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SOURCE ONE TURNS TO SPRINT FRAME RELAY FOR NETWORK EXPANSION

 KANSAS CITY, Mo., July 13 /PRNewswire/ -- Sprint (NYSE: FON) today announced a significant expansion of its telecommunications agreements with Source One Mortgage Services Corp. With a $35 billion portfolio, Source One is one of the nation's largest mortgage bankers.
 The new contracts are estimated at $1.7 million over three years and will include a significant move into high-speed data through Sprint's frame relay service and customer service automation equipment and services through Sprint Telemedia. The data communications services will interconnect the company's computing resources at more than 65 company locations. Sprint has provided Source One with Virtual Private Networking and 800 services for more than seven years.
 Sprint is providing frame relay services and equipment to interconnect Source One's computer terminals and Local Area Networks of personal computers. Sprint is first connecting 16 critical locations, including regional operations centers, branch headquarters locations and a subsidiary. Beginning next year, Sprint will expand the service throughout Source One's offices around the country, supporting all its divisions.
 The company initially will use the network for mortgage origination applications, using electronic forms whenever possible. At branch locations, closing documents are drafted, edited and printed and will soon be available throughout the company via the network.
 Source One also plans to move from file-cabinet information storage to electronic information storage, the "paperless office."
 Using Sprint's frame relay network and computer databases, any electronic record of any Source One company document will be available to anyone on the Source One network.
 Frame relay is an advanced packet technology designed for data- intensive applications, particularly those that involve bursts of data traffic. It is especially useful for LANs because it moves data at very high speeds, providing the fast response times demanded to connect computers across the country as if they're located in the same building. Thanks to the capabilities of the Sprint network, these high-speed transmissions can occur without dedicated private lines.
 Frame relay offers "dynamic" connectivity, said Charles Taylor, Source One senior vice president of MIS. "It allows us to move quickly in response to business needs where private lines might hold us back."
 "Source One is unique in the industry because it services almost all of the loans they originate. This made the company especially interested in a telecommunications business partner with unique capabilities," said Kevin E. Brauer, president of Sprint's Business Market Group. "Sprint's frame relay services are the perfect fit for a company wanting to interconnect widespread computing resources. And Sprint Telemedia's consulting services proved an almost immediate benefit to Source One's customer services needs."
 Source One recently found itself swamped with calls from current and prospective customers who were rushing to refinance existing mortgages or initiate new ones while interest rates are low.
 In order to meet the huge demand of incoming callers without customers receiving a busy signal, the company called on Sprint Telemedia. Now, callers who dial Sprint Telemedia's automated 800 number are prompted to select one of four menu options: existing customer, new customer, loan in progress or application questions.
 Callers who select the existing customer option are prompted to enter loan numbers.
 Loan numbers for existing customers are stored in a database. Sprint Telemedia's system "looks up" the loan number and those calls are transferred to customer service representatives. If the callers are not current Source One customers they are prompted to record their names, addresses and other information on Voice Capture so that Source One representatives can send them the appropriate refinancing materials. With Telemedia, all of Source One's callers are served, resulting in an increase in mortgage application volume.
 "Sprint Telemedia helped us with call handling and ensured that all our calls were answered, increasing our productivity," said Bill Manasco, senior vice president of Source One and president of The Mortgage Authority, the company's wholesale mortgage subsidiary. "We needed a quick solution to ensure success and the task was accomplished in relatively short order.
 "We believe in building business relationships with our partners," Manasco continued. "There's more to working with us than being the lowest bidder. We need partners who bring something extra to the table. We want to share our visions and work together toward innovative business solutions. To us, Sprint is clearly a strategic partner."
 Sprint is a diversified international telecommunications company with more than $10 billion in annual revenues and the United States' only nationwide all-digital, fiber-optic network.
 Its divisions provide global long distance voice, data and video products and services, local telephone services to nearly 6 million subscriber lines in 19 states, and cellular operations that serve 42 metropolitan markets and more than 50 rural service areas.
 -0- 7/13/93
 /NOTE: Voice Capture is a registered trademark./
 /CONTACT: Norman Black, 404-859-6096 or, after hours, 404-578-0679, or Rick Johnson, 404-859-6095 or, after hours, 404-421-8820, both of Sprint/
 (FON)


CO: Sprint; Source One Mortgage Services Corp. ST: Kentucky, Missouri IN: TLS SU: FNC

IH-KD -- DC008 -- 0856 07/13/93 11:32 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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