Ameriquest Mortgage Corporation Implements 'Live' Operation of Eastern Software's Empower!

Eastern Software's Largest Installation Successfully Deploys Throughout All

Lines of Business



Apr 16, 2001, 01:00 ET from Eastern Software Corporation

    SAN FRANCISCO, April 16 /PRNewswire/ -- MBA Booth: 602 -- Eastern Software
 Corporation, national provider of the enterprise-wide loan origination system
 (LOS) Empower!(TM), announced that Orange, Calif.-based Ameriquest Mortgage
 Corporation has successfully installed and deployed Empower! throughout its
 national branch network.  Ameriquest Mortgage is one of the nation's largest
 specialty lenders, funding more than $5 billion annually, and the company was
 ranked among the nation's top 50 lenders by American Banker in its "Top
 Residential Mortgage Originators in 2000."  Supporting more than 1,800
 concurrent users, Ameriquest Mortgage is now Eastern Software's largest
 installation.
     Ameriquest leveraged existing customized efficiencies and enhancements
 from its previous LOS by migrating and integrating them into Empower!  This
 approach enabled Ameriquest to take advantage of the new system's
 efficiencies, technology and simplified user functions and workflow, while
 ensuring that valuable customized features were retained, according to Lynn
 Ryan, executive vice president and CIO of Ameriquest Mortgage Corporation.
     "We were exceptionally judicious in selecting Eastern Software as our LOS
 partner, because this is one of the most strategic business applications for
 our particular industry," said Ryan.  "Not only did we examine the technology
 system, but we also looked at Eastern's capabilities as a company -- what
 exactly could they deliver?  Throughout the contract negotiations process,
 both sides were equally candid about delivery and expectations.  Because of
 that process and candor, we had a smooth installation and there were no
 surprises."
     This full deployment followed a successful ten-month development and
 installation period, and a two-month production pilot program.  The pilot
 program included a diverse branch office mix with all processing functions and
 system interfaces ultimately producing a "funded loan."  The company is
 deploying the Empower! system throughout its multiple lines of business.
     "Ameriquest understood from the beginning what they wanted from a new LOS,
 and that vision guided them significantly in their selection of Eastern as a
 technology partner, as well as throughout installation," said Joseph Delaney,
 president and CEO of Eastern.  He added, "Undergoing a system conversion is
 very stressful and difficult, even when you know what you want and how you're
 going to get there.  Ameriquest's decision to partner with Eastern is a
 testament to the power of our technology, as well as to the professionalism
 and experience of our associates.  We look forward to a long and prosperous
 business partnership with Ameriquest."
 
     About Ameriquest Mortgage Company
     Ameriquest, founded in 1980 as Long Beach Savings and Loan, is the
 nation's largest retail subprime lender.  The company originates, purchases,
 sells and services specialty finance mortgage loans.  There are currently 193
 retail branches in 30 states and more than 2,700 employees.  Ameriquest
 borrowers typically seek to consolidate debt and reduce monthly payments, with
 the majority of loans made to specialty finance borrowers who are unable to
 qualify for traditional credit because of credit history, income or other
 factors causing them not to conform to standard agency lending criteria.
 For more information about Ameriquest Mortgage Corporation, visit the
 company's Web site at www.ameriquestmortgage.com or call (800) 523-3964.
 
     About Eastern Software Corporation
     Founded in 1983, Eastern Software Corporation is a privately held, Sharon,
 Pa.-based provider of enterprise-wide loan origination systems.  The company's
 flagship product, Empower!, provides users sophisticated tools to compete in
 today's rapidly evolving market.  Built from the ground up as a 32-bit, N-tier
 client/server application, Empower! offers lenders open architecture with
 comprehensive design tools, multiple database connectivity, and thin-client
 technology.  The system also offers a multidimensional workflow design engine,
 an artificial intelligence (AI) engine, and is Internet enabled.
 Empower! is used by many of the nation's 200 largest lenders including
 Ameriquest, CitiMortgage sub-prime operations, Downey Savings & Loan, E-Loan
 and IndyMac Bank.
     For more information about Eastern Software, visit the company's Web site
 at www.easternsoftware.com ; or call at 1-800-441-0830.
 
 

SOURCE Eastern Software Corporation
    SAN FRANCISCO, April 16 /PRNewswire/ -- MBA Booth: 602 -- Eastern Software
 Corporation, national provider of the enterprise-wide loan origination system
 (LOS) Empower!(TM), announced that Orange, Calif.-based Ameriquest Mortgage
 Corporation has successfully installed and deployed Empower! throughout its
 national branch network.  Ameriquest Mortgage is one of the nation's largest
 specialty lenders, funding more than $5 billion annually, and the company was
 ranked among the nation's top 50 lenders by American Banker in its "Top
 Residential Mortgage Originators in 2000."  Supporting more than 1,800
 concurrent users, Ameriquest Mortgage is now Eastern Software's largest
 installation.
     Ameriquest leveraged existing customized efficiencies and enhancements
 from its previous LOS by migrating and integrating them into Empower!  This
 approach enabled Ameriquest to take advantage of the new system's
 efficiencies, technology and simplified user functions and workflow, while
 ensuring that valuable customized features were retained, according to Lynn
 Ryan, executive vice president and CIO of Ameriquest Mortgage Corporation.
     "We were exceptionally judicious in selecting Eastern Software as our LOS
 partner, because this is one of the most strategic business applications for
 our particular industry," said Ryan.  "Not only did we examine the technology
 system, but we also looked at Eastern's capabilities as a company -- what
 exactly could they deliver?  Throughout the contract negotiations process,
 both sides were equally candid about delivery and expectations.  Because of
 that process and candor, we had a smooth installation and there were no
 surprises."
     This full deployment followed a successful ten-month development and
 installation period, and a two-month production pilot program.  The pilot
 program included a diverse branch office mix with all processing functions and
 system interfaces ultimately producing a "funded loan."  The company is
 deploying the Empower! system throughout its multiple lines of business.
     "Ameriquest understood from the beginning what they wanted from a new LOS,
 and that vision guided them significantly in their selection of Eastern as a
 technology partner, as well as throughout installation," said Joseph Delaney,
 president and CEO of Eastern.  He added, "Undergoing a system conversion is
 very stressful and difficult, even when you know what you want and how you're
 going to get there.  Ameriquest's decision to partner with Eastern is a
 testament to the power of our technology, as well as to the professionalism
 and experience of our associates.  We look forward to a long and prosperous
 business partnership with Ameriquest."
 
     About Ameriquest Mortgage Company
     Ameriquest, founded in 1980 as Long Beach Savings and Loan, is the
 nation's largest retail subprime lender.  The company originates, purchases,
 sells and services specialty finance mortgage loans.  There are currently 193
 retail branches in 30 states and more than 2,700 employees.  Ameriquest
 borrowers typically seek to consolidate debt and reduce monthly payments, with
 the majority of loans made to specialty finance borrowers who are unable to
 qualify for traditional credit because of credit history, income or other
 factors causing them not to conform to standard agency lending criteria.
 For more information about Ameriquest Mortgage Corporation, visit the
 company's Web site at www.ameriquestmortgage.com or call (800) 523-3964.
 
     About Eastern Software Corporation
     Founded in 1983, Eastern Software Corporation is a privately held, Sharon,
 Pa.-based provider of enterprise-wide loan origination systems.  The company's
 flagship product, Empower!, provides users sophisticated tools to compete in
 today's rapidly evolving market.  Built from the ground up as a 32-bit, N-tier
 client/server application, Empower! offers lenders open architecture with
 comprehensive design tools, multiple database connectivity, and thin-client
 technology.  The system also offers a multidimensional workflow design engine,
 an artificial intelligence (AI) engine, and is Internet enabled.
 Empower! is used by many of the nation's 200 largest lenders including
 Ameriquest, CitiMortgage sub-prime operations, Downey Savings & Loan, E-Loan
 and IndyMac Bank.
     For more information about Eastern Software, visit the company's Web site
 at www.easternsoftware.com ; or call at 1-800-441-0830.
 
 SOURCE  Eastern Software Corporation