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Dorado Announces ChannelMaster Contract Renewal by Top-Tier Lender
Dorado Point-of-Sale Solution Helps Top-tier Lender Build Customer Loyalty and Improve Productivity in its Wholesale and Correspondent Channel
San Mateo, Calif.—July 5 , 2006—Dorado Corporation, delivering the power of the network to home lending, today announced that PHH Mortgage, a subsidiary of PHH Corporation (NYSE: PHH), has renewed its commitment to Dorado ChannelMaster for another two years. ChannelMaster provides PHH Mortgage’s wholesale/correspondent point-of-sale solution.
The ChannelMaster solution, which PHH Mortgage calls Speedy Online Application and Response (SOAR), was initially implemented in 2002 to help build loyalty and increase productivity among PHH Mortgage’s wholesale/correspondent customers. After four successful years marked by increased volume and adoption, the renewal will ensure its clients continue to benefit from the control and efficiency the solution provides.
“SOAR has enabled us to build stronger, more productive relationships with our correspondent partners over the past four years,” said Bob Smith, senior vice president, subsidiary operations and correspondent lending for PHH Mortgage. “With our renewed commitment to Dorado, we will continue to build upon the successes we have had so far. Our strategy includes an aggressive plan for further enhancing SOAR functionality, providing our correspondent partners with even broader product choices and more ways to provide excellent service to their customers.”
Using SOAR, PHH Mortgage correspondents can select a product, get pricing, order credit, underwrite a loan, register it, submit it, lock the loan, and get status – all at the point of sale. Once a loan has been submitted, PHH Mortgage correspondents can continue to update information on the file and immediately see the impact of those changes. Not only do these automated capabilities make PHH Mortgage more attractive to their customers, they make operations more streamlined for PHH Mortgage. Because SOAR has cut down on the amount of manual loan administration, PHH Mortgage staff now has more time to perform higher value functions such as sales planning and product strategy.
“PHH Mortgage was one of Dorado’s first customers, and I am very proud of our mutual ongoing commitment,” said Dain Ehring, chief executive officer, Dorado. “With our new agreement, our relationship is even more tightly integrated— their success, and the success of their customers, will become our success. One of the reasons our relationship has lasted so long is because we share a common goal. That is to treat our customers like partners and continually strive to build better solutions, together.”
PHH Mortgage
PHH Mortgage is the industry's leading provider of private label mortgage services and the top originator of mortgage loans by phone. A subsidiary of PHH Corporation (NYSE: PHH), PHH Mortgage provides mortgage services to financial institutions, real estate brokers, affinity groups, credit unions, corporations, and government agencies. In 2005, PHH Mortgage provided $48 billion in mortgage financing for American homes.
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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