Software solution enables electronic loan delivery to Countrywide's
Correspondent Division
JACKSONVILLE, Fla., March 29 /PRNewswire/ -- WellFound Decade Corporation,
a leading provider of business integration software, has announced the launch
of InvestorExpress(TM), a software solution that enables mortgage sellers to
electronically deliver mortgage loan data to their investors. Countrywide's
correspondent customers are the first to benefit from InvestorExpress, which
enables the electronic delivery of loans to Countrywide with unparalleled
accuracy, speed and cost-efficiency.
A software solution deployed by the mortgage seller, InvestorExpress
automatically extracts committed loan data from the seller's system,
translates the loan data into the investor's format of choice, and securely
delivers the data for the investor to upload into their system.
InvestorExpress drastically reduces funding and post-closing time and
costs for investors and lenders. Brian Goldberg, VP of Operations at
Countrywide, explains, "WellFound Decade's InvestorExpress represents an EDI
interface which is superior to all other interfaces developed to date into the
Countrywide Correspondent Division. It empowers our customers to deliver loan
data electronically so that an unprecedented 98.5 percent of data can be
accurately read electronically. This is a great improvement over our prior
options which enabled us to read less than 66 percent of data delivered. The
ability to accurately receive electronic loan data is a huge bonus to us and
our customers."
American Mortgage Express, the first of two lenders to implement
InvestorExpress, has experienced large savings and improvements in efficiency
since the November 2004 deployment. "It used to take us eight days to fund a
loan. Now it takes us only one or two," explains Kevin Chriton, Chief
Executive Officer of American Mortgage Express. "Within a two month period,
we have delivered 1,500 closed loans to Countrywide using WellFound Decade's
InvestorExpress solution. On overnight shipping costs alone at a fixed rate
of $5 per file, we have saved $7,500. That translates to $45,000 on annual
shipping charges alone."
Benefits of delivering loans to Countrywide via InvestorExpress transcend
beyond cost of shipping. When delivering loans through InvestorExpress,
American Mortgage Express finds that representations and warranty items no
longer hold up funding. That is, Countrywide offers American Mortgage Express
up to 60 days to clear any trailing documents or suspense items after the loan
is closed. Brian Fitzpatrick, President of WellFound Decade, adds,
"InvestorExpress enables American Mortgage Express to manage its warehouse
line to its financial benefit, either keeping loans in the line longer for
interim interest play, or by removing loans that are costly to house on the
line. It also dramatically shortens the time from delivery to purchase of
loans and improves managerial control of the delivery and sale of loans.
Overall, InvestorExpress helps mortgage sellers dramatically improve the
efficiency and reduce the costs of the loan closing process."
InvestorExpress is the first in a series of business connectivity
solutions that leverage components of WellFound Decade's flagship Mortgage
Integration Foundation(TM) software.
About WellFound Decade Corporation
WellFound Decade Corporation is a leading provider of standards-based
business integration software, with a primary focus on the financial services
industry. The firm's time-tested software serves companies of all sizes by
improving connectivity and collaboration throughout the enterprise. WellFound
Decade's flagship product, the Mortgage Integration Foundation, empowers
companies to rapidly integrate their current internal systems, users, and
external partners to produce a highly efficient, more cost-effective end-to-
end mortgage lending process - from origination through closing, to servicing,
secondary markets and default management. For more information, please
visit http://www.WellFoundDecade.com .
Contact
Tom Litke
EVP of Marketing and Products
WellFound Decade Corporation
(678) 741-2283
Tom.Litke@WellFoundDecade.com
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SOURCE WellFound Decade Corporation
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Related links:
HTTP: //www.WellFoundDecade.com
CONTACT:
Tom Litke, EVP of Marketing and Products of
WellFound Decade Corporation, +1-678-741-2283, or
Tom.Litke@WellFoundDecade.com
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