AUSTIN, Texas, Feb. 8 /PRNewswire/ -- ARC Systems today announced that mortgage.com, Inc. (formerly First Mortgage Network, Inc.) has licensed ARC Systems' LT2k(TM) automated underwriting system as the point-of-sale decisioning engine for mortgage.com's online subprime mortgage loan origination web site. Designed to automate and streamline the loan approval process, LT2k will enable consumers who visit mortgage.com's web site to receive immediate online approval of their non-conforming and subprime loan application in 30 seconds or less.
mortgage.com also plans to offer the LT2k system as part of their Private Label Outsourcing, co-branding and membership services thereby helping their partners integrate the Internet into all aspects of the lending process, from point-of-sale to back-office loan processing operations. LT2k not only follows mortgage.com's underwriting matrix and guidelines but also incorporates a proactive counteroffer mechanism which incorporates mortgage.com's customer driven underwriting philosophy. mortgage.com currently fulfills and processes loans for major national Internet mortgage lenders. LT2k will also power the non-conforming and subprime lending segment of mortgage.com's new site which educates borrowers about lending alternatives, credit grades, and rate spectrums, and then provides the borrower with the opportunity to apply for a loan online.
As an Internet-based mortgage services provider, mortgage.com recognizes that borrowers on the Internet require the lender to quickly evaluate and approve their loan requests and provide all of the lending requirements at the time of application. Larry Lewis, senior vice president and Alternative Lending Division Manager at mortgage.com stated "LT2k will give us the speed to decision non-conforming and subprime loans at the point of sale, just as we do for conforming loans, while maintaining our low cost loan production strategy."
Ed Jones, president and CEO of ARC Systems, said that mortgage.com's decision to use LT2k is a monumental step forward for consumer mortgage loan technology. "Shortly, consumers will be able to go on-line and get virtually real-time decisions on loan applications. mortgage.com will provide consumers with the ability to apply for and get an answer on a subprime loan without having to wait hours or days for a decision."
The LT2k system, which is pre-configured to review specific loan parameters, electronically accesses consumer credit reports for real-time information. The application is evaluated against a rules-based decisioning system and automated underwriting criteria, which is provided by mortgage.com. mortgage.com will then provide the customer with loan approval or denial. ARC Systems and mortgage.com are working together to further the loan fulfillment and decisioning process whereby a borrower will be able to obtain loan approval underwriting stipulations while connected to the mortgage.com web site.
Founded in 1994 and based in Plantation, Florida, mortgage.com, Inc. (formerly First Mortgage Network, Inc.) is a pioneer in online mortgage banking and consumer direct mortgage lending and provides a comprehensive mortgage platform of brand companies, private-label outsourcing and technology services. mortgage.com is dedicated to reducing the cost of mortgage origination and funding by supplying realtors, home builders and financial institutions with point-of-sale and Internet technology, business management, loan processing, call center and mortgage funding capabilities. mortgage.com is privately funded with approximately 500 employees in six offices nationwide. For more information on mortgage.com, call 954-452-0000 or visit http://www.mortgage.com.
Austin-based ARC Systems is a custom software developer of Internet based solutions for relational database applications. Through Internet technology, ARC Systems provides products that create economic and human resource efficiencies, changing the paradigm of underlying business practices. ARC Systems' flagship product, LT2k, is the world's first Internet based automated underwriting system for subprime mortgages. LT2k's underwriting matrix flexibility allows for expansion into any industry that performs the basic functions of application, credit, documentation, or underwriting any loan that requires a credit check including auto loans, debt consolidations, and credit card applications. For more information on ARC Systems, call 512-444-9732 or visit http://www.arcsystems.com for a free demonstration.