Prado Mortgage Implements Dorado/First American Technology To Increase Mortgage Approvals Among Hispanic Homebuyers

Integrated Point-of-Sale Capabilities Ensure Borrowers Are Presented Best Possible Interest Rate and Closing Cost Combination

San Mateo and Santa Ana, Calif.—Oct. 14, 2005—Dorado Corporation and The First American Corporation (NYSE: FAF) today announced that Prado Mortgage, a leading lender to the Hispanic community, has deployed a Dorado/First American integrated point-of-sale (POS) mortgage origination solution. In this offering, Dorado will combine its industry leading origination technology with First American’s capabilities as the nation’s leading real estate information provider to meet the unique needs of Hispanic homebuyers.

The Prado solution integrates Dorado ChannelMaster® and Dorado PriceMaster® with First American’s alternative credit products and guaranteed settlement bundles to provide Prado’s affiliated mortgage brokers with automated lending capabilities at the POS. The solution leverages Dorado’s state-of-the-art pricing engine to load hundreds of combinations of loan programs from multiple investors into one dynamic engine. The network-based POS application allows a trusted mortgage broker/advisor to quickly input introductory financial information on behalf of the consumer from any location using a standard Internet connection. By searching through hundreds of different loan programs to produce the very best options for the borrower, the dynamic pricing engine returns the lowest interest rate and up-front cost combination, avoiding unintentional high-cost loan offers and reducing application denials.

“Prado’s partnership with Dorado and First American will open more doors to Hispanic homebuyers by empowering our agents with best-in-class mortgage technology,” said Gary Acosta, CEO, Prado Mortgage. “With this platform, our agents are able to select the right loan products at the right price, at the point-of-sale for our borrowers. The Dorado/First American solution is so easy to use that we can get new affiliates up and running on the system immediately and deliver consistent, reliable service to all Hispanic homebuyers. I’m confident that this application will further Prado’s operational capacity and grow our business.”

The solution enables Prado broker-advisors to pull credit, select a loan program and pre-approve a consumer in minutes at the POS. The Dorado/First American combination enables Prado to maintain a highly-leveraged business model in which the services it provides to its entire value chain—from lender investors to affiliates to consumers—are completely outsourced, enabling Prado to concentrate its efforts on leveling the playing field for the burgeoning Hispanic market.

“First American is highly focused on closing the homeownership gap, and we see this product as another step toward that goal,” said Landon V. Taylor, vice president of Market Development at First American. “By providing our innovative Anthem credit scoring products—which enable borrowers with limited or nonexistent traditional credit to qualify for loans based on alternative payment histories—and our guaranteed-price settlement services bundles at the point-of-sale, First American is helping eliminate barriers facing many minority homebuyers and the loan officers who serve them. Combined with our outsourced loan fulfillment services, the Dorado product offers lenders a complete, turn-key emerging markets lending channel.”

“Our lending technology will ensure consistent and fair mortgage pricing for borrowers in all communities, especially the minority and new immigrant home buyers that have been under-served,” said Dain Ehring, CEO of Dorado Corporation. “The industry is seeking solutions to increase approval rates among minority loan applicants. As a result, leading mortgage lenders are in search of state-of-the-art mortgage technology solutions that enable the automated presentation and delivery of the best mortgage product at the best price for all borrowers. I am proud to work with First American to make our mortgage applications available for lenders of all sizes and help them serve the rapidly growing minority and new immigrant housing market with confidence and clear market advantage. Finally, we are proud to have been selected by Prado Mortgage to help launch this emerging markets technology solution focused on the Hispanic market. ”

For Prado Mortgage, Dorado ChannelMaster facilitates communication and improves productivity by tightly integrating all participants in the mortgage process—consumers, partners, third-party originators, loan counselors, loan officers and operations personnel—at the point of sale. Dorado PriceMaster is a complete product and pricing solution 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 a service-oriented architecture, both products are designed to leverage industry standards and protocols to make integration with legacy loan origination systems and external services fast to build, easy to maintain, and cost-effective to add.

“There are a number of outstanding loan programs available today that have been designed to accommodate the unique needs of minority borrowers,” said Acosta. “The problem is that many of these loan programs never make their way to the consumer, due to loan officer or mortgage broker unawareness, or unwillingness to take additional steps to get the consumer approved for the best loan for which they can qualify. The Dorado technology enables a mortgage lender to ensure that their company always offers the best possible loan program to all consumers.”

Prado Mortgage

Prado Mortgage is a residential direct mortgage lender established in 2004 with retail loan origination offices in California and Texas and a regional wholesale office in Nevada. Prado deploys a multi-investor platform and focuses primarily on the Hispanic and other high-growth emerging markets. Prado plans on expanding its physical presence to Arizona, New Mexico and Colorado in 2006.

The First American Corporation

he First American Corporation (NYSE: FAF), a Fortune 500 company that traces its history to 1889, is the nation’s largest data provider. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.72 billion in 2004, First American has 31,000 employees in approximately 2,000 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.

Dorado Corporation

Dorado Corporation delivers an on-demand network of applications and services to the home lending point of sale. Dorado’s innovative network-based solutions are utilized by numerous top- and emerging-tier lenders and today enable more than 185,000 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. Dorado ChannelMaster and Dorado PriceMaster are registered trademarks of the Dorado Corporation. Dorado, the Dorado logo, 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