Alliance Mortgage Company First to Implement MindBox Component Technology.Business Editors and High Tech Writers GREENBRAE, Calif.--(BUSINESS WIRE)--March 23, 2001 Medium-Sized Financial Institution To Harness 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. Decisioning Loan Pricing Technology Rapidly And With A Low Cost Of Entry MindBox(TM), Inc., the worldwide leader in providing intelligent technology that automates complex business and decision processes, today announced that it has signed Alliance Mortgage Company as an early adopter of their newly released mortgage component technology. Alliance will deploy ArtPrice(TM) first, a product component that will help them automate To turn a set of manual steps into an operation that goes by itself. See automation. the pricing of loans. ARTPrice(TM) provides automated pricing of products or deals for a specific customer or borrower. By evaluating the information provided by the borrower and the guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. of the institution, the component creates pricing tailored to a given individual and situation. This pricing can be used for transactions via any channel and is a critical piece of automating the entire lending process. "MindBox technology helps our customers not only increase productivity and efficiency, but typically helps them save millions each year by reducing the time and more specifically the cost of processing a loan by approximately 38 percent," 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, Inc. "With the introduction of our new MindBox component technology, organizations from the largest institutions to regional banks, can deploy automated decisioning systems that maximize customer interactions via individually-targeted products and services at any point of contact. Our intention is to help companies gain a competitive edge by creating systems that automate the lending process from end-to-end, allowing consumers to compare rates, options and fees, fill out an application, obtain a decision, and close the deal--through any channel the customer chooses. We are confident the pricing system Noun 1. pricing system - a system for setting prices on goods or services system - a procedure or process for obtaining an objective; "they had to devise a system that did not depend on cooperation" we build with ARTPrice(TM) will be implemented quickly and that Alliance will begin to see a return on their investment within weeks of that implementation." The benefits that Alliance Mortgage Company will receive from using MindBox's ARTPrice(TM) component technology include: -- Improved ability to meet borrowers' needs with a price tailored to the individual, while also ensuring compliance with company's pricing policies and bottom line financial goals -- Increased revenue, due to faster processing and improved ability to close initial sales and suggest/push new ones -- Improved quality of pricing decisions, due to ability to integrate the pricing knowledge and practices of the best employees into the system, making that level of performance available for every customer interaction -- Decreased risk by managing price against credit and other factors on an individual basis -- Basic rules provided about pricing that incorporate industry best practices, and can be modified to reflect the specific institution's policies By adding intelligence and efficiency to clients' critical business process, MindBox greatly simplifies the task of providing faster, more individualized in·di·vid·u·al·ize tr.v. in·di·vid·u·al·ized, in·di·vid·u·al·iz·ing, in·di·vid·u·al·iz·es 1. To give individuality to. 2. To consider or treat individually; particularize. 3. service throughout the enterprise. The ArtEnterprise(TM) Product family is a suite of cutting-edge artificial intelligence development tools and product components that will allow them to reduce costs and risks while simultaneously improving their ability to provide individualized treatment to every client interaction. The technology accomplishes this by intelligently automating the best knowledge and most complex business processes of the company, MindBox's mortgage component technology offers functionality that provides a full range of automated loan pricing, deal structuring and 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. capabilities. These capabilities range from the mundane (jargon) mundane - Someone outside some group that is implicit from the context, such as the computer industry or science fiction fandom. The implication is that those in the group are special and those outside are just ordinary. to the complex, from simple rate lookups to pre-qualifications to actual individually tailored deals. The component technology also allows institutions to more rapidly realize the benefits of MindBox's powerful technology by providing faster deployment and phased solutions. The components; ARTOptimize(TM), ARTQualify(TM), ARTPrice(TM), and ARTCredit(TM), separately offer particular functionality to address customer needs at a specific time, or combined can automate the entire loan origination 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. and underwriting process. About MindBox, Inc. Based in Greenbrae, California Greenbrae is a small community in Marin County, California located adjacent to U.S. Route 101 at the opening of the Ross Valley. Part of Greenbrae is in an unincorporated area of the county while the remaining area is inside city limits of Larkspur. The zip code is 94904. , MindBox, Inc. 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. companies gain a competitive edge by intelligently automating their complex business and decision processes. The company develops and markets innovative software and consulting solutions that leverage industry and internal best practices to deliver multi-channel, intelligent solutions designed to optimize optimize - optimisation client interactions. For more information, please visit MindBox's Web at www.mindbox.com or call (877) 650-MIND (6463) About Alliance Mortgage Company Alliance Mortgage Company is a full service mortgage company engaged in the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real , purchase, sale and servicing of first mortgages. Established in 1962, Alliance Mortgage Company is one of the oldest, privately held mortgage banking companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company currently services over $8.5 billion in loans located throughout the United States and has lending activity covering 42 states. For more information about the Company, please visit www.alliance-mortgage.com. MindBox(TM) is a registered trademark of MindBox, Inc. All other company and product names may be trademarks of their respective owners. |
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