 | CoreLogic Dorado Receives Notice of Allowances for U.S. Patent for
"Dynamic Workflow Architectures for Loan Processing"
Patent covering the company's cloud computing-based technology for managing multi-party lending processes is major milestone for CoreLogic Dorado
San Mateo, California—July 28, 2010—CoreLogic Dorado Corporation, a leader in cloud computing-based consumer lending technology, announced today that the company has been granted a Notice of Allowance by the U.S. Patent and Trademark Office (PTO) for "Dynamic Workflow Architectures for Loan Processing," a method for processing a loan application.
"This is a major milestone for CoreLogic Dorado," said Rob Carpenter, CTO at CoreLogic Dorado. "This patent for 'Dynamic Workflow Architectures for Loan Processing,' on top of another PTO patent that we received last year, validates the unique value of CoreLogic Dorado's approach to managing complex, data-intensive transactions in the cloud. When you take into account that our technology has been running at some of the largest banks in the world, the patent represents a significant boost forward for CoreLogic Dorado as we enhance the number of value-added services in our mortgage processing operations, and potentially expand our product suite into new consumer lending markets."
Dain Ehring, CoreLogic Dorado CEO further commented, "This second of two patents received by CoreLogic Dorado in the past year provides us with significant competitive advantage as we extend our software-as-a-service applications deeper into the mortgage handling process, and as we build on the extensibility of the platform-as-a-service foundation that is the basis of all our products. Because CoreLogic Dorado's now patented processes were built in the cloud from the ground up, we are best positioned over both legacy LOS providers and new technology entrants to take advantage of what we call the 'Mortgage 2.0 Era' – with constant change the norm, and where only the most agile of financial institutions will succeed."
In its patent application, CoreLogic Dorado recognized that there have been a number of significant advances in workflow automation in recent years. Underlying many of these, however, is the assumption that the working environment is relatively static and that the processes themselves are often linear in nature and have straightforward sequencing. By way of contrast, mortgage and other forms of consumer lending are more complex with tasks distributed across multiple geographies, enterprises and systems, and where no single entity has sufficient influence to impose control. The CoreLogic Dorado patent covers the company's proprietary technology for managing this highly fluid lending process in which the sequences of actions are not always known in advance.
An important aspect of dynamic workflow is that there is no over-arching rigid sequence or "flow" that defines the process. Rather, the subset of activities displayed at any given moment is governed by the states of all known activities, i.e. what has already been completed, what is open and/or needs attention, and what is yet to be completed, with different users seeing different subsets of the activities. The strength of this non-deterministic, build-as-you-go approach is that it is much easier to add new types of activities, rules, users, and products into the system without having to work through all possible flows, exceptions, and implications of each addition.
This is the second patent received by CoreLogic Dorado in the last year. On July 7, 2009, the company was granted patent #7,558,748 for "Purpose-Based Adaptive Rendering," covering the idea that content and appearance of websites can be made dependent on user behavior. This first CoreLogic Dorado patent is based on the way the company is developing its applications for flexibility using innovative architectural constructs, upon which the company's current development philosophy around agility stems. The inventors of both patents include company employees who have been with CoreLogic Dorado since its inception in 1998 – founders CEO Dain Ehring and CTO Rob Carpenter, and vice president of product development Matt Wyman.
Several of CoreLogic Dorado's patent inventors will be attending two conferences this fall: the Mortgage Bankers Association (MBA) Mortgage Operations Conference in Dallas, TX from September 19-21, 2010, and the MBA's 97th Annual Convention and Expo in Atlanta, GA from October 24-27, 2010. CTO Rob Carpenter will speak at the Dallas conference on the panel topic of "Automating Quality: Ensuring Loan Data Accuracy through Delivery."
CoreLogic Dorado Corporation is a leading provider of collaborative cloud computing applications and architecture to the financial services industry. The company offers fully automated on-demand solutions for managing and tracking complex integrations and data-intensive transactions for financial institutions. The company's marquee Enterprise Lending System encompasses the ChannelMaster™ mortgage loan origination system and PriceMaster™ pricing engine, enabling financial institutions to run and centrally monitor the consumer lending process from lead generation through post-close. Along with the benefits of cloud computing applications—increased functionality and dependability with minimal capital costs, flexible configurations, rapid deployment and agile performance—CoreLogic Dorado’s customers also gain competitive advantage via production workflow enhancements, better control over the product mix and built-in compliance. The company's pay-for-performance model also provides a more predictably priced alternative to single-point solutions, closed systems and internal development. The company was named a "Hot Banking Technology Company to Watch" by Forrester Research in 2009, and has been a Top 50 Mortgage Technology Provider since 2005. CoreLogic Dorado’s customers include tier-one mortgage lenders, leading regional banks and growing financial institutions in the U.S. and Canada.
Contacts:
Kristina J. Yee
Sr. Director, Marketing & Communications
CoreLogic Dorado Corporation
+01.650.227.7329
Chris Sullivan
Public Relations Counsel
MacMillan Communications
+01.212.473.4442
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