AUSTIN, Texas, June 20 /PRNewswire/ -- ARC Systems, a leading mortgage technology provider, has signed an agreement with investment banking firm Lehman Brothers (NYSE: LEH - news). ARC System's automated underwriting engine, LT2k(TM), will enable Lehman Brother's whole loan trading desks in mortgage- backed securities trading to purchase mortgage loans based on a consistent set of quality/risk controlled guidelines.
ARC Systems' LT2k is attractive to companies such as Lehman Brothers because it is flexible and conducive to customization.
Customizing LT2k for Lehman Brothers brings focus to the vision of functionality of ARC Systems' technology. ``ARC's vision to use LT2k from origination to securitization will be realized through the relationship with Lehman. That vision is fully achievable,'' said Ed Jones, president and CEO of ARC Systems.
Lehman is the first major Wall Street firm to endeavor to replace a manually arduous process with automation. Automation could allow Lehman to increase acquisitions by 20 percent or more per year. ``LT2k decisioning technology can shorten the time for securitization of loan pools, reduce risk and enhance profits for lenders and investors alike,'' Jones added.
About Lehman Brothers
Lehman Brothers is a global investment banking firm that serves the financial needs of corporations, governments and municipalities, institutional clients and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private equity and private client services. The firm is headquartered in New York, London and Tokyo and operates through a network of offices around the world. For further information about Lehman Brothers' services, products and recruitment opportunities, visit the Company's Web site at www.lehman.com.
About ARC Systems
Founded in 1984, ARC Systems is a privately held company that provides lending institutions, banks and credit unions across the nation with the power to make fast, accurate and consistent decisions at the point-of-sale for risk- based pricing and credit evaluation. Empowering financial institutions with the ability to make better business decisions, the company's proprietary, patent-pending, rules-based system is used by lenders to provide their customers, correspondents and brokers direct access to automated underwriting and online loan origination system functionality.
For more information about ARC Systems, contact Mary Tipps at
(512) 892-5550, via email at mtipps@ARCsystems.com, or write the company at
5316 Highway 290 West, Suite 500, Austin, Texas 78735.
The company's Web site
can be viewed at www.ARCSystems.com.
Contact: Ms. Mary Tipps Ms. Charlyne H. McWilliams ARC Systems Hope Communications (512) 892-5550 (301) 933-5567 email@example.com firstname.lastname@example.org