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January 14, 2003 Netupdate Launches Express Pre-Approval Application for Mortgage Originators New Module quickly obtains loan recommendation and delivers online Lender-branded Pre-Approval Letter Bellevue, WA, January 14, 2003 - Netupdate, Inc., a premier mortgage software services company, today announced Express Pre-Approval Application (XPA), a new add-on module for Originator Pro™, Netupdate's flagship Point-of-Sale System for mortgage professionals. XPA starts with a borrower-friendly online pre-approval application powered by Fannie Mae technology that gathers the minimum amount of data required to rapidly obtain a loan recommendation through a simple interview process. "Originators are looking for tools that accelerate the application process," explains Diane Holmstrom, Netupdate CEO. "This feature delivers a fast online pre-approval through the industry’s leading automated underwriting system. The loan application is much easier and faster to complete than the full 1003, and it automatically creates and electronically delivers the pre-approval letter online, reducing the amount of lender shopping performed by a prospective borrower." XPA allows the borrower to enter limited financial information, obtain a pre-approval decision from the lender online, and if pre-approved, print out the pre-approval letter in a matter of minutes. The XPA Module is embedded within Originator Pro, Netupdate’s Point-of-Sale System that enables mortgage professionals to more rapidly identify, engage, and approve borrowers than their competitors who use traditional loan origination software and disconnected web sites. Lenders can implement the module in a loan officer-assisted model, consumer-direct model, or both. For more information about XPA or Originator Pro, visit www.Netupdate.com, or call Netupdate at 1-800-593-9492. About Netupdate Netupdate, Inc. (www.Netupdate.com) is a software services company providing solutions that enable people to work together online, significantly reducing the time, cost, and complexity of mortgage industry transactions. Netupdate's tools extend mission-critical business applications onto the Internet, moving lenders from expensive, slow, paper-based transactions to efficient, integrated transactions. By allowing each person involved in the lending transaction to interactively share information and documents, and to communicate in a managed fashion, Netupdate solutions reduce transaction time, streamline back-office processes, and provide improved borrower satisfaction. Headquartered in Bellevue, Washington, Netupdate is funded by Alexander Hutton Venture Partners, Greenstone Venture Partners, Irwin Ventures, and Timberline Venture Partners. © 2002 Netupdate, Inc. All rights reserved. Netupdate, Originator Pro, Loanupdate and Netupdate.com are trademarks of Netupdate, Inc. All other marks are owned by their respective entities.
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