Fremont Bank Implements the Encomia eMortgage Solution

June 23, 2006

Bay Area Community Bank Deploys End-to-End Electronic Mortgage Technology

HOUSTON--(BUSINESS WIRE) Encomia, a provider of end-to-end eMortgage technology, is providing electronic mortgage technology to Fremont, Calif.-based Fremont Bank, a full service community bank with more than 20 branches.

Fremont plans to originate fully electronic mortgages soon through the Encomia eMortgage solution, which provides financial institutions with a comprehensive tool kit that features the creation of SMART Docs, electronic signature capability and secure document archival. As more of the bank's institutional investors continue to accept these loans, it plans to increase the size of its eMortgage portfolio.

With the implementation of the Encomia eMortgage solution, which took less than 90 days, Fremont has begun a substantial shift away from paper mortgages. SMART Doc loan applications have increased throughput and reduced the amount of time needed for a decision on funding. Additionally, the bank is already storing loan documents electronically.

Fremont selected Encomia because it was the only eMortgage technology provider that enabled fully electronic origination and allowed the bank to gradually increase the number of electronic loans in its portfolio.

"Encomia's technology, customer service and customization capabilities are years ahead of other providers," said Tami Fuller, manager of System Development and Administration of Fremont Bank. "We now have the technology in place to originate mortgages electronically. As more and more investors and borrowers become comfortable with eMortgage, this piece of our portfolio will continue to grow. As this percentage increases, our customers will see the benefit of a greater cost savings."

Source: Encomia