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Countrywide selects Sysdome technology.

COUNTRYWIDE FINANCIAL CORPORATION, Calabasas, California, has chosen Sysdome Inc., Calabasas, to streamline its broker approval and maintenance process. Sysdome's Third Party Review (TPR) tool allows lenders to conduct due diligence on third parties by verifying broker application information against Sysdome's database and other public and nonpublic data sources, and it then presents its findings in a simplified exception-based report.

Through Sysdome's TPR services, Countrywide receives continuous broker updates and semi-annual renewals, which save time, lower overhead and ensure that Countrywide enters into relationships with reputable applicants. Sysdome reviews the entire broker application and performs dozens of searches, including real-time state licensing verification, derogatory filings, lender sanctions, industry watchlists and Sysdome's National Fraud Protection Database (NFPD) for negative or fraudulent activities. Sysdome also performs any extended services that Countrywide might require in order to certify each application file.

"Countrywide has relationships with more than 30,000 mortgage brokers across the country," said Preston James, Countrywide's managing director and chief operating officer. "In order to get our new originators up and running quickly, we have contracted with Sysdome to implement a faster, more consistent process to approve brokers. We have confidence that the Sysdome tool will help us manage our third-party resources and make it easier to do business with us, as well as help ensure that Countrywide works with only the most honest and highly regarded originators."
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Title Annotation:TechNewz; Countrywide Financial Corp. contracts
Publication:Mortgage Banking
Article Type:Brief Article
Geographic Code:1USA
Date:Jul 1, 2004
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