eCloser Unveils Spider 1.0; Variable Priced, Loan Origination, Processing and Closing System for Lenders

MBA Technology in Mortgage Banking Conference (Booth 805)



Apr 19, 2001, 01:00 ET from eCloser

    SAN FRANCISCO, April 19 /PRNewswire/ -- In response to decreasing margins
 and current inefficiencies inherent in the mortgage loan origination process,
 eCloser today announced the availability of the first release in its Spider
 product line.  Spider is a lending technology that automates the loan process
 from origination through closing, creating a cost efficient and streamlined
 workflow that effectively increases the competitive advantage of small-to-mid-
 sized lenders.
     eCloser's Spider platform is a sophisticated and flexible product that
 lowers the cost of loan origination for small-to-mid-sized wholesale lenders
 by extracting excessive costs from the loan process.  Spider removes duplicate
 steps, such as multiple re-entry of an applicant's personal information for
 each of the forms required during the course of originating and closing a
 loan.  By simplifying the process and removing unnecessary manual and
 repetitive steps, eCloser reduces the transaction costs of producing each
 loan.
     Spider is an ASP-delivered solution that incorporates all aspects of the
 lending business into a streamlined system, lowering the overall cost of
 technology ownership for lenders.  The cost savings are substantial when
 compared with the cost of a company developing its own proprietary technology
 or investing in costly traditional client/server based systems.
     "Our goal is to increase the competitive advantage for small and mid-sized
 lenders by saving them time and money, lowering the cost of technology and
 automating the process from point of sale to shipping," explained Nicholas
 Whittemore, eCloser president and CEO.  "We are changing the playing field for
 lenders, brokers and third party service providers by providing highly
 efficient tools that allow them to compete with the proprietary systems of the
 industry's largest players."
 
     eCloser's comprehensive solution includes a customized Web site,
 origination capabilities, product and pricing, underwriting, conditions
 management, loan status, event driven e-mail, loan processing, vendor
 connectivity, closing documents and post-closing functionality.  The first
 product released, Spider 1.0, will include:
 
     --  Private Label Web Site -- Enables a lender to quickly and easily
         establish a front-end portal branded with their own image and
         information.  The Internet acts as a front-end portal for the lender,
         allowing them to accept applications 24-hours a day.
 
     --  Site Configuration Tools -- Simple administration tools give lenders
         control over the information displayed on their site.  They can set
         pricing, control delivery, change rates and create new products in
         real-time by checking boxes to turn features "on or off."
 
     --  Program /Product Builds -- The lender has at their fingertips a quick
         and simple way to build products online and provide users with
         immediate updates and accurate information.  This feature
         significantly compresses the time required to deliver a new product to
         the marketplace.
 
     --  Online Entry of Loan Applications -- The user has the ability to enter
         a 1003 credit application over the Web site.  The web-based
         application applies the data to all of the forms the applicant would
         ordinarily be required to fill out multiple times.
 
     --  Online Pricing -- The pricing engine performs complex calculations
         producing accurate rate quotes and prices for first mortgage and
         A-paper loans, without requiring multiple sheets.  It can also provide
         monthly mortgage payments, mortgage insurance rates, annual percentage
         rates (APR), amortization schedules and rent vs. buy comparisons.
 
     --  Integration with Service Vendors -- In addition to the pricing engine,
         credit ordering can be performed directly through an interface with
         Equifax.  Broker files can be uploaded from the Point-of-Sale system
         and delivered into the lender's existing LOS systems.
 
     eCloser's products also provide small-to-mid-sized lenders with the
 ability to increase their volume and capacity.  With less time spent on the
 manual processing typically associated with each loan, lenders can redirect
 staff toward driving new business and reaching more existing customers.
     Future releases of the Spider product are due out in the third and fourth
 quarters of this year.  Each successive release will have all of the features
 included in the previous versions with enhanced functionality of added
 options.  Spider 2.0 will include automated loan decisioning, electronic
 ordering of mortgage insurance, title, appraisal flood, credit reports and
 overlay a workflow engine to the process.  All loan-processing transactions
 will be automated up to the point of loan delivery.  Spider 3.0 is expected to
 add regulatory document production and routing, as well as integration with
 additional service vendors.  Spider 4.0 will add retail loan processing
 capabilities as well as the addition of FHA and VA loans.
 
     About eCloser
     eCloser is a technology company providing business process outsourcing to
 the mortgage industry through an Application Service Provider (ASP) model that
 includes networking, hosting, software, and implementation.  eCloser's
 enterprise level technology delivers a sophisticated web-based and workflow
 enabled platform specifically designed to reduce lender-operating costs.
 eCloser has developed its Internet-based, Loan Origination System (LOS) as a
 rapidly deployable end-to-end solution to serve multiple channels of business
 and methods of communication.  For an online demonstration and more
 information, visit www.eCloser.com.
 
 

SOURCE eCloser
    SAN FRANCISCO, April 19 /PRNewswire/ -- In response to decreasing margins
 and current inefficiencies inherent in the mortgage loan origination process,
 eCloser today announced the availability of the first release in its Spider
 product line.  Spider is a lending technology that automates the loan process
 from origination through closing, creating a cost efficient and streamlined
 workflow that effectively increases the competitive advantage of small-to-mid-
 sized lenders.
     eCloser's Spider platform is a sophisticated and flexible product that
 lowers the cost of loan origination for small-to-mid-sized wholesale lenders
 by extracting excessive costs from the loan process.  Spider removes duplicate
 steps, such as multiple re-entry of an applicant's personal information for
 each of the forms required during the course of originating and closing a
 loan.  By simplifying the process and removing unnecessary manual and
 repetitive steps, eCloser reduces the transaction costs of producing each
 loan.
     Spider is an ASP-delivered solution that incorporates all aspects of the
 lending business into a streamlined system, lowering the overall cost of
 technology ownership for lenders.  The cost savings are substantial when
 compared with the cost of a company developing its own proprietary technology
 or investing in costly traditional client/server based systems.
     "Our goal is to increase the competitive advantage for small and mid-sized
 lenders by saving them time and money, lowering the cost of technology and
 automating the process from point of sale to shipping," explained Nicholas
 Whittemore, eCloser president and CEO.  "We are changing the playing field for
 lenders, brokers and third party service providers by providing highly
 efficient tools that allow them to compete with the proprietary systems of the
 industry's largest players."
 
     eCloser's comprehensive solution includes a customized Web site,
 origination capabilities, product and pricing, underwriting, conditions
 management, loan status, event driven e-mail, loan processing, vendor
 connectivity, closing documents and post-closing functionality.  The first
 product released, Spider 1.0, will include:
 
     --  Private Label Web Site -- Enables a lender to quickly and easily
         establish a front-end portal branded with their own image and
         information.  The Internet acts as a front-end portal for the lender,
         allowing them to accept applications 24-hours a day.
 
     --  Site Configuration Tools -- Simple administration tools give lenders
         control over the information displayed on their site.  They can set
         pricing, control delivery, change rates and create new products in
         real-time by checking boxes to turn features "on or off."
 
     --  Program /Product Builds -- The lender has at their fingertips a quick
         and simple way to build products online and provide users with
         immediate updates and accurate information.  This feature
         significantly compresses the time required to deliver a new product to
         the marketplace.
 
     --  Online Entry of Loan Applications -- The user has the ability to enter
         a 1003 credit application over the Web site.  The web-based
         application applies the data to all of the forms the applicant would
         ordinarily be required to fill out multiple times.
 
     --  Online Pricing -- The pricing engine performs complex calculations
         producing accurate rate quotes and prices for first mortgage and
         A-paper loans, without requiring multiple sheets.  It can also provide
         monthly mortgage payments, mortgage insurance rates, annual percentage
         rates (APR), amortization schedules and rent vs. buy comparisons.
 
     --  Integration with Service Vendors -- In addition to the pricing engine,
         credit ordering can be performed directly through an interface with
         Equifax.  Broker files can be uploaded from the Point-of-Sale system
         and delivered into the lender's existing LOS systems.
 
     eCloser's products also provide small-to-mid-sized lenders with the
 ability to increase their volume and capacity.  With less time spent on the
 manual processing typically associated with each loan, lenders can redirect
 staff toward driving new business and reaching more existing customers.
     Future releases of the Spider product are due out in the third and fourth
 quarters of this year.  Each successive release will have all of the features
 included in the previous versions with enhanced functionality of added
 options.  Spider 2.0 will include automated loan decisioning, electronic
 ordering of mortgage insurance, title, appraisal flood, credit reports and
 overlay a workflow engine to the process.  All loan-processing transactions
 will be automated up to the point of loan delivery.  Spider 3.0 is expected to
 add regulatory document production and routing, as well as integration with
 additional service vendors.  Spider 4.0 will add retail loan processing
 capabilities as well as the addition of FHA and VA loans.
 
     About eCloser
     eCloser is a technology company providing business process outsourcing to
 the mortgage industry through an Application Service Provider (ASP) model that
 includes networking, hosting, software, and implementation.  eCloser's
 enterprise level technology delivers a sophisticated web-based and workflow
 enabled platform specifically designed to reduce lender-operating costs.
 eCloser has developed its Internet-based, Loan Origination System (LOS) as a
 rapidly deployable end-to-end solution to serve multiple channels of business
 and methods of communication.  For an online demonstration and more
 information, visit www.eCloser.com.
 
 SOURCE  eCloser