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PHH Mortgage Brings Additional Products to Market Using the Flexibility of Existing Dorado Solutions
Top-tier lender adds home equity to point of sale platform
San Mateo, Calif.—June 26, 2007—Dorado Corporation’s ChannelMaster product is
providing the flexibility for current Dorado customer PHH Mortgage, a subsidiary of PHH
Corporation (NYSE: PHH), to add new product lines to its existing wholesale and
correspondent point of sale platform. PHH announced today that it has added home equity
loans to its ChannelMaster lending solution, which is designed to allow Dorado customers
to add new products to existing channels, without having to implement a new system.
"We are pleased that PHH Mortgage is extending their use of ChannelMaster," said
Dain Ehring, chief executive officer at Dorado. "PHH Mortgage wants to broaden its
available product lines, and ChannelMaster enables that type of enhancement quickly and
easily. This ability to on-board layers of new capability is one way Dorado helps lenders to
grow their businesses."
PHH Mortgage has been a Dorado customer since 2002, when the company first
implemented ChannelMaster as a point of sale system for its wholesale and correspondent
clients. The ChannelMaster solution, which PHH Mortgage has branded “Speedy Online
Application and Response” (SOAR), allows its brokers and correspondents to perform loan
submission, program selection, pricing, credit ordering, automated underwriting,
registration, and status monitoring at the point of sale. Now PHH has added home equity
lines of credit (HELOC) to complement its first mortgage product offering.
"The success we've had using Dorado ChannelMaster for our SOAR system made
us immediately consider Dorado," said Bob Smith, senior vice president, subsidiary
operations and correspondent lending for PHH Mortgage. "When the time came to look for a HELOC solution, our decision was easy; we simply added it to our existing
ChannelMaster platform."
Dorado ChannelMaster connects dispersed users with disparate systems and
business partners, creating a virtual dashboard of loan information. By bringing back-office
processes and information forward to the point of sale, it enables real-time status,
decisioning, and service ordering. The centralized viewing and control of all loans provided
by ChannelMaster allow bank managers to ensure that corporate goals are continuously
being met.
Dorado Corporation
Dorado Corporation is the only Enterprise Lending Automation Company that gives banks a
Network to streamline the loan process from start to finish. Targeting large and emerging
lenders in the United States and Canada, Dorado’s collaborative environment connects
data and documents with practices and people, enabling over 350,000 lending
professionals to increase productivity and better serve their customers. Leading lenders
including Aegis Home Equity, Chase, Countrywide, Everbank, Fifth Third Mortgage, First
Horizon Home Loans, GMAC Mortgage, GreenPoint Mortgage, PHH Mortgage, PNC
Consumer Services, Union Bank of California, and Washington Mutual have adopted
Dorado solutions. See www.dorado.com.
About 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 2006, PHH
Mortgage provided $41 billion in mortgage financing for American homes.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource
provider of mortgage and vehicle fleet management services. Its subsidiary PHH Mortgage
is one of the top ten retail originators of residential mortgages in the United States*, and its
subsidiary, PHH Arval, is a leading fleet management services provider in the United States
and Canada. For additional information about the company and its subsidiaries please visit our website at www.phh.com. *Inside Mortgage Finance, copyright 2006
Copyright © 2007 Dorado Corporation. All rights reserved. The Dorado logo, ChannelMaster, and PriceMaster are registered trademarks of Dorado Corporation. Other company and/or product names may be trademarks or registered trademarks of their respective companies.
Press contact:
Mike MacMillan / Chris Sullivan
MacMillan Communications
212-473-4442
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