Equifirst Corporation Marks First Anniversary With Enterprise-wide LOS From Eastern Software, Citing Improved Workflow Efficiency From Customized System Development

North Carolina-based Lender Selected Eastern Software Hands Down Over

The Competitors



Apr 18, 2001, 01:00 ET from Eastern Software Corporation

    SAN FRANCISCO, April 18 /PRNewswire/ -- Eastern Software Corporation,
 national provider of the enterprise-wide loan origination system (LOS)
 Empower!(TM), announced the company's first anniversary with lending partner
 Equifirst Corporation whose technology deployment was completed in March 2000.
 Equifirst is a sub-prime lender who is licensed in 39 states and currently has
 200 users throughout the company utilizing the software.  The lender handled
 more than $750 million in loan originations in 2000.
     Equifirst originally set out to create an LOS internally, though time
 constraints eventually forced the company to investigate what was currently
 available on the market.  Narrowing the field to six major LOS providers,
 Equifirst looked at what the different systems had to offer and then chose two
 products to test with an internal user group.  In the end, Empower! won out
 over the competition, with Equifirst citing comprehensiveness, adaptability,
 and flexibility that all the other 'off-the-shelf' systems do not provide.
     "We wanted control of functionality, as well as the ability to move at our
 own pace in developing additional specialized segments," said Beth Butcher,
 director of Information Technology for Equifirst.  "Empower! gave us a good
 foundation to get us off the ground running, as well as the flexibility to
 customize and tailor the system to meet the needs of Equifirst and the way we
 do business."
     Equifirst is committed to providing resources within the company to stay
 competitive, and in turn, toward the development of Empower!.  The company has
 since established an internal project team, comprised of technical and
 professional staff, to rapidly customize the system if and when business needs
 dictate.
     "We designed Empower! to include as many of the standard mortgage banking
 functions as possible -- then we added ease of customization, which companies
 weigh heavily on when evaluating an LOS," said Joseph Delaney, president and
 CEO of Eastern Software Corporation.  He added, "Companies need to change
 quickly, and when they make the decision to change, they do not want to wait
 for vendor provider enhancements to be implemented.  By all accounts, we have
 created a product that alleviates these growing pains."
 
     About Equifirst Corporation
     Equifirst Corporation, a wholly owned subsidiary of Regions Bank based in
 Birmingham, Ala., has its corporate headquarters in Charlotte, N.C. and has
 lending licenses in 39 states.  Equifirst was founded in 1989 as a wholesale
 lender to serve the non-conforming lending market, and today maintains more
 than 3,000 approved mortgage brokers and employs approximately 330 people.
 For more information about Equifirst Corporation, visit the company's Web site
 at www.equifirst.com or call (704) 679-4400.
 
     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 18 /PRNewswire/ -- Eastern Software Corporation,
 national provider of the enterprise-wide loan origination system (LOS)
 Empower!(TM), announced the company's first anniversary with lending partner
 Equifirst Corporation whose technology deployment was completed in March 2000.
 Equifirst is a sub-prime lender who is licensed in 39 states and currently has
 200 users throughout the company utilizing the software.  The lender handled
 more than $750 million in loan originations in 2000.
     Equifirst originally set out to create an LOS internally, though time
 constraints eventually forced the company to investigate what was currently
 available on the market.  Narrowing the field to six major LOS providers,
 Equifirst looked at what the different systems had to offer and then chose two
 products to test with an internal user group.  In the end, Empower! won out
 over the competition, with Equifirst citing comprehensiveness, adaptability,
 and flexibility that all the other 'off-the-shelf' systems do not provide.
     "We wanted control of functionality, as well as the ability to move at our
 own pace in developing additional specialized segments," said Beth Butcher,
 director of Information Technology for Equifirst.  "Empower! gave us a good
 foundation to get us off the ground running, as well as the flexibility to
 customize and tailor the system to meet the needs of Equifirst and the way we
 do business."
     Equifirst is committed to providing resources within the company to stay
 competitive, and in turn, toward the development of Empower!.  The company has
 since established an internal project team, comprised of technical and
 professional staff, to rapidly customize the system if and when business needs
 dictate.
     "We designed Empower! to include as many of the standard mortgage banking
 functions as possible -- then we added ease of customization, which companies
 weigh heavily on when evaluating an LOS," said Joseph Delaney, president and
 CEO of Eastern Software Corporation.  He added, "Companies need to change
 quickly, and when they make the decision to change, they do not want to wait
 for vendor provider enhancements to be implemented.  By all accounts, we have
 created a product that alleviates these growing pains."
 
     About Equifirst Corporation
     Equifirst Corporation, a wholly owned subsidiary of Regions Bank based in
 Birmingham, Ala., has its corporate headquarters in Charlotte, N.C. and has
 lending licenses in 39 states.  Equifirst was founded in 1989 as a wholesale
 lender to serve the non-conforming lending market, and today maintains more
 than 3,000 approved mortgage brokers and employs approximately 330 people.
 For more information about Equifirst Corporation, visit the company's Web site
 at www.equifirst.com or call (704) 679-4400.
 
     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