Friday August 20, 3:09 pm Eastern Time
SOURCE: ARC Systems
AUSTIN, Texas, Aug. 20 /PRNewswire/ -- ARC Systems, the sole provider of sophisticated online automated rules-based underwriting, today announced that nine additional mortgage companies have licensed LendTech 2000 (LT2k(TM)), an innovative product that allows fast Internet-based automated application approval.
``ARC Systems realized the Internet was the way to offer lenders the ability to entirely automate the underwriting process -- one which ultimately cuts costs and increases efficiency,'' said Ed Jones, CEO of ARC Systems. ``These recent customer signings are testimony that lenders are showing confidence in LT2k. Companies willing to make this upgrade and offer Internet-based automated underwriting are able to maintain a competitive edge, and in doing so, their product flow, productivity, and profitability will increase.''
LT2k can analyze 10,000 credit reports and make 5,000 underwriting decisions an hour. A submitted application is electronically processed using a lender's underwriting criteria and LT2k's rules-based decision making system. Credit reports are accessed for real-time information. The result: LT2k returns an underwriting decision in less than 30 seconds.
Richard Beidl, a senior analyst at Tower-Group, affirms that LT2k troubleshoots manual underwriting issues such as high cost, time consumption and inconsistency. Said Beidl, ``With LT2k, lenders can develop an on-line presence supported by a powerful, reliable system, all while reducing costs.''
New licensees of ARC Systems include the following financial institutions: Bay Financial Savings Bank, DFS Mortgage Services, Entrust Mortgage, First Alliance, HomeGold, Irwin Mortgage (Subprime Group), Irwin Home Equity, Lightning Loans, and Virginia Housing Development Authority.
ARC Systems, a custom software developer of Internet-based relational database applications, produced LT2k. LT2k is the world's first Internet- based automated underwriting system for sub-prime mortgages. ARC Systems provides dynamic solutions to specific underwriting problems allowing for flexibility and expansion into any industry for any decision that requires a credit check including autos, debt consolidation and credit card applications. Visit www.arcsystems.com for a free demonstration, or contact Ed Jones, CEO of ARC Systems, at email@example.com, 512-892-5550.
SOURCE: ARC Systems