NEW ORLEANS, March 23 /PRNewswire/ -- ARC Systems announced at the MBA National Technology in Mortgage Banking Conference that the company has formed a technical alliance with Tustin, Calif.-based Solimar.net . ARC Systems is an Austin, Texas-based application service provider (ASP) that provides lending institutions with decision power for better business practices, giving lenders the ability to provide credit evaluation and pricing answers at the point-of-sale. Solimar.net , a wholly owned subsidiary of Basis100, Inc., is the U.S. leader in Internet-based property valuation technology for the residential lending industry.
``ARC Systems' customers will certainly see improved efficiency in their underwriting and processing operations as a result of our alliance with Solimar.net,'' President and CEO of ARC Systems Ed Jones said. ``Providing services via the Internet is rapidly becoming the norm in the mortgage industry, and partnering with Solimar.net to provide residential property evaluations enable our customers to receive even more answers and information at the point-of-sale.''
The agreement gives ARC Systems' lenders the ability to get property valuations at the point-of-sale or any time during the transaction, and ARC will incorporate the valuation provided by Solimar.net into the underwriting process. Solimar.net customers will have access to ARC Systems' Internet- based automated underwriting services.
Solimar.net Founder and CEO, Dr. Larry Hudack said, ``Credit decisioning, pricing and appraisals are three of the most timely elements in originating and funding a residential mortgage, and through our partnership with ARC Systems, we are able to offer our and ARC Systems' customers point-of-sale information for all three of these necessary components. We look forward to a long and mutually beneficial relationship with ARC Systems.''
Basis100 currently operates in North America and is listed on the Toronto Stock Exchange under the trading symbol BAS. A leading provider of Internet- based business-to-business e-commerce solutions, the company focuses on creating mortgage, consumer credit, securitization, and fixed income electronic marketplaces. Basis100 provides its technology to financial institutions, intermediaries, and service providers.
Solimar.Net was founded in California in 1979 by industry pioneer Dr. Larry Hudack. Solimar is the leader in intelligent valuation technology and an innovator in systems design in this emerging e-commerce technology area. Solimar provides collateral risk assessment services through an automated residential property valuation system accessible via the Internet. Certain experts have estimated that there are more than 100 million residential households in the US. Solimar.Net estimates it can provide valuation services for more than 75 percent of these properties with its current infrastructure.
Solimar.Net's services are available both to retail users seeking valuation results one-at-a-time and to large bulk users who can obtain high- speed valuations of large portfolios. Solimar.Net regularly processes portfolios as large as 100,000 properties with 24-hour turn-around.
About ARC Systems
ARC Systems provides lenders with automated underwriting and credit decisions via the Internet based on the lender's own criteria. Lenders supply ARC Systems with its guidelines for credit approval and product pricing. When an application is submitted to the system for approval, the application is decisioned within seconds based on the lender's own parameters. If the application does not fall within these established guidelines, it is tagged for manual underwriting for further review.
Founded in 1984 as Advanced Resource Computer Systems, 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 more than 80 lending operations nationwide, including Aames Financial Corp., First Franklin Financial, Option One and Irwin Mortgage.
For more information about ARC Systems, contact Mary Tipps at (512) 892-5550, via email at firstname.lastname@example.org , or write the company at 5316 Highway 290 West, Suite 500, Austin, TX 78735. The company's Web site can be viewed at www.arcsystems.com .