For Flagstar Bank, Electronic Mortgage Closings are Up and Running-Enabled Through the eOriginal(TM) Mortgage Solution

Apr 18, 2001, 01:00 ET from eOriginal Inc.

    BALTIMORE, April 18 /PRNewswire/ -- eOriginal Inc., the only software
 solution provider for transferable electronic negotiable instruments,
 securities and source records, and Flagstar Bancorp, Inc. (Nasdaq: FLGS),
 holding company of Flagstar Bank, FSB, the largest independent savings
 institution headquartered in Michigan, today announced an agreement to
 integrate eOriginal's electronic mortgage solution with Flagstar's loan
 origination software process.  The integrated solution will enable Flagstar to
 create and complete legally enforceable, fully electronic mortgage loans.
     Initially, Flagstar will offer these services to its borrowers in Oakland
 County, Michigan, and will expand to other counties in Michigan and Indiana in
 the future.  Using eOriginal's patented system, loan documents will be
 delivered via the Internet to the closing agent's office and signed
 electronically.  These digital documents will then be transmitted to the
 County Recorders' Office for verification and recordation and then returned to
 Flagstar.  Ownership of the loan will be transferred electronically by
 Flagstar to a secondary market investor-all via the Internet-without the
 exchange of paper.
     The eOriginal(TM) mortgage solution has demonstrated a reduction in what
 is normally a 45-day business process to about four hours.
     "Flagstar's decision to integrate the eOriginal(TM) system was heavily
 based on their electronic transferable record capability as well as their
 ability to process data and support the emerging mortgage industry technology
 standards.  The eOriginal(TM) mortgage solution also includes process controls
 for all participants in the creation, storage and access of the documents,"
 said Mark T. Hammond, vice chairman and president of Flagstar.  "This system
 can significantly cut loan processing costs by hundreds of dollars, and we
 applaud their efforts to bring this leading edge technology to the real estate
 finance industry."
     "Flagstar is a top 20 lender in retail and wholesale loan volume, and
 we're excited that they have chosen to team with us and be one of the first
 lenders to offer this electronic mortgage solution to their customers," said
 Joe Bryant, president, Real Estate Group for eOriginal.  "At eOriginal, we
 continue to work closely with the Mortgage Industry Standards Maintenance
 Organization (MISMO), and Government Sponsored Enterprises, as they develop
 technology procedures for the mortgage industry.  We intend to make our
 mortgage solution fully compliant with these guidelines as we push to
 standardize the eOriginal(TM) mortgage solution throughout the industry."
     In addition to its mortgage industry solution, eOriginal is developing
 Application Service Provider (ASP) platforms for the commercial equipment and
 automotive leasing industry and the domestic and international trade and
 transportation industries.  The eOriginal(TM) core technology components and
 architecture, eCore(TM), will also be able to be licensed by enterprise
 companies to create, execute, store, trade, transfer and syndicate legally
 enforceable, electronic negotiable instruments and source records using
 existing enterprise applications platforms.
 
     About eOriginal
     eOriginal Inc. is the only software solution provider for transferable
 electronic negotiable instruments, securities and source records which enable
 enterprises to execute secure, online business transactions in which legally
 enforceable electronic documents completely replace paper as the essential
 high value assets or source records.  It is the only company that offers a
 complete, comprehensive and integrated solution capable of creating Electronic
 Originals(TM) that are legally accepted as the electronic equivalent of
 negotiable instruments and insured by a respected global insurance provider,
 and the only e-commerce solution that fully complies with all six transferable
 record criteria of E-Sign and Uniform Electronic Transactions Act (UETA)
 legislation.  eOriginal Inc. is headquartered in The Warehouse at Camden Yards
 in Baltimore, MD.  For more information, please visit www.eoriginal.com.
 
     About Flagstar
     Flagstar Bancorp's wholly owned subsidiary, Flagstar Bank, FSB, which has
 over $5.8 billion in total assets, is the largest independent savings
 institution headquartered in Michigan.  Flagstar currently operates 57 bank
 branches with over $1.9 billion in retail deposits, including the Company's
 internet branch which is accessible at www.flagstar.com.
     The Flagstar banking centers are located throughout southern Michigan and
 Indiana.  Flagstar also operates 42 loan origination centers located
 predominantly in Michigan and 15 correspondent lending offices located across
 the United States.  Flagstar Bank is one of the largest originators of
 residential mortgage loans in the United States.
 
     Contact:
      Susan Penn
      eOriginal
      410-625-5151
      slpenn@eoriginal.com
 
      Erica Steinig
      Brodeur Worldwide
      617-587-2091
      esteinig@brodeur.com
 
 

SOURCE eOriginal Inc.
    BALTIMORE, April 18 /PRNewswire/ -- eOriginal Inc., the only software
 solution provider for transferable electronic negotiable instruments,
 securities and source records, and Flagstar Bancorp, Inc. (Nasdaq: FLGS),
 holding company of Flagstar Bank, FSB, the largest independent savings
 institution headquartered in Michigan, today announced an agreement to
 integrate eOriginal's electronic mortgage solution with Flagstar's loan
 origination software process.  The integrated solution will enable Flagstar to
 create and complete legally enforceable, fully electronic mortgage loans.
     Initially, Flagstar will offer these services to its borrowers in Oakland
 County, Michigan, and will expand to other counties in Michigan and Indiana in
 the future.  Using eOriginal's patented system, loan documents will be
 delivered via the Internet to the closing agent's office and signed
 electronically.  These digital documents will then be transmitted to the
 County Recorders' Office for verification and recordation and then returned to
 Flagstar.  Ownership of the loan will be transferred electronically by
 Flagstar to a secondary market investor-all via the Internet-without the
 exchange of paper.
     The eOriginal(TM) mortgage solution has demonstrated a reduction in what
 is normally a 45-day business process to about four hours.
     "Flagstar's decision to integrate the eOriginal(TM) system was heavily
 based on their electronic transferable record capability as well as their
 ability to process data and support the emerging mortgage industry technology
 standards.  The eOriginal(TM) mortgage solution also includes process controls
 for all participants in the creation, storage and access of the documents,"
 said Mark T. Hammond, vice chairman and president of Flagstar.  "This system
 can significantly cut loan processing costs by hundreds of dollars, and we
 applaud their efforts to bring this leading edge technology to the real estate
 finance industry."
     "Flagstar is a top 20 lender in retail and wholesale loan volume, and
 we're excited that they have chosen to team with us and be one of the first
 lenders to offer this electronic mortgage solution to their customers," said
 Joe Bryant, president, Real Estate Group for eOriginal.  "At eOriginal, we
 continue to work closely with the Mortgage Industry Standards Maintenance
 Organization (MISMO), and Government Sponsored Enterprises, as they develop
 technology procedures for the mortgage industry.  We intend to make our
 mortgage solution fully compliant with these guidelines as we push to
 standardize the eOriginal(TM) mortgage solution throughout the industry."
     In addition to its mortgage industry solution, eOriginal is developing
 Application Service Provider (ASP) platforms for the commercial equipment and
 automotive leasing industry and the domestic and international trade and
 transportation industries.  The eOriginal(TM) core technology components and
 architecture, eCore(TM), will also be able to be licensed by enterprise
 companies to create, execute, store, trade, transfer and syndicate legally
 enforceable, electronic negotiable instruments and source records using
 existing enterprise applications platforms.
 
     About eOriginal
     eOriginal Inc. is the only software solution provider for transferable
 electronic negotiable instruments, securities and source records which enable
 enterprises to execute secure, online business transactions in which legally
 enforceable electronic documents completely replace paper as the essential
 high value assets or source records.  It is the only company that offers a
 complete, comprehensive and integrated solution capable of creating Electronic
 Originals(TM) that are legally accepted as the electronic equivalent of
 negotiable instruments and insured by a respected global insurance provider,
 and the only e-commerce solution that fully complies with all six transferable
 record criteria of E-Sign and Uniform Electronic Transactions Act (UETA)
 legislation.  eOriginal Inc. is headquartered in The Warehouse at Camden Yards
 in Baltimore, MD.  For more information, please visit www.eoriginal.com.
 
     About Flagstar
     Flagstar Bancorp's wholly owned subsidiary, Flagstar Bank, FSB, which has
 over $5.8 billion in total assets, is the largest independent savings
 institution headquartered in Michigan.  Flagstar currently operates 57 bank
 branches with over $1.9 billion in retail deposits, including the Company's
 internet branch which is accessible at www.flagstar.com.
     The Flagstar banking centers are located throughout southern Michigan and
 Indiana.  Flagstar also operates 42 loan origination centers located
 predominantly in Michigan and 15 correspondent lending offices located across
 the United States.  Flagstar Bank is one of the largest originators of
 residential mortgage loans in the United States.
 
     Contact:
      Susan Penn
      eOriginal
      410-625-5151
      slpenn@eoriginal.com
 
      Erica Steinig
      Brodeur Worldwide
      617-587-2091
      esteinig@brodeur.com
 
 SOURCE  eOriginal Inc.

RELATED LINKS

http://www.flagstar.com