Dorado Announces .MOR Web Services for Home Lending

Plug-and-Play Services Reduce Time and Cost of Application Integration and Operation

San Mateo, Calif.—September 17, 2002—Dorado Corporation, the leader in Demand Chain Management for mortgage banking, today announced availability of Dorado .MOR™ Web Services products and services for home lending. Dorado .MOR Web Services provide a complete package of services and technologies to address the application integration needs of the home lending industry. The technologies include MISMO 2.1 compliant Web services, a Web services hosting center, and an integration server. Already deployed at a top five mortgage bank and a major settlement services company, Dorado .MOR Web Services reduce the time and cost of integrating and operating complex home lending applications, while maintaining security and privacy.

"Dorado's .MOR Web Services give our customers the best of both worlds, decreasing the time and cost of integrations and operations, while also providing vertical market specific services and adapters," said Joseph W. Jennings, Dorado president. "Banks can go to market faster with mortgage-specific products and services, while decreasing the risk and cost of implementing new technology."

Web Services Overview

By leveraging industry standards and Internet protocols, Web services enable efficient, reliable, standardized integration of software applications with other applications, legacy systems, and external services. By implementing Web Services-based applications, companies can eliminate the need for expensive, custom-built integrations.

Dorado's .MOR Web Services initiative is unique in the industry, consisting of an unparalleled combination of products and services, which include:

• A Web services integration server and development tools;
• Mortgage industry specific Web services and Web services-enabled applications;
• Integration adapters for Web services provided by other mortgage industry vendors; and
• Integration adapters for horizontal Web services from technology platform vendors.

Platform providers such as Microsoft (.NET), IBM (WebSphere), Sun Microsystems (SunOne), and WebMethods have introduced Web services initiatives that offer only integration servers and tools. Other mortgage industry vendors have announced Web services initiatives that offer industry specific applications and services, but do not include an integration server or tools.

"Dorado is taking the same approach to Web services we've seen successfully executed by leaders in the healthcare industry," said Laurie McCabe, vice president, Summit Strategies Research. "With the emergence of financial industry-specific technology standards and widespread standardization on XML and SOAP, we believe the time is right for Web services to become pervasive in the banking industry."

Dorado .MOR Web Services

"Dorado's .MOR Web Services provides a low risk, evolutionary strategy for home lending CIOs who want to replace monolithic legacy systems with new services and components from best of breed vendors," said Robert Carpenter, Dorado chief technology officer. "It allows organizations to incrementally innovate by deploying new Web services for a distribution channel, one integration at a time. Quarter by quarter, IT organizations can show progress without the risk and costs associated with 18 to 24 month deployment projects."

Dorado's Web Services initiative comprises three main components: .MOR Web Services, .MOR Web Services Center, and the .MOR Server.

Dorado .MOR Web Services include Good Faith Estimates, Truth In Lending (TIL/GFE), Settlement Services (title, flood, appraisal), automated underwriting, LOS integrations, pricing engines, POS integrations, online payment, and integrations with other Web services based on Apache, Microsoft .NET, and IBM WebSphere. Vendors supported include: VMP, First American Title, Fannie Mae, Freddie Mac, Gallagher, FiTech, FiServ, LoanSoft, LOP, Calyx, and CyberSource.

The Dorado .MOR Web Services Center hosts Dorado's .MOR Web Services and applications for Dorado customers, who collectively represent 32% of the U.S. mortgage origination volume. Dorado's .MOR Web Services Center is SAS 70 Level 2-attested, Gramm-Leach-Bliley-compliant, and provides 99.9% uptime.

.MOR Server is an integration server that enables fast, reliable integrations between legacy and new applications, services, and users. .MOR Server consists of an integration server, mortgage and Web service integration adapters, and a software developer's kit.

The .MOR Web Services Center and Web Services are available now, and the .MOR Server is available in November 2002, with pricing available upon request. Dorado is holding a developer conference, .MOR Developer Day, on October 15. Please contact developer@dorado.com for more information.

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.