PORTLAND, Ore., Jan. 19 /PRNewswire/ -- Citibank Mortgage, one of the
nation's leading mortgage lenders, has broadened its use of
Concentrex Incorporated's (Nasdaq: CCTX) mortgage origination product.
Citibank Mortgage, the mortgage subsidiary of Citigroup, initially
purchased the mortgage origination system in 1998 to put on the desktops of
more than 1,100 Citibank Mortgage employees within its broker, telesales,
correspondent and retail business groups. Through Internet integration with
Concentrex Mortgage, the St. Louis, Missouri-based Citibank Mortgage will
offer online mortgage loan origination. As a multi-state mortgage lender,
Citibank Mortgage can also facilitate document compliance in all 50 states
using Concentrex Mortgage.
In December 1999, Citibank Mortgage agreed to purchase more than
600 additional licenses for the software system for use in both their
St. Louis and Farmington Hills, Michigan locations. Citibank also purchased a
three-year license to use Concentrex Geocoding, which helps lenders assure the
accuracy of applicant addresses.
Concentrex Mortgage system offers mortgage lenders such as Citibank
Mortgage broad functionality, customization capabilities, and ease of use.
Its open system architecture, functionality and features are designed to help
mortgage lenders realize increases in productivity and enhance customer
service capabilities. Customers of financial institutions using Concentrex
Mortgage benefit from reduced decision and closing times.
Concentrex Mortgage is a Windows-based, 32-bit client/server mortgage
origination system that automates each step in the mortgage lending process
including origination, loan processing, decisioning, and closing. Concentrex
offers mortgage lenders a comprehensive software solution from origination and
sale, to post closing. Concentrex Mortgage has been licensed by approximately
30 financial institutions since its release in March 1998.
Concentrex Incorporated, based in Portland, Oregon, is a leading provider
of technology-powered solutions to deliver financial services including
solutions for real-time host processing and accounting, branch automation,
loan origination, new account opening, call center management, cross selling
of products and electronic commerce. Concentrex serves over 5,000 financial
institutions of all types and sizes in the United States. Concentrex has
major offices in 11 additional cities across the country. Its World Wide Web
address is http://www.concentrex.com.
This release contains forward-looking information and estimates of
performance that involve risk and uncertainty. These risks and uncertainties
could cause results to differ materially from the forward-looking information
and include, among other things, difficulty in predicting trends and demands
for products in the banking and financial institutions marketplace, changes
necessitated in products, problems in satisfying performance requirements, and
pressures from our competitors, including price and the introduction of
competing products. For additional information and risks affecting
Concentrex, please refer to our Securities and Exchange Commission reports
filed under the Securities Exchange Act.
SOURCE Concentrex Incorporated
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Related links:
http://www.concentrex.com
Company News On-Call:
http://www.prnewswire.com/comp/135635.html or fax,
800-758-5804, ext. 135635
CONTACT:
Tom Gauntt, Public Relations, 503-274-7280,
ext. 2177, or tgauntt@concentrex.com, or Investors, Deanna
Whitestone, Investor Relations, 503-274-7280, ext. 2418, or
dwhitestone@concentrex.com, both of Concentrex Incorporated; or
Retail, Brett Maas or Joe Dorame, or Analyst/Institutional, Joe
Diaz, or Media, Jeff Stanlis, jstanlis@rcgonline.com, all of RCG
Capital Markets Group, Inc., 480-675-0400, for Concentrex
Incorporated
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