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Union Bank of California Rolls Out Dorado "Underwriting Highway" Broker Platform
Dorado Unified Point of Sale Automates Approvals, Increases Loan Volume for Union Bank Wholesale Channel
San Mateo, Calif.—Sept. 21, 2005—Dorado Corporation, providing the on-demand network at the lender point of sale, today announced Union Bank of California (Union Bank) has rolled out the Dorado Unified Point-of-Sale (POS) platform to its exclusive broker network. Leveraging Dorado ChannelMaster® and PriceMaster®, the Dorado Unified POS platform provides an “underwriting highway” for brokers, which will underwrite up to 70% or more of Union Bank’s loans, and shave 20-25% off approval times. The new system has positioned Union Bank to significantly increase loan volumes without having to add staff. With the Dorado Unified POS, Union Bank’s brokers now have the power to price and lock loans, order settlement services, submit exception requests, check loan status, and get automated loan approvals right at the point of sale. Loan data is electronically uploaded from the brokers’ POS to Union Bank’s new web-based platform.
“Implementing the Dorado Unified Point of Sale has been a dramatic and welcome change for our brokers, and for Union Bank,” said Craig Cole, Union Bank’s senior vice president of sales and marketing for residential lending. “Union Bank deals in very high balance loans to affluent clients, requiring streamlined underwriting and documentation. Prior to implementing the Dorado solution, our system was entirely manual, cumbersome and time consuming for our brokers and our staff. With our new streamlined processes, we are now equipped to handle more volume efficiently without hiring more staff. We selected Dorado because they offered the only solution that could automate our unique workflow, and it’s starting to pay off.”
The Dorado Unified POS for Union Bank’s wholesale channel comprises two products: Dorado ChannelMaster and Dorado PriceMaster. Dorado ChannelMaster provides point-of-sale access to the Dorado on-demand lending network, ensuring streamlined, best-of-breed loan production. ChannelMaster also facilitates communication and improves productivity by tightly integrating all participants in the mortgage process at the point of sale.
Dorado PriceMaster is 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 rules across an enterprise from a single pricing desk. Both ChannelMaster and PriceMaster are built on a service-oriented architecture designed to leverage industry standards and protocols. This design makes integration with legacy LOS systems and external services faster, easier to maintain, and more cost-effective to implement.
“Union Bank of California needed automation in the face of complexity,” said Dain Ehring, CEO, Dorado Corporation. “Only a system like the Dorado Unified POS, which delivers on-demand access to a network of home lending services and components, can address the requirements of a process as complex as Union Bank’s. Now Union Bank can focus on best serving their client’s needs, rather than worrying about which piece of paper is stuck where in a disjointed process flow.”
About Union Bank of California
Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding company with assets of $51.2 billion at June 30, 2005. Its primary subsidiary, Union Bank of California, N.A., had 318 banking offices in California, Oregon and Washington, and 21 international facilities, at June 30, 2005. The company's Web site is located at www.uboc.com.
Member FDIC
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
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