Oak Street Mortgage Selects Dorado to Streamline Loan Origination Across All Channels

Dorado "Unified Point-of-Sale" Solution Helps Oak Street Cut Weeks From Loan Submission Time

San Mateo, Calif.—January 10, 2005—Dorado Corporation, the leader in mission-critical, on-demand solutions for home lending, today announced that Oak Street Mortgage has selected Dorado to streamline loan origination in its retail, wholesale, and correspondent channels. The Dorado Unified POS solution is designed to expedite the loan approval process by automating many manual processes, such as underwriting and pricing, and moving them to the point of sale.

“Dorado is enabling us to provide our brokers, loan officers, and correspondents with a new point-of-sale system that will unify and integrate many previously disparate aspects of our business,” said Steve Alonso, Chairman and CEO, Oak Street. “We have always relied on faxes, phone calls, and manual underwriting to run our channels. Our goal is to streamline cross-channel operations and reduce turn time from applications to funding. To achieve this, we want a new technological foundation that gives us more flexibility and automation, while helping us maintain our investment in our existing LOS. We believe Dorado can provide this for us.”

The Dorado Unified POS solution for Oak Street comprises three products: Dorado ChannelMaster®, Dorado PriceMaster®, and Dorado .MOR™. ChannelMaster is an award-winning, mission-critical, on-demand enterprise software product for multi-channel home loan marketing, origination and processing. ChannelMaster is designed to facilitate communication and improve productivity by tightly integrating all participants in the mortgage process— borrowers, third-party originators, loan officers and operations personnel—via secure, personalized Web sites. PriceMaster is designed to be a complete product and pricing system for the mortgage industry. Its rules-based decisioning engine enables centralized administration and rapid distribution of product, pricing, and eligibility information across an enterprise from a single pricing desk. Built on the Dorado .MOR Web Services platform, both products are designed to leverage industry standards and protocols to make integration with legacy LOS systems and external services fast to build, easy to maintain, and cost-effective to add.

Together, the products are designed to provide a multi-channel, Unified POS solution that delivers everything required for a third party originator or loan officer to initiate the loan process, select a product, underwrite the loan, and submit it in a matter of hours. Once loans are submitted, the system then hands them off to Oak Street’s system of record to finalize loan closure. The Dorado solution is expected also to give Oak Street Mortgage business managers more control over channel management, providing visibility into pipelines, as well as customer and loan status.

“As a growing national mortgage lender, Oak Street is striving to increase market share,” said Dain Ehring, CEO, Dorado Corporation. “To move to the next level in today’s competitive environment, mortgage lenders know they need to take maximum advantage of leading-edge technologies that can help them grow, scale, streamline, and change. We have designed the Dorado Unified POS system to move critical mid-office functionality to the point of sale, which permits lenders to drive any loan, from any channel, at any time. Dorado is focused on providing these types of solutions for our customers, enabling them to enhance their face to the customer, while maximizing their investment in back-end systems.”

Oak Street Mortgage

Oak Street Mortgage LLC®, headquartered in Carmel, Indiana, provides loans for home purchase, mortgage refinancing, and debt consolidation. A positive customer experience along with a fast, simple loan process, has been the company's mantra since its founding in 1999. To reach a loan specialist at Oak Street, customers may call Oak Street's national toll-free number, 1-800 LOAN NOW. Additional information can be found at www.oakstreetmortgage.com.

Dorado Corporation

Dorado Corporation is the leader in mission-critical, on-demand solutions for home lending. Dorado’s innovative solutions are installed by numerous top-tier and emerging tier lenders and today enable more than 140,000 lending professionals to increase efficiency and productivity at the point of sale. The solutions also drive cross-sell/up-sell opportunities by increasing workflow flexibility and simplifying technology integrations for leading lenders such as Chase Manhattan Mortgage Corporation, Citi, Countrywide Home Loans, and Washington Mutual. www.dorado.com.

Copyright © 2005 Dorado Corporation. All rights reserved. THe Dorado logo,Dorado ChannelMaster and Dorado PriceMaster are registered trademarks of the Dorado Corporation. Dorado, Dorado SourceMaster, and Dorado .MOR are trademarks of Dorado Corporation. Other company and/or product names may be trademarks or registered trademarks of their respective companies.

Press contact:
Melinda Mattei
Dorado Corporation
650-227-7329