American Home Funding, Inc., BB&T, and Firstar Home Mortgage Corp. Commit to Laptop Mortgage Origination.BERKELEY, Calif.--(BUSINESS WIRE)--April 22, 1997-- Lenders contract with Loansoft for point-of-sale mortgage origination software Loansoft, Inc. today announced that its Windows-based point-of-sale mortgage origination software, SmartWorks, will be used by American Home For the American mortgage lender, see . The American Home is a center of intercultural exchange located in Vladimir, Russia. The home is designed to model a typical American suburban home and its main focus is the ESL school that provides lessons for Russian students. Funding (Richmond, Va.); BB&T Corporation (Winston-Salem, N.C.); and Firstar Mortgage Corp. (Minneapolis, Minn.). The three lenders are strategically equipping loan officers with laptops so mortgages can be generated virtually anywhere, including applicants' homes and mortgage lender offices. All three lenders recently signed contracts with Loansoft and are in the initial phase of deployment of their laptop programs. SmartWorks is a front end, point-of-sale system designed to automate the origination process. One time entry and automatic data flow between prequalification and application modules along with credit bureau interfaces significantly streamline the origination process enabling loan officers to qualify and submit an application in less than 20 minutes. Plus, SmartWorks helps loan officers improve sales ratios through contact management and marketing features such as custom open house flyers. The system is also helping mortgage companies in their efforts toward generating paperless loans. BB&T Plans to Improve Turnaround Tim Dale, Mortgage Lending Manager, BB&T, said, "We have spent the past year redesigning our mortgage process to reduce the time it takes to get a mortgage with BB&T. Taking origination to the point-of-sale is one component of the redesigned origination process and will translate into faster approvals and less hassle for the client." BB&T, a wholly-owned subsidiary of Southern National Corporation (NYSE NYSE See: New York Stock Exchange : SNB SNB Snowboard SNB Service New Brunswick SNB Sentinel Node Biopsy SNB Shake and Bake (algorithm) SNB special negotiating body SNB Singapore Nursing Board SNB Strictly Non-Blocking SNB Strengths/Needs-Based ), plans to have over 125 loan officers using SmartWorks in the field by third quarter 1997. The company, which has offices in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , and Virginia, is a full service commercial and retail bank originating and servicing all types of mortgages. BB&T's production volume is over $2 billion, and it has a servicing portfolio of $10 billion. It holds the second largest share of deposits in North Carolina and is the third largest in South Carolina. American Home Funding Expects to Make Home Buying Easier Paul S. Reid, President and 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. , American Home Funding, said, "Remote point-of-sale lending will help us meet increasing marketplace demands for automated, convenient customer services. Loan officers will capture borrower information at the point-of-sale and then electronically upload 1003 applications to our in-house system, making the mortgage origination process quicker and easier for the homebuyer. Further, for many loans, approval will take only minutes via interfaces with the secondary agencies' automated underwriting systems." American Home Funding, a wholly-owned subsidiary of Rochester Community 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. , originates, services and sells all types of mortgage loans, including conventional fixed and government-backed, adjustable-rate, and jumbo loans. The company originated over 14,000 new loans in 1996 with a principal balance of $1.5 billion. The company's current servicing portfolio consists of approximately 117,000 loans, with a principal in excess of $9.7 billion. It has 60 offices in 15 states and primarily serves the Eastern and Midwestern markets. Over 180 American Home Funding loan officers will be equipped with SmartWorks by year end. Firstar to Increase Functionality Jan Cook, Assistant Vice President of Systems Administration, Firstar Mortgage Corporation, commented, "Point-of-sale origination is a logical solution for steering away from brick and mortar See bricks and mortar. lending. We choose Loansoft SmartWorks because it meets all of our functional business requirements and is easy to use for our loan officers." Firstar Mortgage Corporation is a wholly-owned subsidiary of Firstar Corporation Firstar Corporation is one of the leading bank corporation in the US, headquartered in Milwaukee, Wisconsin. It changed its name to U.S. Bancorp in 2001 and moved its headquarters to Minneapolis. . The company generated $1.7 billion in loans in 1996 and has a servicing portfolio of $5.6 billion. Firstar, which specializes in the Midwestern market, plans to have over 150 loan officers using SmartWorks by third quarter 1997. Loansoft is an exclusive provider of point-of-sale loan productivity software for the residential mortgage industry. The company's point-of-sale system features contact management, prequalification, product rate comparison, 1003 and other documentation, credit bureau interfaces, and remote linking capabilities. Founded in 1993, Loansoft serves 35 mortgage lenders and has over 3,500 software users. The company is privately held and is headquartered in Berkeley, California Berkeley is a city on the east shore of San Francisco Bay in Northern California, in the United States. Its neighbors to the south are the cities of Oakland and Emeryville. To the north is the city of Albany and the unincorporated community of Kensington. . Several Loansoft customers include GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Mortgage Corporation, AccuBanc Mortgage Corp., and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Mortgage Co. For more information on Loansoft, Inc. and its point-of-sale mortgage origination solutions, contact John Caner, (510) 849-8405, jcaner@loansoft.com; or write to Loansoft at, 2855 Telegraph Avenue Telegraph Avenue is a street that begins, at its southernmost point, in the midst of the historic downtown district of Oakland, California and ends, at its northernmost point, at the southern edge of the University of California, Berkeley campus in Berkeley, California. , Suite 405, Berkeley, CA 94705. CONTACT: John Caner, Loansoft, Inc. (510) 849-8405, jcaner@loansoft.com or Kristin Tepe for Loansoft, Inc (404) 264-7210, wmakristin@aol.com |
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