Desert Document Services and ApprovalFinder team up to automate regulatory step for Originators
Phoenix, Friday, June 22, 2001 - Desert Document Services®, Inc., a provider of data capture, complex decision rules basing, electronic production and web delivery of mortgage documents and LoanGenie.com, Inc. today announced the execution of an agreement to form a Sales Distribution and Technology Integration Agreement between Approvalfinder(TM).com, a division of LoanGenie and Desert Document Services, Inc.'s DocEngineSM. The agreement addresses the industry wide problems stemming from compliance and documentation issues. It enables mortgage originators to combine processing of loan applications and Pre-Disclosure requirements. By combining the steps, the two companies allow originators to complete the mandatory transactional process within the prescribed timeframe.
This transaction fulfills both companies' desire to provide their respective customer base with streamlined solutions to an industry-wide dilemma. The ApprovalFinder technology systematically analyzes and evaluates credit, employment, and property information provided by the potential borrower (and/or loan originator), in order to immediately underwrite a transaction and pre-qualify the borrower based on an extensive database of multiple lenders and products. The result is the "best-fit" mortgage loan product based on the borrower's individual credit profile and the detailed guidelines and requirements of the hundreds of products available within the ApprovalFinder Technology, thus providing automated product and rate selection. The use of ApprovalFinder technology expands access to mortgage finance options for borrowers, and by evaluating each application in a detailed and objective manner, loan originators and lenders quickly able to identify qualified customers and therefore, successfully process more transactions. Desert Document Service's XML based DocEngine takes the information submitted by the loan originator and produces the Pre-Disclosure for the appropriate state automatically. DocEngine produces the Pre-Disclosure package in less than one minute. It is then produced as an 8.5 x 11 PDF document file, and posted to the secure WebPostSM site. The originator and/ or borrower are then automatically notified via e-mail the documents are ready.
Joseph LaBonty, Chief Technology Officer and Product Manager of Desert Document Services, Inc. stated, "Originator's web sites have the potential to create huge volumes of business which can overload a manually oriented business. Technology, like DocEngine and ApprovalFinder, using web based loan applications and automated Pre-Disclosures is needed to meet this demand and assist the originators in keeping up with the increased volumes of business while insuring that industry requirements are met without additional staffing."
James R. Creamer, Chairman and Chief Executive Officer of LoanGenie.com, Inc. commented, "The synergy between the ApprovalFinder technology and Desert Doc's expertise enables loan originators to focus on the keys to any successful business, generating revenue and profits. Our partnership gives loan originators the opportunity to focus on production, while at the same time assisting them with compliance issues and documentation requirements, which most feel are necessary evils that protect all parties to a mortgage transaction."
About Desert Document Services
Desert Document Services is a national provider of electronic production and delivery of closing documents to the mortgage banking industry. Since 1983, DesertDocs has been responsible for major innovations in the field of document software technology, meeting the needs of a variety of customers, and delivery for accurate and timely documents nationwide. For more information about Desert Document Services, contact DeAnn Staples, at (800) 726-9898, email dstaples@desertdocs.com, write Desert Document Services, 110 East 7th Street, Tempe, AZ 85281. Visit its Web site at www.desertdocs.com.
About LoanGenie.com, Inc.
Headquartered in Irvine, California, LoanGenie.com, Inc., through its ApprovalFinder.com Division, has developed an affordable, browser-based, business-to-business (B2B) solution that automates and streamlines the end-to-end finance process for all participants in a mortgage origination transaction. Acting as a "smart" conduit between the front-end user (the mortgage broker) and the back-end provider (the lender), ApprovalFinder's "best execution" design handles all qualification and diagnostics at the true point of sale (the point in the transaction when the pre-qualifying credit report is obtained with the potential borrower's express permission), thereby eliminating the randomness and guesswork that currently exists in the financing process. By moving quality assurance and customer relationship management to the point of first contact, ApprovalFinder technology significantly reduces the time and costs involved in the loan process by eliminating inefficiencies, while simultaneously enhancing effectiveness and productivity.
For more information about LoanGenie.com, Inc., please visit the company's web sites www.loangenie.com or www.approvalfinder.com, or contact James R. Creamer, Chairman and Chief Executive Officer at 888-774-3643.
Contact Information
Ms. DeAnn Staples
Executive Marketing Coordinator
Desert Document Services, Inc.
(800) 726-9898
(800) 334-0068 (fax)
dstaples@desertdocs.com
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James R. Creamer
Chief Executive Officer
LoanGenie.com, Inc
(888) 774-3643
(888) 453-0696
jcreamer@LoanGenie.com
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