Aegis Mortgage Corporation to Use MindBox ARTOptimize; System Allows Borrowers to Design Their Own Loan.Business Editors/High-Tech Writers GREENBRAE, Calif.--(BUSINESS WIRE)--Aug. 13, 2003 MindBox, a leading provider of intelligent automation software for the mortgage lending process, announced today it has reached an agreement with Aegis Mortgage Corporation's lending subsidiary, Aegis Lending Corporation, to build the company's multi channel automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. mortgage lending system using MindBox's ARTOptimize software. In the first phase of the project, Aegis will use MindBox's ARTOptimize(TM) software to allow originators to more easily and quickly capture customer data, evaluate credit, price loans and structure deals using ARTOptimize's automated software package. A second phase will enable customers themselves to design tailored loans that best fit their needs. The software will allow customers to input their information (via the Web) and receive an optimized suggestion of loan alternatives available from Aegis. ARTOptimize's sophisticated deal-structuring intelligence evaluates the "big picture" and offers the customer the best set of loan choices that fit both the customers' needs and company's lending policies. "We were looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a strategic partner to help us provide a better loan application experience for our customers. We wanted to speed up our loan decision turn-around times and proactively offer customers a range of loan alternatives that would suit their individual situations," said John D'Angelo, President, Aegis Lending Corporation. "Using MindBox's software platform, we are able to automate To turn a set of manual steps into an operation that goes by itself. See automation. routine steps like eligibility and pricing to save on underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. costs. And, we are able to improve customer satisfaction by providing instant approval decisions. MindBox's solution was a perfect fit for us because it provides the technology functions we need in one advanced and cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. software environment." Initially, the Aegis system will help loan originators ask borrowers questions about their loan needs, and then analyze the responses against a given set of business and industry policies to provide the consumer with a selection of products and services available to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. their stated objectives. In the second phase, the system will provide an interactive forum that allows the consumer to express their needs and then adjust their requirements multiple times until the system returns the most appropriate loan solution for that borrower. Once the desired product is selected, the system will help the borrower apply for the loan and will complete the underwriting process. "We are excited to be working with Aegis Lending Corporation," says Rich Barfus, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of MindBox. "The company's requirements were a perfect fit for our technology, and we are looking forward to a very successful implementation." The ARTOptimize Solution can automatically perform all of the typical steps involved in originating, underwriting and structuring a loan: -- Leverages loan application data provided by internal sources or directly from the retail customer -- Determines the qualified products and associated price for the customer. -- Provides recommendations and counter offers for applications that are not approved -- For those loans that are not "approved" as is, allows users to modify the request and re-submit -- Creates an audit log of activities -- During the sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. , assists the consumers in structuring deals that meet their needs -- Prices the final product, providing an optimized offer for the specific customer. About MindBox, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Based in Greenbrae, Calif., MindBox, LLC is a technology company that helps financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institutions automate their complex decision processes such as loan underwriting, loan product selection, cross-selling opportunities and feature-based pricing. The ARTEnterprise Product Family is an industry-proven software system that emulates human judgment by using rules and a patented case-based reasoning An AI problem solving technique that catalogs experience into "cases" and matches the current problem to the experience. Such systems are easier to maintain than rule-based expert systems, because changes require adding new cases without the complexity of adding new rules. engine to automate the decision-making process. MindBox also offers consulting solutions for the financial services industry and ships a complete suite of applications including ARTOptimize, ARTQualify, ARTPrice, The MindBox Power Editor and Debt Consolidation Advisor. All MindBox products work online and offline to optimize optimize - optimisation every customer interaction across multiple channels. More information can be found at www.mindbox.com or by calling (877) 650-MIND (6463). ARTEnterprise(TM) is a trademark and MindBox(R) is a registered trademark of MindBox, LLC. All other company and product names mentioned may be trademarks of their respective owners. |
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