AUSTIN, Texas, April 19 /PRNewswire/ -- ARC Systems' LT2k, the leading e-commerce mortgage technology provider's automated underwriting engine, processed first quarter applications totaling more than $4.5 billion. These first quarter figures equal 50 percent of the $9 billion processed for the previous calendar year. As of April 15, applications processed totaled $755 million, which promises to make April another record setting month.
``These numbers establish ARC Systems' firm position in the mortgage technology industry,'' said Ed Jones, president and CEO of the company. ``That is particularly important with the number of technology companies that are either being sold or closing their doors all together. These volumes establish LT2k as the preferred means for decisioning and processing subprime loans. In addition to ARC Systems' online WEB based loan origination system (LOS), LT2k accepts imports from major desktop LOS systems and is being used by lenders, correspondents, and mortgage brokers.''
All of ARC Systems' clients are ranked within the top 30 percent of the subprime industry. This includes both advertised clients, as well as OEM versions of LT2k.
Increases in lender productivity through 30 second decisioning, speed, accuracy and quality control have facilitated the record producing volumes being experienced by ARC Systems and their clients.
About ARC Systems
Founded in 1984 as Advanced Resource Computer Systems, Inc., 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 providing 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 for ARC Systems (512) 892-5550 (301) 933-5567 firstname.lastname@example.org