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Greenpoint Mortgage Wins Wharton Infosys Business Transformation Award Using Dorado Technology
San Mateo, Calif.—June 24, 2002— GreenPoint Mortgage was awarded the Wharton Infosys Business Transformation Award for best Initiative-led Transformation for North America on May 16, 2002, Dorado announced today. The University of Pennsylvania’s Wharton Business School and Infosys Technologies jointly presented the award in recognition of GreenPoint’s highly effective organizational transformation through technological innovation. GreenPoint’s award-winning technological innovation is based on e-Point, the company’s Internet-based wholesale loan origination environment and pricing engine. e-Point was created by Dorado using Dorado Wholesale ChannelMaster and Dorado PriceMaster Demand Chain Management applications.
Announcing the award, Dr. Harbir Singh, co-director of the William and Phyllis Mack Center for Technological Innovation, Professor in Wharton’s Management Department, and Wharton Infosys Business Transformation Award panelist, said, “This project exemplifies the highly effective transformation of an organization through technological innovation, resulting in significant improvement in its competitive position.” (Quoted from Infosys press release: Wharton Infosys Business Transformation Awards Salute Global 2000 Enterprises and Individuals, May 21, 2001)
“Technology is our silent partner for insuring continued success,” said S.A. Ibrahim, GreenPoint CEO. “We have found that almost every stage and component in the mortgage process lends itself to technology driven innovation. Our vision is to create a business model that heavily leverages technology, enabling us to deliver a range of flexible solutions that can accommodate specific customer needs. We thank Dorado for their contribution in helping us achieve this vision.”
“e-Point has been an invaluable tool for helping us transform our business,” said Dave Anderson, vice president, e-Commerce, GreenPoint Mortgage. “It has given us the ability to receive both high and low margin loans from a single dedicated Web portal and direct each to a distinct processing model. We are now able to penetrate new markets, expanding market share in the low touch, low margin commodity refinance business, while continuing to build our leadership in high margin, high touch mortgage origination.”
In addition to providing a flexible technology platform, e-Point has effectively streamlined mortgage processes for GreenPoint and its 15,000 brokers, resulting in a 33% reduction in loan funding time. It has achieved this by providing better service to GreenPoint’s brokers, enabling them to more accurately input data into the system and receive faster decisions. e-Point has also made it easier for brokers to input a borrower’s scenario and match it to the appropriate GreenPoint loan program, thereby increasing the speed and accuracy of product selection.
About GreenPoint
GreenPoint Financial Corp. (NYSE: GPT), www.greenpoint.com, a leading national specialty housing finance company with more than $25 billion in annual loan originations, has two principal businesses. GreenPoint Mortgage is a leading national lender in non-conforming residential mortgages, specializing in "Alternative A" mortgage loans. GreenPoint Bank, a New York State chartered savings bank, is the third largest thrift depository in the Greater New York area with $11 billion in deposits in 74 branches serving more than 400,000 households.
About Dorado Corp.
Dorado Corporation is the leader in Demand Chain Management software applications for U.S. home lending banks. Dorado’s mortgage, home equity, and real estate products integrate business customers and consumers into lending processes. Dorado’s Web services-based solutions increase flexibility and efficiency and enable the up- and cross-sale of financial products and services. www.dorado.com
Press contact:
Melinda Mattei
Dorado Corporation
650-227-7329
Copyright © 2003 Dorado Corporation. All rights reserved. Dorado, the Dorado logo, Dorado ChannelMaster, Dorado PriceMaster, and Dorado .MOR are trademarks of Dorado Corporation. Other company and/or product names may be trademarks or registered trademarks of their respective companies.
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