CyberLoan.com Announces Strong Sales of Its CyberLoan Virtual Lending System.Business Editors DENVER--(BUSINESS WIRE)--Aug. 16, 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 three mortgage banking firms have recently purchased 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 ) for use on their corporate websites. Each of the three firms asked not to be identified, citing competitive reasons. This brings to five the total number of 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 or mortgage brokers that have licensed VLS as the underlying technology of their online loan application and processing system. The first VLS licensee was San Francisco-based United Commercial Bank (Nasdaq:UCBH), the United States' largest lender to the Chinese-American community. That application of VLS can be seen at www.unitedcb.com. VLS lets individual lending institutions or mortgage brokers adapt technology from CyberLoan R/E R/E Revolutionary / Evolutionary , CyberLoan.com's multi-lender online exchange for commercial real estate, for use on their own websites. It is available in two versions: VLS for Brokers, which gives brokers customized, instant access through their own website to CyberLoan.com's database of 400 lenders; and VLS for Lenders, which allows lending institutions to quickly establish a customized online lending presence, without incurring the tremendous development and maintenance costs of such a web-enabled system. VLS adapts CyberLoan R/E technology to run on the licensee's website, incorporating graphics, interface elements, and some internal 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 analysis systems to create a customized, proprietary online loan application, submission and processing system. VLS also contains a built-in client management and Internet marketing See Internet advertising. system that lenders and brokers can use for advanced database marketing to borrowers. For example, VLS users can electronically distribute announcements and updates to borrowers and site visitors in a highly graphical HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. format. CyberLoan.com expects to have 25 VLSs sold and operational by year's end. 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. John E. Boteler, the company's vice president of sales and marketing, migration to the Internet is a matter of survival for lending institutions and mortgage brokers. "Your company will be judged, and your commissions will reflect, whether or not you've embraced the Internet. Those firms that do will be light years ahead of those that do not." The current base price of CyberLoan VLS is $19,700, plus an individually negotiated fee for programming and customization. Beginning in January 2001, however, the base price will increase to $39,900. Boteler said the price increase reflects current market conditions. "We recently suggested that a VLS prospect get competitive bids from three different Internet consulting companies Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a to develop a system comparable to VLS, and we said we would deliver a customized VLS for 50 percent of the lowest bid," Boteler said. "The prospect received bids ranging from $87,000 to $123,000. Needless to say, that VLS prospect is now a very happy VLS customer." In addition to VLS, CyberLoan.com develops online multi-lender exchanges for a number of lending submarkets, including commercial real estate, 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 , and multi-family housing. In July 1999, the company's Internet-based exchange for commercial real estate loans (CyberLoan R/E) became the first business-to-business exchange to process over $1 billion in loan applications in a single month. CyberLoan R/E, which is used by more than 400 lending institutions, eliminates up to 70 percent of the lender's expenses related to loan processing. The company's Internet-based exchange for manufactured housing loans (CyberLoan M/H M/H Man Hours ) is projected to process monthly loan application volume exceeding $170 million by November 2000. Additional information about CyberLoan.com is available at the company's website, www.cyberloan.com, or by calling 303/757-6298. |
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