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Dorado Grows User Base to 60,000, Signs Five New Top-Tier Customers in Third Quarter
Growth Puts Dorado on Track to Increase Revenue 150% in 2003
San Mateo, Calif.—October 13, 2003—Dorado Corporation, the leader in Web services-based systems for home lending, today announced that its user base has exceeded 60,000 and that its solutions have been selected by five new top-tier lenders in the third quarter of this year. As a result of this growth in new and existing accounts, Dorado’s revenues are on track to increase by 150% in 2003. The growth has also catalyzed record hiring and next week’s move to a new, larger headquarters facility.
A critical part of Dorado’s success has been its Web services vision and platform, which are fundamentally changing the way lenders implement new business processes and leading technologies.
“Innovative technology often comes from outside of an industry's establishment. Dorado exemplifies the melding of high technology experience to the specialized and often arcane requirements of mortgage banking,” said Jeff Lebowitz, president, MORTECH LLC. “Dorado’s .MOR Web services platform represents a fundamental departure from the functional and document-driven applications found in established mortgage processing systems. We hear consistently from the marketplace that Dorado executives and staff are ‘good listeners.’ By paying attention to lenders’ needs, Dorado has been able to meld their architecture philosophy to the mortgage banking process. By listening well, they have helped their customers rethink and retool their business operations. Theirs is a partnership in innovation.”
Dorado’s customer base includes eight of the top 20 home lending institutions. Dorado customers include: AmSouth Bancorporation, Cendant Mortgage, Chase Manhattan Mortgage Corporation, Citibank, Countrywide Home Loans, First Horizon Home Loans, Guaranty Residential Lending, GreenPoint Mortgage, Northern Lights Mortgage Company, and Washington Mutual, Incorporated.
“Dorado is seeing significant growth in all areas of operation,” said Dain Ehring, CEO, Dorado. “ We attribute much of this success to our employees, our culture of teamwork, and our strong partnerships with industry leaders like First American and Fiserv who have recognized the urgent need for technological innovation in the industry.”
Dorado Corporation
Dorado Corporation is the leader in Web services-based systems 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. Dorado’s new headquarters will be located at 1200 Park Place, Suite 400, San Mateo, Calif. 94403. 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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