American Business Financial Services Adds 'Virtual Loan Officer' to www.UplandMortgage.com.Business Editors BALA CYNWYD, Pa.--(BUSINESS WIRE)--Feb. 7, 2000 EasyLoan Advisor to Replicate rep·li·cate v. 1. To duplicate, copy, reproduce, or repeat. 2. To reproduce or make an exact copy or copies of genetic material, a cell, or an organism. n. A repetition of an experiment or a procedure. Interaction with Loan Officers American Business 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. , Inc. (Nasdaq: ABFI) today announced that it has introduced EasyLoan Advisor, a proprietary system which provides personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. services and solutions to customers through interactive web dialog, on its www.UplandMortgage.com web site. Anthony Santilli, Chairman and Chief Executive Officer of ABFI, said, &uot;The addition of the EasyLoan Advisor feature is a critical part of our e-commerce strategy. By being able to conduct an automated, interactive dialogue with potential customers, we can help them identify the best lending products to meet their specific financial needs. We've created what we believe is the most unique human/computer two-way communication Two-way communication is a form of transmission in which both parties involved transmit information. Common forms of two-way communication are:
&uot;In essence, what we've created is a VIRTUAL LOAN OFFICER. Very simply, EasyLoan Advisor enables us to replicate much of the interaction our loan officers have with prospects by providing them with education, guidance and assistance regarding their personal financial situation and our product offerings. By using this highly sophisticated and advanced online communication process, borrowers will determine the loan that can best meet their needs--with no cost or obligation,&uot; Santilli said. &uot;By helping consumers with their borrowing needs in an online environment, we create business efficiencies for ABFI. Nonetheless, we will never sacrifice our strong customer service orientation to do so, and clearly the elements that we have recently incorporated into our web site is a testimony to this commitment. And, if the customer so desires, he or she will always be able to talk to a live loan officer over the phone.&uot; &uot;We recognize that effectively servicing the customer and valuing them in the process is a large part of why thousands of consumers have done business with ABFI in the past offline--and will do business with us in an online environment in the future,&uot; stated Santilli. &uot;I invite everyone to visit www.UplandMortgage.com, and `talk' to our virtual loan officer. You'll see why we're so excited about this new technology.&uot; ABFI partnered with acknowledged technology leader Brightware, Inc. to develop EasyLoan Advisor. Brightware created Fannie Mae's Desktop Underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. and Freddie Mac's Terms of Business Desktop applications, and is considered a leader in advanced mortgage technology. Since August 1999, ABFI has been aggressively phasing in advanced technology and enhanced features, with the overall goal of a fully automated mortgage 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 web site by the first quarter 2000. These features include: -- Online application with help screens -- completed September 1999 -- Automated e-mail -- completed October 1999 -- Rapid Credit Approval -- completed October 1999 -- Online loan application tracking -- completed November 1999 According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Santilli, &uot;The final step in this state of the art system will be launched by the end of the first quarter 2000--the accelerated EasyLoan process, which includes a unique automated 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. system. By using the accelerated EasyLoan process, our customers will be able to structure the specific loan which best meets their needs without human intervention, if so desired. In addition, it will enable the Company to reduce the time it takes to approve and close a loan from weeks to days, and most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , lower the cost of loans to our customers.&uot; &uot;By the end of this quarter, we believe that we will have the most advanced, efficient, and customer-friendly 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. web site in the industry,&uot; Santilli noted. American Business Financial Services, Inc. is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company which provides investment products and credit services to consumers and businesses, including subordinated investment notes, business loans, and first and second home equity mortgage loans. The Company offers its products and services to consumers and businesses nationwide. For further information, contact Anthony Santilli, chairman and chief executive officer, 610.668.2440, or David R. Evanson, Financial Communications Associates, Inc., 610.649.3604. Certain statements contained in this press release, which are not historical fact, may be deemed to be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under federal securities laws. There are many important factors that could cause American Business Financial Services, Inc. and its subsidiaries' actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, including interest rate risk, future residential real estate values, regulatory changes (legislative or otherwise) affecting the real estate market and mortgage lending activities, competition, demand for American Business Financial Services, Inc. and its subsidiaries' services, availability of funding, loan payment rates, delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. and default rates, changes in factors influencing the loan securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. market and other risks identified in American Business Financial Services, Inc.'s Securities and Exchange Commission filings. |
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