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Dorado Announces Fifth Third Bank Begins Phased Rollout of Dorado Channelmaster
Integrated Point-of-Sale Solution Enables Top Lender to Better Serve Broker Network
San Mateo, Calif.—May 1 , 2006—Dorado Corporation, delivering the power of the network to home lending, today announced that The Fifth Third Mortgage Company, a division of Fifth Third Bank, has begun a phased rollout of the Dorado ChannelMaster®/POS networked, on-demand loan origination solution. Beginning with a select group of brokers, the solution will soon be deployed nationwide to help Fifth Third increase market share and better serve their loyal broker network. By giving all brokers and branches a single point-of-sale (POS) solution that integrates and automates origination, Fifth Third is creating a more efficient and productive processing solution to help brokers save processing time and close more loans.
“Fifth Third has an aggressive growth strategy, and our broker channel is an integral component of that strategy,” said Stewart Greenlee, senior vice president, Fifth Third Bank. “We believe the Dorado solution gives us a competitive edge for building broker loyalty and growing market share in this channel by enabling us to attract more brokers and increase productivity from each one. Also, time to market with this solution was a critical part of our decision to go with Dorado. They promised us they could get it up and running in a specific timeframe, and they kept their promise.”
Dorado ChannelMaster/POS is a multi-channel, networked point-of-sale solution for home lending. It integrates all participants in the mortgage process—brokers, loan officers, processors, and partners—at the point of sale, 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. In addition, ChannelMaster delivers point-of-sale access to a network of Internet-based applications and services called the Dorado Networked Community. These services include credit reporting, automated underwriting, settlement services, and up-front and closing documents.
The Fifth Third ChannelMaster/POS solution seamlessly integrates with the bank’s system of record, which finalizes loan closure once loans are submitted. It also leverages their legacy pricing engine to make nationwide pricing more readily available to brokers.
A unique feature Dorado designed into the Fifth Third solution is the ability to capture snapshots of a loan as it progresses through the workflow. These snapshots provide an archive of the loan’s history, which can be viewed at any time, even months or years after the loan has been fulfilled. This repository provides Fifth Third with information never before available about the origination process, helping them to guard against broker error.
Dorado ChannelMaster/POS will dramatically streamline workflow and automate many manual processes for Fifth Third’s wholesale channel, delivering critical loan marketing and origination capabilities to the broker point of sale. In addition, all broker activities are consolidated with a single solution that ensures consistent, efficient processes and gives Fifth Third managers a single view of the broker pipeline. With the new system in place, Fifth Third anticipates brokers will have a more satisfying user experience, and loans will close more quickly. Also, the flexible platform will enable brokers to quickly scale processing around customer demand.
“Fifth Third knows that technology is the key to achieving its aggressive growth goals,” said Dain Ehring, CEO, Dorado Corporation. “They selected Dorado because we have the right combination of leading-edge technology, vision, and stability to be their strategic vendor partner. Dorado is the right answer for companies who want to rapidly achieve breakthrough growth and remain competitive well into the future.”
Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $105.0 billion in assets, operates 19 affiliates with 1,132 full-service Banking Centers, including 120 Bank Mart® locations open seven days a week inside select grocery stores and 2,028 Jeanie® ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates four main businesses: Retail, Commercial, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2006, has $203 billion in assets under care, of which it manages $33 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded through the NASDAQ® National Market System under the symbol “FITB.” Member FDIC. Equal Housing Lender.
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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