First American Introduces SourceMaster(TM) Powered by Dorado
March 10, 2003
A Next Generation Technology for Vendor and Transaction Management With Advanced Bundling Capabilities
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- The First American Corporation (NYSE: FAF - News),a naitonal diversified provider of business information and related products and services, today announced that it has joined forces with Dorado Corporation to create SourceMaster(TM). SourceMaster is a next generation sourcing platform for the mortgage industry that provides a full suite of vendor and transaction management, and advanced bundling capabilities. SourceMaster will include interfaces to vendor service systems from Fannie Mae DU Connections and Freddie Mac LoanProspector.com. SourceMaster will be available in second quarter 2003.
SourceMaster gives customers a new Vendor Access Network (VAN)-independent technology that offers advanced bundling capabilities to meet current and developing market opportunities. Settlement service products can now be dynamically linked to loan programs and consumer information to meet the emerging need for bundles.
Bundling is the dynamic assembly of a set of settlement services products around loan program, property, borrower and lender characteristics. Dynamic means the system automatically creates a bundle on-the-fly, orders those services and manages through the completion of the loan transaction.
"This is comparable to Dell Computers in PC manufacturing," said Roger S. Hull, senior vice president and chief information officer with The First American Corporation. "Customers will be able to assemble a bundle for each individual order based on that individual's information, the property and the lender's risk parameters. Because it is VAN-independent, SourceMaster uniquely offers better vendor coverage, independent vendor performance measurement, advanced vendor management capabilities and better bundling support."
"Dorado is very proud to receive such a significant endorsement and support from this important partner," said Dain Ehring, chief executive officer of Dorado. "We are extending our demand chain management expertise from the midoffice of a premier lender to all of the vendors that support the loan completion process. The combination of Dorado's demand chain management technology and First American's track record of customer relationships and market access will make SourceMaster a success."
Source: The First American Corporation