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First American Loan Processing Division and Dorado Deliver the Power of the Network to Customers
New Dorado and First American Fulfillment Services Solution Gives Lenders On-demand, Point-of-Sale Access to Networked Pricing and Origination Capabilities
San Mateo, Calif.—March 29 , 2006—Dorado Corporation, delivering the power of the network to home lending, today announced that First American Fulfillment Solutions has partnered with Dorado to deliver a true end-to-end loan origination solution. Using the Dorado ChannelMaster®/POS and PriceMaster offerings, First American Fulfillment customers will now have the ability to leverage point-of-sale and pricing functionality when utilizing First American Fulfillment Solutions.
The offering creates a multi-client solution where First American Fulfillment customers can browse loan programs and pricing, select programs and rates, collect the loan application and submit to Fulfillment Solutions without the need for external systems or services. The offering will allow lenders the ability to rapidly expand their footprint or experiment with new markets without significant resource and technology constraints.
In addition to the partnership, First American Fulfillment Solutions has selected ChannelMaster ®/POS and PriceMaster as their internal technology solution for a variety of loan officer and consumer related functions for the newly introduced Mortgage Lead Services offering. The Dorado technology will be used in conjunction with First Americans’ state of the art call center technology, proprietary loan processing, workflow and decision systems to provide call center and processing solutions to the marketplace.
“The combination of Dorado and First American provides a powerful solution for our customers,” said Ravi Ramanathan, President, First American Fulfillment Solutions. For lenders who want to use First American for either lead servicing or loan processing, we can now provide on-demand, point of sale access to a host of critical networked capabilities.”
Dorado ChannelMaster/POS is a multi-channel, networked point-of-sale solution for home lending that connects dispersed users, disparate systems and business partners through a Unified POS, fostering real-time collaboration and communication. ChannelMaster also brings back-office workflow to the point of sale, enabling real-time status, decisioning, and service ordering. For bank managers, ChannelMaster provides centralized viewing and control of all loans from all channels, ensuring corporate goals are continuously being met.
Dorado PriceMaster is a smart, networked pricing engine and mortgage product catalog that was designed from the ground up for the mortgage industry. PriceMaster enables business users to rapidly create risk-based pricing that can be instantaneously delivered to every channel and business unit with no IT involvement. PriceMaster provides faster time to market and lower total cost of ownership than horizontal pricing engines, enabling administrators to rapidly create very complex rules and associated programs.
“First American & Dorado are using the power of the network to remove friction for major lenders. No other single company or partnership is doing this in the market today,” said Frank Florence, SVP Marketing & Corporate Development for Dorado. “Before the Internet, this wasn't even possible. Our partnership with First American provides us with many joint opportunities to deliver innovative, integrated solutions for lenders that expand top line volume, deliver bottom line results, and accelerate time-to-market”
First American Fulfillment Solutions
First American Fulfillment Solutions, a member of The First American Family of Companies, is a complete private-labeled mortgage processing solution, providing lenders and brokers with the crucial resources required for growing and managing their mortgage business. With fully customizable services, First American Fulfillment Solutions provides businesses with the advantage of an immediate partnership with First American, the nation’s leading provider of business information. First American Fulfillment Solutions is a wholly owned operating subsidiary of First American Trust®, authorized to perform services for lenders and brokers in connection with their lending activities in all 50 states. For more information, visit www.faloansolutions.com.
First American Corporation
The First American Corporation (NYSE: FAF), a FORTUNE 500 ® company that traces its history to 1889, is America’s largest provider of business information. 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 five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, and Risk Mitigation and Business Solutions—a new segment that the company formed in 2005 by combining its Credit Information and Screening Information segments. With revenues of $8.1 billion in 2005, First American has approximately 2,100 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 200,000 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 © 2006 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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