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Dorado Announces ChannelMaster Home Equity
New ChannelMaster Release Offers Home Equity Support for Retail and Wholesale Channels
San Mateo, Calif.—March 5, 2003—Dorado Corporation, the leader in Demand Chain Management for home lending, today announced availability of ChannelMaster™ Home Equity, a demand chain management solution for home equity loan origination. The new Home Equity (HE) version extends ChannelMaster’s proven loan origination functionality to support home equity loans and credit lines originated in the wholesale and retail channels. Available now, the first signed customer for ChannelMaster HE is Citicorp.
ChannelMaster HE enables home equity lenders to originate both open- and closed-ended loans as individual transactions or as “piggyback” seconds with a primary mortgage loan. The loan officer or broker can search and select home equity products, verify eligibility and lock rates, complete and submit applications, manage pipelines, and monitor processing status. By automating home equity origination, ChannelMaster HE enables more efficient processing, better coordination between home equity and mortgage channels, and more competitive product and pricing offerings.
“With this new version of ChannelMaster, a lender’s home equity operations can be much more highly automated,” said Joseph W. Jennings, president, Dorado Corporation. “Home equity can be extended into mortgage origination channels more easily, mid-office functions can be shared and leveraged, and the opportunity for up- and cross-sales can be increased.”
Dorado ChannelMaster HE is a Web services-enabled application. Using Dorado’s .MOR™ Server, ChannelMaster HE may be integrated with external and legacy systems that are part of a lender’s processing workflow, such as automated decisioning, rate locking, settlement services, and other mid- and back-office functions.
Dorado ChannelMaster HE Features
In addition to the standard ChannelMaster features, ChannelMaster HE includes the following features:
| Feature |
Description |
| Loan Application Data Model and Form |
Customer data record includes full 1003 data
set with home equity extensions as well as loan product, closing
cost, credit, underwriting, and other loan processing data elements. |
| Loan Product Data Model |
Data model for loan products including standard
fields for home equity products such as amortization, rate,
points, open/closed-ended, draw parameters, etc. |
| Search and View Loan Products |
Specify values for search criteria, view Search
Results list of products that match specified values, view details
for any product in Search Results. For home equity loans as
seconds ("piggybacks"), criteria for both first and
second are specified and search results reflect dependencies
of second on first. |
| Select Loan Product |
Choose product from Search Results and associate
it with loan application. First and second may be chosen as
a pair. |
| Calculation Engine |
Industry standard calculation engine is used
for APR, amortization schedule, and other TIL and home equity
disclosure calculations. |
| Up-front Documents |
Automated generation of home equity disclosures. |
| Option: Rate Lock |
For selected loan product, lock date, interest
rate, and lock term can be selected and locked. Optional integration
with external locking system can be configured to automatically
import lock information.
For joint first and second, system supports both joint and individual
locks |
| Option: Automated Decisioning |
System may be integrated with decisioning engine
for automated return of application results. |
.MOR Web Services
Dorado .MOR Web Services and partners for Home Equity include: Documents (VMP Mortgage Forms), Settlement Services (First American), Compliance (ComplianceEase), and legacy systems (ACAPS). Dorado PriceMaster™ 2.0 is a Web services-based pricing engine. PriceMaster 2.0 offers advanced loan product life-cycle management and provides “plug-and-play” support for multiple channels and legacy applications. It has been deployed at GreenPoint Mortgage, Chase Manhattan Mortgage, Guaranty Residential Lending, and HomeBanc.
Availability
Dorado ChannelMaster HE is available now.
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 contacts:
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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