diff --git a/core/src/main/java/com/opensymphony/xwork2/conversion/annotations/TypeConversion.java b/core/src/main/java/com/opensymphony/xwork2/conversion/annotations/TypeConversion.java
index 8039f97bb..6c86d4a6d 100644
--- a/core/src/main/java/com/opensymphony/xwork2/conversion/annotations/TypeConversion.java
+++ b/core/src/main/java/com/opensymphony/xwork2/conversion/annotations/TypeConversion.java
@@ -82,15 +82,15 @@ import java.lang.annotation.Target;
  * </tr>
  * <tr>
  * <td>converter</td>
- * <td>DEPRECATED: either this or value</td>
+ * <td>either this or value</td>
  * <td>&nbsp;</td>
- * <td>The class name of the TypeConverter to be used as converter.</td>
+ * <td>The class or bean name of the TypeConverter to be used as converter.</td>
  * </tr>
  * <tr>
  * <td>converterClass</td>
  * <td>either this or value</td>
- * <td>&nbsp;</td>
- * <td>The class of the TypeConverter to be used as converter. XWorkBasicConverter by default.</td>
+ * <td>XWorkBasicConverter</td>
+ * <td>The class of the TypeConverter to be used as converter.</td>
  * </tr>
  * <tr>
  * <td>value</td>
@@ -181,14 +181,13 @@ public @interface TypeConversion {
     ConversionRule rule() default ConversionRule.PROPERTY;
 
     /**
-     * The class of the TypeConverter to be used as converter.
+     * The class or bean name of the TypeConverter to be used as converter.
      *
      * Note: This can not be used with ConversionRule.KEY_PROPERTY!
      *
-     * @return class of the TypeConverter to be used as converter
-     * @deprecated user {@link #converterClass()} instead
+     * @return class or bean name of the TypeConverter to be used as converter
+     * @see {@link #converterClass()}
      */
-    @Deprecated
     String converter() default "";
 
     /**
diff --git a/core/src/main/java/com/opensymphony/xwork2/conversion/impl/DefaultConversionAnnotationProcessor.java b/core/src/main/java/com/opensymphony/xwork2/conversion/impl/DefaultConversionAnnotationProcessor.java
index 2a3786869..8021f3f92 100644
--- a/core/src/main/java/com/opensymphony/xwork2/conversion/impl/DefaultConversionAnnotationProcessor.java
+++ b/core/src/main/java/com/opensymphony/xwork2/conversion/impl/DefaultConversionAnnotationProcessor.java
@@ -26,6 +26,7 @@ import com.opensymphony.xwork2.conversion.annotations.ConversionRule;
 import com.opensymphony.xwork2.conversion.annotations.ConversionType;
 import com.opensymphony.xwork2.conversion.annotations.TypeConversion;
 import com.opensymphony.xwork2.inject.Inject;
+import com.opensymphony.xwork2.util.ClassLoaderUtil;
 import org.apache.commons.lang3.StringUtils;
 import org.apache.logging.log4j.LogManager;
 import org.apache.logging.log4j.Logger;
@@ -80,18 +81,22 @@ public class DefaultConversionAnnotationProcessor implements ConversionAnnotatio
                 else if (tc.rule() == ConversionRule.KEY) {
                     Class<?> converterClass;
                     if (StringUtils.isNoneEmpty(tc.converter())) {
-                        converterClass = Thread.currentThread().getContextClassLoader().loadClass(tc.converter());
-                        //check if the converter is a type converter if it is one
-                        //then just put it in the map as is. Otherwise
-                        //put a value in for the type converter of the class
+                        converterClass = ClassLoaderUtil.loadClass(tc.converter(), this.getClass());
                     } else {
                         converterClass = tc.converterClass();
                     }
 
                     LOG.debug("Converter class: [{}]", converterClass);
 
+                    //check if the converter is a type converter if it is one
+                    //then just put it in the map as is. Otherwise
+                    //put a value in for the type converter of the class
                     if (converterClass.isAssignableFrom(TypeConverter.class)) {
-                        mapping.put(key, converterCreator.createTypeConverter(tc.converter()));
+                        if (StringUtils.isNoneEmpty(tc.converter())) {
+                            mapping.put(key, converterCreator.createTypeConverter(tc.converter()));
+                        } else {
+                            mapping.put(key, converterCreator.createTypeConverter(tc.converterClass()));
+                        }
                     } else {
                         mapping.put(key, converterClass);
                         LOG.debug("Object placed in mapping for key [{}] is [{}]", key, mapping.get(key));
@@ -100,7 +105,7 @@ public class DefaultConversionAnnotationProcessor implements ConversionAnnotatio
                 //elements(values) of maps / lists
                 else {
                     if (StringUtils.isNoneEmpty(tc.converter())) {
-                        mapping.put(key, Thread.currentThread().getContextClassLoader().loadClass(tc.converter()));
+                        mapping.put(key, ClassLoaderUtil.loadClass(tc.converter(), this.getClass()));
                     } else {
                         mapping.put(key, tc.converterClass());
                     }
diff --git a/core/src/main/java/com/opensymphony/xwork2/conversion/impl/DefaultConversionFileProcessor.java b/core/src/main/java/com/opensymphony/xwork2/conversion/impl/DefaultConversionFileProcessor.java
index d07cf3cce..7995b7dc3 100644
--- a/core/src/main/java/com/opensymphony/xwork2/conversion/impl/DefaultConversionFileProcessor.java
+++ b/core/src/main/java/com/opensymphony/xwork2/conversion/impl/DefaultConversionFileProcessor.java
@@ -86,7 +86,7 @@ public class DefaultConversionFileProcessor implements ConversionFileProcessor {
                     //for keys of Maps
                     else if (key.startsWith(DefaultObjectTypeDeterminer.KEY_PREFIX)) {
 
-                        Class converterClass = Thread.currentThread().getContextClassLoader().loadClass((String) entry.getValue());
+                        Class converterClass = ClassLoaderUtil.loadClass((String) entry.getValue(), this.getClass());
 
                         //check if the converter is a type converter if it is one
                         //then just put it in the map as is. Otherwise
@@ -102,7 +102,7 @@ public class DefaultConversionFileProcessor implements ConversionFileProcessor {
                     }
                     //elements(values) of maps / lists
                     else {
-                        Class _c = Thread.currentThread().getContextClassLoader().loadClass((String) entry.getValue());
+                        Class _c = ClassLoaderUtil.loadClass((String) entry.getValue(), this.getClass());
                         LOG.debug("\t{}:{} [treated as Class {}]", key, entry.getValue(), _c);
                         mapping.put(key, _c);
                     }