Contour Software & Data Track Systems partner to provide electronic closing services for lenders; bringing lenders on-line may reduce cost and wait for a home loan.

SAN JOSE, Calif.--(BUSINESS WIRE)--April 22, 1996--The all too elusive dream of lenders having to go no further than their desktop computer to close a mortgage loan is now a reality.

This is due to Data Track Systems (DTS), an intrepid company creating on-line network solutions for real estate closing services, teaming up with the nation's largest mortgage software company, Contour Software Inc. Together they will provide 4,000 mortgage offices across the country with free software, allowing 30,000 users to easily access title and escrow.

This represents annual title insurance revenue upwards of $2 billion. It is estimated that this technology will significantly shorten the period to close loans by at least several days.

The software package making this increased efficiency obtainable includes SettleNET, a DTS program enabling mortgage companies to electronically order and receive title reports from an array of title companies. This is made possible by the electronic access agreements DTS established with the majority of national title insurers.

As lenders are given access to the program, the amount of time it takes to close a loan will be reduced. As time is money, the potential savings are inevitable.

``DTS has provided a solution which provides a no-brainer decision to technologically and strategically enlightened managers,'' said Gilbert Barnes, president of Data Track.

Bridging the technology installed in title, escrow and mortgage companies through its value-added network (VAN), DTS gained national recognition by successfully linking different factions of the real estate industry electronically in order for critical information to be shared.

This minimizes duplication of effort, decreases the margin of keystroke error and increases operational efficiencies. Ultimately, it will reduce the high costs and long wait for consumers when buying a home.

``These paperless transmitted title reports will dramatically expedite loan processing turnaround on a national level,'' said Scott Cooley, president of Contour. ``In the past, the title process alone took lenders numerous steps to complete. Ordering the title search and insurance is now as instantaneous as pressing a button.''

SettleNET is the connection behind the ``title and escrow list'' of every mortgage company using Contour programs, such as Loan Handler, an electronic loan processor used by approximately one- third of all mortgage companies in the United States.

Technologically, DTS initiated a network solution by managing the EDI transactions utilizing Microsoft OLE component architecture with Microsoft SQL and other Microsoft BackOffice tools to handle proprietary EDI and EDI X12 implementation. It was also the first company to publish several OLE objects that easily manage EDI X12 real estate closing services.

This OLE environment allows easy integration into most computer operating systems. In addition, DTS was the first to market in providing a real estate transaction network on the Internet (http://www.datatrac.com).

In addition to the robust EDI X12 solution, the DTS VAN will provide a number of messaging options such as e-mail, work flow systems, statusing and electronic document routing.

Founded in 1982, Contour Software offers software products for every facet of mortgage lending, from qualification to servicing. Contour Software is a technology leader in mortgage software with the most complete line of software products available in the industry.

Customers include mortgage bankers, mortgage brokers, credit unions, commercial banks and savings institutions. Contour is a privately held corporation and has a customer base of 5,400 nationwide.

For more information, contact Scott Cooley, president, Contour Software, 700 W. Hamilton, Campbell, Calif. 95008-0403, or call 800/CONTOUR; or call Gilbert Barnes, president, Data Track Systems, Carlsbad, Calif., at 800/4SETTLE.

CONTACT: Data Track Systems, Carlsbad

Lisa Sandy, 619/930-4580