CyberLoan.Com Announces Version 2.0 of CyberLoan RE; New Release Offers Lenders Immediate Entry Into On-Line Commercial Real Estate Lending.Business Editors DENVER--(BUSINESS WIRE)--Feb. 23, 2000 CyberLoan.Com, the Denver-based developer of fully automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. on-line lending systems, today announced the release of Version 2.0 of its on-line lending system for commercial real estate, CyberLoan RE (formerly called CyberLoan Network). Version 2.0 employs technologies that ensure borrowers submit loan applications on-line to lenders that are far more complete and accurate than what they receive from other on-line systems. It also ensures that applications transmitted to individual lenders more closely match their 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. criteria so they spend time only on loan requests that produce business. In addition, Version 2.0 provides the only available web-enabled borrower support and loan application analysis system. This intelligent "borrower help system" is something akin to a virtual credit officer, available 24 hours a day, seven days a week, providing borrowers the assistance they need at no cost to the lender. 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. Spencer Kluesner, CyberLoan.Com's chief executive officer, "The new release of CyberLoan RE solves many of the problems that have plagued on-line commercial real estate lenders. They can now close more loans while at the same time reducing their overhead. This makes a lot of sense for an industry experiencing tightening spreads." Borrowers can access CyberLoan RE through the company's website at www.cyberloan.com, giving them instant access to more than 500 lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in participating in the system. Borrowers can also apply through the websites of individual lenders that have licensed the CyberLoan Virtual Lending System (VLS VLS Virtual Library System VLS Vertical Launch System VLS Virtual Learning Space VLS Vapor-Liquid-Solid VLS Vinyl Single VLS Vélos en Libre Service (French: free bicycling service) VLS Very Long Shot ). If a borrower enters through a VLS installation but does not qualify for that lender's programs, his/her application is automatically forwarded to the other lenders for their consideration. This "sharing and referral" system helps lenders leverage their marketing dollars in an increasingly competitive environment. CyberLoan VLS utilizes a shared processing architecture allowing lenders to receive, underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. and process loan applications on-line through their own websites, with CyberLoan's technology running in the background. With VLS, financial institutions can enter on-line lending very quickly without incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. the enormous costs and time delays of developing their own system. It also offers a higher level of security and reliability than in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. systems, while still giving lenders the ability to customize their site. "Using either CyberLoan RE or CyberLoan VLS, lenders can significantly increase their dealflow while reducing both their loan processing costs and their marketing costs, which are the two largest components of their overhead," Kluesner said. Privately held CyberLoan.Com develops automated on-line loan underwriting, processing and closing systems for a number of lending submarkets, including manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected , commercial real estate and multi-family housing. In July 1999, CyberLoan RE became the first on-line lending system -- commercial or residential -- to process over $1 billion in loan applications in a single month. Additional information is available at the company's website, www.cyberloan.com, or by calling 303/757-6298. |
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