and co-founder, said, "Pyramid has supported HUD's mission for 25 years and has extensive knowledge of its technology, eople, and processes. We are thrilled to partner with HUD and help move the agency beyond mainframes into the cloud while digitizing manual processes. Pyramid has recently supported HUD with the modernization of Salesforce technology via supplemental claims MVP, which allows mortgage lenders to submit supplemental claims online in 17 minutes and receive payment in days versus the previous 17-month paper process. HUD is swiftly advancing toward a next-generation agency, and we are so excited to be a partner with them on this journey."
Pyramid will assist HUD by refactoring legacy systems using Salesforce, a low-code platform, and moving the applications to AWS GovCloud. HUD will be able to leverage leading-edge data analytic capabilities and the scalability, flexibility, and security of the cloud. The modern system will eliminate many of the current paper-based submission processes during a loan's life cycle and potentially save HUD millions of taxpayer dollars a year.
To learn more about Pyramid's digital transformation expertise and solutions, visit https://pyramidsystems.com/services/services-modernization/.
About Pyramid Systems
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SOURCE Pyramid Systems, Inc.
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