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FOR IMMEDIATE RELEASE
March 10, 2003
| Michael Korch |
Patti Boerger Ignition MTS Phone: (703) 903-2445 Email: patricia_boerger@freddiemac.com |
Ignition's Loan Officer Plus® Customers to Migrate to Originator Pro
Bellevue, WA and Sausalito, CA, March 10, 2003 - Netupdate, Inc. and Ignition Mortgage Technology Solutions, Inc. today announced that Netupdate will add Ignition's LockPoint Xtra® pricing and distribution tool to its Originator Pro point-of-sale system. In addition, users of Ignition's Loan Officer Plus loan origination system, which is being discontinued, can now easily migrate to Originator Pro using the new LOP Migration Program from Netupdate that incorporates data migration, software installation, and product training with minimum impact to a lender's back-office operations.
The combination of Netupdate's Originator Pro and Ignition's LockPoint Xtra provides mortgage lenders with a powerful and proven point-of-sale solution for their retail-lending channel. The mission-critical, enterprise-wide product and pricing capabilities of LockPoint Xtra enables lenders to operate on a single, investor-neutral technology platform that supports every lending channel – correspondent lending, wholesale, retail and consumer-direct.
"LockPoint Xtra and Originator Pro provide mortgage professionals with new tools to greatly improve customer satisfaction for borrowers and real estate professionals," said Diane Holmstrom, Netupdate's Chief Executive Officer. "When you add the capabilities of LockPoint Xtra to Originator Pro, lenders reap the benefits of improved operational efficiencies in product and pricing management across all of their origination channels. LockPoint Xtra eliminates the need to have separate pricing and product systems for the lender's other origination channels."
Ignition's LockPoint Xtra enables mortgage lenders to access real-time, risk-based rate, product and price information, and electronically price and lock loans via the Internet. In 2002, it enabled lenders to enter into mortgage commitments exceeding $85 billion.
Loan Officer Plus
Ignition has made a business decision to discontinue Loan Officer Plus and
further focus on its core products: LockPoint Xtra and Pipeline Tools.
Netupdate will manage the transition process whereby all Loan Officer Plus
customers can easily migrate to Originator Pro, Netupdate's flagship
Point-Of-Sale System for Mortgage Lending Professionals.
"We're extremely honored to be selected by Ignition to care for the Loan Officer Plus family of customers," said Holmstrom. "Ignition's selection of Originator Pro is another indicator that validates the direction Netupdate took three years ago in designing a unique Web-delivered point-of-sale system that brings together the loan officer, borrower, and real estate professional."
"We're very enthusiastic about the positive benefits for our Loan Officer Plus users, and the opportunities to offer Originator Pro to lenders that need or use LockPoint Xtra," said Jim Taylor, Ignition's Executive Vice President and Chief Operating Officer. "With the addition of Originator Pro, LockPoint Xtra delivers a unique and compelling business and technology solution for lenders. As product eligibility and pricing becomes an essential element of lender profitability, many lenders will need to re-evaluate their existing technology. LockPoint Xtra and Originator Pro provides a solution to meet their needs."
For more information about the Loan Officer Plus migration program, visit www.netupdate.com/LOP, or call Netupdate at 1-800-593-9492. For more information about LockPoint Xtra, visit www.ignitionmts.com, or call Ignition at 1-800-275-6190.
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.
About Ignition
Ignition Mortgage Technology Solutions, Inc. is a Freddie Mac company dedicated
to expanding home ownership in America. Ignition provides products that permit
lenders to integrate their loan origination with the secondary market, leading
to increased loan productivity and efficiency for the mortgage banking
industry. More information on Ignition can be found at
www.ignitionmts.com.
© 2003 Netupdate, Inc. All rights reserved. Netupdate, Originator Pro, and Netupdate.com are trademarks of Netupdate, Inc. All other marks are owned by their respective entities.
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