|
Close Window |
|
October 20, 2003 Netupdate Introduces Originator Pro 4.0 and Two New Products - New products create a complete suite of point-of-sale technology - San Diego, CA - – At the Mortgage Bankers Association’s 90th Annual Convention & Expo, Netupdate, Inc., a premier developer of lending technologies, is unveiling Originator ProSM Version 4.0, its next generation in point-of-sale technology. In addition to the new version of the company’s flagship product, Netupdate is introducing its Product & Pricing Service and Wholesale Connect. These products, which can be used together or independently, comprise the new Netupdate Mortgage Origination Software Suite. Originator Pro is an integrated point-of-sale system for retail and wholesale lenders that closes loans faster by improving data collection, communication and data integration. “By releasing these new products as well as the new version of our point-of-sale system, we are introducing an integrated software suite that addresses the key mortgage origination problems experienced by loan officers, wholesale lenders and secondary marketing,” said Diane Holmstrom, CEO of Netupdate. “Our products not only contain the must-have point-of-sale system features, but they help transform the average loan officer into the trusted financial advisor their customers want. This approach is gaining significant interest as lenders strategize how to weather the new mortgage climate.” The latest version of Originator Pro introduces warranted initial disclosure documents for the top 10 originating states in the country. Through embedded Document Selection LogicTM technology provided by Compliance Systems Inc., the loan officer is automatically provided with all federal and state-specific initial disclosures required to complete the initial disclosure package. Netupdate plans to add documents for additional states in the near future. Originator Pro 4.0 also allows loan officers to capture client information at the point-of-sale and offer a side-by-side comparison and open house flyer highlighting the types of loans available to prospective borrowers. This will improve an originator’s ability to provide the best product that meets a client’s needs. Side-by-side comparisons can be printed and given to the customer, or automatically delivered electronically to the borrower’s private, secure Web site provided by the Originator Pro system. “We have listened to the feedback from our clients,” said Michael Korch, marketing manager at Netupdate, “and this new version of Originator Pro gives them the tools they need early in the sales process to be more efficient, responsive, competitive and therefore, more valuable to their customers.” The Netupdate Product & Pricing Service is a comprehensive system that delivers real-time, risk-adjusted product eligibility and pricing information enabling loan officers to make more educated loan recommendations. Loan officers or borrowers can initiate a search based on specific loan criteria and instantly receive a list of eligible programs. Originator Pro automatically calculates and communicates estimated APR, P&I and estimated closing costs. Wholesale Connect addresses the problem wholesale lenders are confronted with of receiving loan files from brokers and correspondents in a multitude of formats—on paper, via fax and mail, and electronically from numerous loan origination systems (LOS) in proprietary file formats. Wholesale Connect is a hosted Web service that automatically identifies and securely transfers loan applications directly from the broker’s desktop to the lender’s LOS. Lenders save time and money by eliminating the need to re-key loan applications into their LOS. Brokers and correspondents no longer have to perform the complex loan file export function or manual form-filling process currently required on many lender Web sites. As Netupdate continues to challenge itself to provide the latest in technology to the mortgage industry, it will add to the suite of products currently available. About NetupdateNetupdate, a developer of lending technologies, offers the Netupdate Mortgage Origination Software Suite, an integrated, Web-based point-of-sale system for retail and wholesale lenders. The Suite connects people with systems and information to streamline the residential lending process. Netupdate software solutions allow mortgage professionals to work together online, collecting borrower information, providing regular communication and status updates, and moving loan file data to leading loan origination systems, thereby significantly reducing the time, cost and complexity of these financial transactions. Headquartered in Bellevue, Wash., Netupdate is funded by Alexander Hutton Venture Partners, Greenstone Venture Partners, Irwin Ventures and Timberline Venture Partners. For more information on Netupdate visit the company’s Web site at www.netupdate.com Contact: © 2003 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. |