American Finance and Investment Inc. unveils revolutionary software.WASHINGTON, D.C.--(BUSINESS WIRE)--Feb. 27, 1997-- Consumers Can Now Obtain Mortgage Loan Approval via the Internet America's leader in mortgage lending via the Internet is making the process of securing a loan even easier. American Finance and Investment Inc. (AFI AFI American Film Institute AFI Awaiting Further Instructions AFI Armed Forces Insurance AFI A Fire Inside (band) AFI Air Force Instruction AFI Australian Film Institute AFI Agencia Federal de Investigación ), a subsidiary of Virginia First Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , FSB (FrontSide Bus) See system bus. FSB - front side bus , in cooperation with Brightware, Inc., a software company that automates customer-direct selling on the Internet, announced today that its CyberSmart Instant Mortgage System will be available to potential home buyers beginning March 31st. Located on the World Wide Web at "www.loanshop.com," CyberSmart, developed as a component of AFI's already existing Mortgage Made Simple Online, will provide consumers with an interactive online environment where a mortgage loan approval can be secured in just minutes. "CyberSmart elevates Mortgage Made Simple to a new level," said Jack Rodgers, president of AFI. "Now, it's not only possible for consumers to research their financial options online, but they can apply for their loan and be approved as well." Loan approval is facilitated by CyberSmart's capability to interface with Fannie Mae's Desktop Underwriter(TM) system. Desktop Underwriter reviews an electronic loan file submitted by a lender and within minutes, provides underwriting recommendations. Fannie Mae Fannie Mae: see Federal National Mortgage Association. makes their automated underwriting system available to lenders approved to sell loans to the company. Roger Conley, vice president of technology marketing for Fannie Mae said, "we are pleased that AFI has embraced Desktop Underwriter as the underwriter component of their technology. Using the Internet, AFI will be able to reach a broader audience that can reap the benefits Desktop Underwriter has to offer -- a streamlined loan application and appraisal process, a fast underwriting recommendation and cost savings." AFI also announced today that they have signed a partnership agreement with Brightware to jointly create and deploy Brightware's intelligent customer-direct(TM) Web technologies on AFI's industry- leading online platform. "The Internet has the potential to revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. sales and marketing. AFI is using Brightware's customer-direct application products to make this potential a reality," said Chuck Williams
AFI refers to its technologies globally as an Active Service Platform (ASP). The Cyberactive Customer Service Platform, a component of ASP, allows customers to interface, in real time, with an AFI customer service representative. "We want customers to know that a mortgage loan professional is always available to help and guide them through the loan application process," said Rodgers. "Cyberactive Customer Service lets applicants converse with a professional who can walk them through the loan application process, answering questions as they arise." "CyberSmart Instant Mortgage is a breakthrough for home ownership and electronic commerce," said Rodgers. "Our active service platform makes credit available to more home buyers at lower rates with fewer headaches." AFI, which already guarantees customers the lowest mortgage rates in America, projects further price benefits to consumers as a result of the enhancements to productivity created through the CyberSmart technology. American Finance and Investment is a subsidiary of Virginia First Savings Bank, one of the oldest financial institutions in Virginia (incorporated 1888). Virginia First is publicly traded (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). :VFFC VFFC Variable Field Fluid Coupling VFFC Victory Fives Futsal Centre (Melbourne, Australia) ) and has over $75 million in market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. with nearly $1 billion in assets. AFI is a member of the Mortgage Bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. Association of America and the Better Business Bureau. The company has achieved national prominence by developing the "Mortgages Made Simple" process. Desktop Underwriter is a trademark of Fannie Mae. CONTACT: Arlyn G. Riskind 202/408-0808 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion