Evergreen Moneysource Launches Two New Online Interactive Services To Help Mortgage Brokers Process Loans In 50% Less Time -- Or Less.Business Editors SEATTLE--(BUSINESS WIRE)--May 23, 2000 Evergreen evergreen, term commonly used as synonymous with conifer and applied also to all those broad-leaved plants that bear green leaves throughout the year. Of the latter, most are plants of the tropics, subtropics, and other areas where the growing season is prolonged (e. Moneysource, one of the nation's most successful midsize Non-Conforming (Sub-Prime) wholesalers, has launched two new, sophisticated interactive services to enhance the quality of customer service that mortgage brokers can offer their clients. Both technical breakthroughs are considered to be the first in the nation for a company such as Evergreen in the midsize range; both support Evergreen's strategy to develop high-tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. services that support, rather than minimize, the role of the mortgage broker. "We're convinced that the sub-prime market is to the core a people-to-people business," said Donald Burton, Evergreen Moneysource president." With the avalanche avalanche, rapidly descending large mass of snow, ice, soil, rock, or mixtures of these materials, sliding or falling in response to the force of gravity. Avalanches, which are natural forms of erosion and often seasonal, are usually classified by their content such of pricing, product, and processing options in the marketplace today, it takes an up-to-speed mortgage professional to help guide a client to the best solution. That's why we think the mortgage broker is becoming more important than ever to the growing non-conforming market. "Our goal is to utilize technology to permit mortgage brokers' tasks to be accomplished more quickly, more easily, more accurately, and in a way that increases the likelihood of customer repeat business," Burton continued. The first new service, Online Loan Status Updates, enables a mortgage broker to access the status of a customer's loan Customer's loan Agreement signed by a margin customer that allows a broker to borrow margin securities up to the level of the customer's debit balance to help cover other customers' short positions. day or night, 24 hours a day, seven days a week simply by entering a loan number into the request form. Within seconds, the most recent completed stage of the loan will be reported to the mortgage broker. The technology is designed to assure complete privacy and security. "Customers are often anxious throughout the loan process and especially after a loan is approved," Donald Burton noted. "The Online Loan Status Update service gives the mortgage broker a very valuable and efficient way to keep customers completely up to date." "We realize that every minute usually counts when you're working with sub-prime loans," Burton added. The beauty of Evergreen Moneysource's Online Loan Status Update is that it allows the mortgage broker to spend much less time doing follow-up follow-up, n the process of monitoring the progress of a patient after a period of active treatment. follow-up subsequent. follow-up plan while at the same time offering customers a much higher quality of information and personal service. So everyone wins! The second new service, Electronic Document Escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. Delivery System, enables a loan package to be transmitted electronically within a matter of minutes A Matter of Minutes is an episode from the television series The New Twilight Zone. Cast
"By shaving an additional day off the process, we can expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. the closing process and help our mortgage brokers be `heroes' to their real estate agents and borrowers," Burton observed. "As a standard practice, the minute the documents are transmitted to the escrow agent escrow agent n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow) , the mortgage broker will also be notified via e-mail. In this way, everyone will be kept `in the loop', and in a way that saves hours of effort and worry." Evergreen Moneysource, headquartered in Seattle, Wash., has long been recognized for its innovative orientation and first got involved in high-tech approaches nearly five years ago. Senior executives at Evergreen have often been asked for guidance on for industry-wide high-tech development. The two new services announced here comprise a significant portion of a total online program, LIGHTSPEED LOAN(TM), a comprehensive, online proprietary service available only for mortgage brokers, only from Evergreen Moneysource. When complete, it will be able to reduce loan processing time by 50%. Evergreen Moneysource Mortgage Company is one of the nation's leading mid-sized, privately held, retail and wholesale mortgage banking Wholesale mortgage banking The purchasing of loans originated by others, for the acquisition of the servicing rights. institutions. Founded in 1994, Evergreen's Non-conforming Division has grown to more than one billion dollars in loan originations 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. . The organization is widely recognized for its outstanding customer service and sterling integrity. Donald Burton, President and Founder of Evergreen Moneysource Donald M. Burton is a nationally recognized leader and innovator in the mortgage banking industry. He is the current president of the Washington Mortgage Lenders Association. He served for five years on the board of the Washington Association of Mortgage Brokers where he was twice elected vice president and chairman of their Legislative committee, serving in that position for four years. He was appointed by the state as a founding member of the Washington Mortgage Broker Commission and he played a central role in the drafting of Washington's Mortgage Brokers Practices Act. |
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