CyberLoan.com's Online Loan Processing Exchange to Transform Manufactured Housing Industry; CyberLoan.com Expects to be First Profitable e-finance Company.Business Editors DENVER--(BUSINESS WIRE)--June 6, 2000 CyberLoan.com, the Denver-based developer of business-to-business enabling technologies for the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. market, today announced that it is 60 days from completion of CyberLoan M/H M/H Man Hours , the first 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. online point-of-sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) loan processing system for the 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 industry. With CyberLoan M/H, manufactured housing dealers get instant credit decisions and loan quotes from multiple lenders, including quicker quotes for nonconforming transactions. CyberLoan.com estimates this "on-the-lot" instant credit system will increase sales by as much as 50 percent for dealers that use it. "This bodes well for an industry that has seen a 15 to 20 percent drop in sales due to tightening credit requirements," said Spencer Kluesner, chief executive officer of CyberLoan.com. Lenders also benefit by eliminating their marketing costs while reducing 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. and processing costs by as much as 70 percent. The majority of the labor intensive Labor Intensive A process or industry that requires large amounts of human effort to produce goods. Notes: A good example is the hospitality industry (hotels, restaurants, etc), they are considered to be very people-oriented. See also: Capital Intensive, Trading Dollars tasks traditionally performed by loan officers, underwriters and processors are now fully automated. The first time a lender sees a loan, it is already underwritten and approved, requiring only two phone calls to close. Already, through one of its strategic partners, CyberLoan.com has exclusive contracts to process loan requests for 450 dealers representing about five percent of the total market sales volume. From these contracts alone, CyberLoan.com expects to be the first profitable e-finance company. The company has planned a limited 30 to 60 day introduction of the system in late July using 20 to 40 dealers from the Houston area. Following this, CyberLoan M/H will be rolled out nationally. 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. the Manufactured Housing Institute, eight percent of the total U.S. population lives in manufactured homes, 22.7 percent of all new single family homes are manufactured, and the industry is growing seven percent annually. In 1999, total loans for manufactured housing exceeded $15 billion, according to the Institute. (See www.mfghome.org for more information.) CyberLoan M/H is offered as both a multi-dealer/multi-lender exchange, and as an Application Service Provider (ASP) product that dealers and lenders can private label. Both the exchange and ASP product are fully scalable and integrated, permitting sharing of data and loan files within a central processing system. Lenders and dealers can license this technology, and process loan applications through the most advanced system available, without incurring typically large development and maintenance costs. CyberLoan.com (formerly DataMerge, Inc.) was founded in 1989 as a financial software company specializing in loan packaging and lender matching systems. In late 1998, the company began converting its software systems to online lending exchanges. CyberLoan.com supports more than 21,000 customers nationwide, and was the first e-finance company to process over $1 billion in loan applications in a single month. Additional information about CyberLoan.com is available at the company's website, www.cyberloan.com, or by calling (303) 757-6298. Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : The statements contained in this release, which are not historical facts, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties. Actual results may differ materially from those set forth in or implied by forward-looking statements. |
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