Mortgage tech companies partner for loan origination
March 29, 2006
Agreement connects lenders with on-demand, point-of-sale tools
Dorado Corp., a mortgage technology company, today announced a partnership with First American Fulfillment Solutions to deliver end-to-end loan origination tools.
Through this partnership, First American Fulfillment customers can browse loan programs and pricing, select programs and rates, collect the loan application and submit to Fulfillment Solutions without the need for external systems or services. The offering will allow lenders to expand their footprint or experiment with new markets without significant resource and technology constraints, the companies announced today.
In addition to the partnership, First American Fulfillment Solutions has selected Dorado's ChannelMaster/POS and PriceMaster products as its internal technology solution for a variety of loan officer and consumer-related functions for the newly introduced mortgage lead services offering. The Dorado technology will be used in conjunction with First American's call-center technology, proprietary loan processing, workflow and decision systems to provide call center and processing solutions to the marketplace.
Ravi Ramanathan, president of First American Fulfillment Solutions, said in a statement, "For lenders who want to use First American for either lead servicing or loan processing, we can now provide on-demand, point-of-sale access to a host of critical networked capabilities."
Dorado ChannelMaster/POS is a multichannel, networked point-of-sale solution for home lending that connects dispersed users, disparate systems and business partners, fostering real-time collaboration and communication. ChannelMaster also brings back-office workflow to the point of sale, according to the announcement. For bank managers, ChannelMaster provides centralized viewing and control of all loans.
Dorado PriceMaster is a networked pricing engine and mortgage product catalog. PriceMaster enables business users to create risk-based pricing that can be delivered to every channel and business unit. PriceMaster provides lower total cost of ownership than horizontal pricing engines, according to the announcement, enabling administrators to create complex rules and associated programs.
"First American and Dorado are using the power of the network to remove friction for major lenders," said Frank Florence, senior vice president of marketing and corporate development for Dorado. "Before the Internet, this wasn't even possible."
First American Fulfillment Solutions, a member of The First American Family of Companies, offers private-labeled mortgage processing tools.
Copyright 2006 Innam News