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Dorado Introduces the Enterprise Lending System
Company Launches Industry’s First Solution to Unify All Lending Operations Through a Single Point of Sale
Orlando, Fla.—March 30, 2005—Dorado Corporation, the leader in mission-critical, on-demand solutions for home lending, today launched the industry’s first lending solution and service platform that enables unification of all loan channels, products, services, personnel, customers, and fulfillment partners through a single point of sale. The Dorado Enterprise Lending System (ELS) provides a centralized view and control of any loan, any channel, any user, and any partner, at any time. It is designed to gracefully work with existing systems, allowing lenders to deploy a Unified Point of Sale (UPOS) strategy today. The new solution was demonstrated to industry CTOs and CIOs for the first time last night at an exclusive dinner held by Dorado at the Citrus Club in Downtown Orlando, Florida.
About The Dorado ELS
The Dorado ELS encompasses, enhances, integrates, and augments all Dorado product components, including ChannelMaster®, PriceMaster®, SourceMaster™, .MOR™, and third-party services, delivering one “best-of-breed” system for loan production. All ELS applications and services are delivered through a Unified POS using a service-oriented architecture (SOA) that enables rapid, cost-effective integration of people, information, systems, and services across multiple technology platforms, business channels, and partners.
As a result, the Dorado ELS allows lenders to choose and rapidly integrate the products, services, and vendors they want to leverage across their lending processes, enabling them to develop a best-of-breed production strategy. For example, with ELS, a lender can easily integrate a strategic fulfillment provider, or add new channels or initiatives without having to rebuild hard-coded interfaces. The ELS’s standardized, service-oriented architecture dramatically reduces the cost of professional services customization, and decreases implementation cycle time for these types of integrations.
“This new Dorado solution enhances First American’s Fulfillment Services (FAFS) because we can integrate with the lender’s process flow, no other fulfillment provider can do that,” said Roger Hull, CIO, First American. “We believe it is the wave of the future for home lending. Through these orchestrated services, First American will be providing service solutions to lenders on demand, drastically lowering overall production costs, while increasing their options.”
Dynamic Process Flows and Centralized Business Controls
One of the goals of the Dorado ELS is to provide an open solution to ensure lenders will never be locked-in to obsolete processes, programs, or technologies, giving them the speed and flexibility they need to be more competitive and responsive to market changes.
To ensure maximum speed and flexibility, the Dorado ELS enables dynamic, event-driven process flows. At the core of the Dorado ELS is a layered architecture that separates service modules from the orchestration process, which determines the sequence of service calls based on rules and application context. The creation of well-defined, interoperable service interfaces enables one instance of a service, such as automated underwriting, pricing and eligibility, document ordering, credit ordering, appraisal, or compliance checks, to be leveraged across the enterprise and called upon at any time in the process. The Dorado orchestration process takes this a step further by enabling business people to define and manage rules that determine process flows in response to events precipitated by other services or user interactions.
Take for example the growing adoption of automated valuation models (AVMs) in place of full appraisals for certain classes of loans. The lower cost and faster response times of AVMs benefit both the consumer and the lender. The ability to rapidly change which loans can use AVMs (based on loan characteristics like LTV and loan product) and have that change manifest at the point of sale as tasks in a dashboard on a loan-by-loan basis is an example of the improved business agility derived from the proper architecture.
Dorado’s ELS architecture also eliminates “product-centric silos” within a lender’s organization and gives bank managers a comprehensive view of the loan pipeline across all channels and business units. By providing centralized business management tools, the ELS gives business users centralized control over enterprise-wide business policies that can be defined and maintained by them, enabling them to dynamically adjust programs and processes to ensure business goals are continuously being met. These tools also mean better, more flexible control over lending policies, which improves risk management. This superior flexibility also enables the Dorado ELS to accommodate a wide variety of business models, organizational structures, and product offerings.
On the desktop, the Dorado ELS offers an unparalleled user experience that optimizes both efficiency and satisfaction through the use of new Rich Internet Application technology. Rich Internet Applications utilize advanced, ubiquitous Internet-based technology to provide sophisticated real-time client-side user interaction combined with the convenience and cost-effectiveness of distributed, Web-based environments.
For example, with the ELS, loan officers or brokers can navigate pages and save information using common keystroke combinations, just like they would with a regular desktop application. The Dorado ELS user interface also supports the ability to drag and drop content from one area of the application to another, and updated information in one area automatically updates in all other areas of the application. Also, users never have to refresh the page. Alerts and updates to information, status, and pricing happen dynamically, all within the browser. Rich client-side validation also provides feedback in case of data entry errors.
Together, these capabilities will enable the Dorado ELS to provide a fully automated, end-to-end lending process that will integrate and streamline every step of originating, processing, closing, and funding mortgage loans, as well as delivering them to investors. And finally, the system enables the mortgage point of sale to be leveraged across the bank to cross- and up-sell customers on home loan-related products and services, or other financial services offered by the bank.
“The Dorado ELS will revolutionize a lender’s mortgage operation, without forcing them to replace any software they are currently using,” said Dain Ehring, CEO, Dorado. “It’s amazing to me that in 2005 lenders are still paying tens of millions of dollars just to have their new LOS systems integrated, and spending years to implement them. With the Dorado ELS, those days are over. More importantly, without those integration costs, partners can now bring true value to lenders with the least possible time to market.”
Availability
Phase one of the Dorado ELS, delivering on-demand capabilities to the point of sale, will be available in Q2 2005. Subsequent phases released in 2005 will deliver on-demand underwriting, closing, funding, shipping, and delivery.
About The First American Corporation
The First American Corporation (NYSE: FAF) is a Fortune 500 company that traces its history to 1889. As the nation’s largest data provider, the company supplies businesses and consumers with information resources in connection with the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. 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 1,800 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 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 160,000 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, Universal American Mortgage Corporation, 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
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