Monday April 12, 9:54 am Eastern Time
Company Press Release
SOURCE: ARC Systems
ARC Systems and First Franklin Debut Automated Underwriting
System for Mortgage Market
Designed to Automate and Streamline the Loan Approval Process,
LT2k(TM) Will Enable First Franklin to Immediately Approve
Wholesale Non-Conforming and Subprime Loan Applications
AUSTIN, Texas, April 12 /PRNewswire/ -- ARC Systems today
announced that it is providing its LT2k automated underwriting
system to First Franklin Financial Corporation, one of the nation's
leading non-conforming wholesale and retail mortgage lenders.
First Franklin plans to use the Internet-based system to
dramatically improve service levels to its more than 6,000
wholesale brokers nationwide. By internally integrating the ARC
Systems decisioning engine, First Franklin can render
underwriting decisions on non-conforming and sub-prime mortgage
loans in 30 seconds or less.
First Franklin has built its competitive advantage in the non-conforming
and subprime mortgage markets through its proprietary products
Direct Access(SM), Scored Advantage(SM) and Express Valuing(SM).
These products, which respectively determine risk-based interest
rates, streamline non- conforming documentation and automate the
property valuation process, have helped the company at point of
sale. By summer 1999, the three products will be configured into
the LT2k system and First Franklin's broker networks will be able
to provide 30 second loan decisions to their customers.
``The combination of LT2k's speed and efficiency with First
Franklin's unique loan products will truly keep First Franklin
ahead of its competitors,'' said Ed Jones, CEO of ARC Systems. ``This
edge will help First Franklin maintain a leading role in the
growth of the wholesale mortgage market.''
ARC Systems' LT2k solution is capable of pulling up to 10,000
credit reports and making 5,000 underwriting decisions per hour.
Once First Franklin's specific loan parameters are configured
into the system, consumer credit reports will be electronically
accessed for real-time information. The application is then
processed against a rules-based decisioning system and automated
``Customer loyalty is the core of our business,'' said Steve
Skolnik, Executive Vice President of Production at First Franklin.
``By continuing to equip our mortgage brokers with highly
personalized services coupled now with the speed and security of
LT2k, we're making it easier for them to close deals while
establishing strong relationships with their customers.''
First Franklin processed subprime originations totaling more
than $2 billion in 1998. In 1999, the company projects in excess
of $3 billion in wholesale production. First quarter 1999
originations totaled close to $700 million.
About First Franklin
First Franklin Financial Corporation, headquartered in San
Jose, California, is one of the leading non-conforming wholesale
and retail mortgage lenders in the United States. With offices
located across the nation, First Franklin serves the needs of
mortgage brokers and borrowers with a wide array of products and
services, including its proprietary, credit scored-based Direct
Access and Scored Advantage products. For more information on
First Franklin call 800-464-8203.
About ARC Systems
Founded in 1984 and based in Austin, Texas, ARC Systems is a
custom software developer of Internet-based solutions for
relational database applications. ARC Systems' flagship product,
LT2k, has an underwriting matrix flexibility that 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 mortgages. For more information on ARC Systems call 512-444-9732
or visit www.arcsystems.com
for a free demonstration.