BridgeSpan Named One of Nation's Top Five ``Most Important'' Mortgage Innovations; Company's Innovative Use of Technology is Bringing New Efficiencies to the Mortgage Process.Business Editors/Real Estate Writers MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--April 16, 2003 BridgeSpan Inc., a company helping to transform the mortgage lending and closing process, has been nationally recognized for its technology being one of the "five most important innovations" in the mortgage industry. In its March issue, Home Equity News, the national publication that reports on mortgage and home equity trends, technology and news, recognized BridgeSpan's electronic mortgage platform as a leading example of how technology is ushering in Noun 1. ushering in - the introduction of something new; "it signalled the ushering in of a new era" first appearance, introduction, debut, entry, launching, unveiling - the act of beginning something new; "they looked forward to the debut of their new product line" major efficiencies to the time-consuming, paperwork-laden and often-cumbersome mortgage process. "New innovations are being released daily, it seems, with each new product or upgrade intended to make everyone's work lives a little easier," the publication noted, adding that "all lenders agree on the need to make 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 and servicing processes more efficient and that means an increased role for technology." BridgeSpan received the publication's nod of approval along with four other respected national companies: Fiserv Mortgage Servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. , GHR GHR Growth Hormone Receptor GHR Genetics Home Reference GHR Growth Hormone Releaser GHR General Hypnotherapy Register (UK) GHR Gharghur (postal locality, Malta) GHR Guaranteed Home Rating Systems, Ocwen Technology Xchange and Lewtan Technologies. "Our electronic mortgage platform was designed to simplify, greatly improve and reduce the costs of mortgages for lenders, consumers and closing companies," BridgeSpan 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. Larry Walker "This recognition, along with our lender's experience of savings between $400 to $700 per loan, further validates the dramatic impact our technology is making in improving the mortgage process. "We continually receive positive feedback from our clients about BridgeSpan's powerful combination of technology, process re-engineering and customer service, which is helping to re-shape the mortgage industry. And now, we're extremely proud to also receive this independent, third-party recognition." In lauding BridgeSpan's electronic mortgage platform, the publication noted how the company "organizes and streamlines the data entry, document preparation and processing of an application from the beginning of the process through closing. All the necessary parties, such as loan underwriters, settlement service providers and the consumer, are connected electronically through a Web-based document management and workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. system." About BridgeSpan BridgeSpan is a leading provider of real estate settlement and mortgage processing solutions for lenders. These solutions improve the mortgage closing process, reduce transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). and improve consumers' closing experience. BridgeSpan's services, supported by technology and process excellence, benefit lenders with more control of the closing process, increased quality control, reduced risk and improved customer service. For more information, visit www.bridgespan.com. |
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