Wednesday March 22, 1:01 pm Eastern Time
Company Press ReleaseSOURCE:
ARC Systems Allies With IMX Exchange
IMX Exchange Members to Receive Internet-Based Credit Evaluation And Pricing Decisions Through ARC Systems' AU Technology
NEW ORLEANS, March 22 /PRNewswire/ -- ARC Systems and IMX® Exchange
announced at the MBA National Technology in Mortgage Banking Conference 2000
that they have signed a technical alliance.
Under this agreement, IMX
Exchange members will receive Internet-based automated credit evaluation and
mortgage pricing decisions through ARC Systems' rules-based decisioning
The companies developed this alliance in response to IMX Exchange
lender member requests for expanded availability of the credit tools they need
to more efficiently select loans and determine bids at the point-of-sale.
Ed Jones, President and CEO of ARC Systems, said, ``This is a welcomed
partnership with IMX Exchange and illustrates how the subprime lending market
More and more customers will now be able to fully realize the
benefits of the speed and efficiency offered by Internet-based technologies,
from origination to credit decisioning and pricing.''
``IMX Exchange continually strives to deliver value to its members by
expanding the tool-base and information resources available for loan
transactions,'' said Richard Wilkes, president and CEO of IMX Exchange.
ARC Systems automated underwriting capability is a key addition to our slate
of service offerings which will allow lenders to lower risk and reduce costs.
It will enable our members to fund loans more rapidly for all consumers,
including those with less-than-perfect credit.''
ARC Systems provides IMX Exchange members with Internet-based automated
underwriting and credit decisions based on each lender's own criteria.
members who want to use this technology supply ARC with their guidelines for
credit approval and product pricing.
When an application is submitted through
IMX Exchange to the automated underwriting system for approval, the
application is decisioned within seconds based on the lender's parameters.
the application does not fall within these established guidelines, it is
tagged for manual underwriting.
First Franklin Financial Corporation®, a subsidiary of National City
Corporation (NYSE: NCC - news) and the nation's largest nonprime wholesale lender,
currently uses ARC Systems' technology to underwrite its wholesale loan
applications and is working with IMX Exchange to be the first member lender to
use the combined technology offering.
``Now that the relationship is
established to use ARC Systems' AU tools on IMX Exchange, First Franklin will
be able to provide brokers with an immediate response to the nonprime loan
applications posted on the Exchange,'' CEO of First Franklin Bill Dallas said.
``The automated underwriting system considerably increases processing
efficiency which will allow First Franklin to close more loans in less time
over the Exchange.''
``IMX Exchange provides ARC Systems with an efficient platform to leverage
the power of the Internet to make immediate credit decisions and close more
loans quickly -- both great benefits to our customers,'' Ed Jones said.
look forward to a long and mutually beneficial relationship with IMX
About ARC Systems
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 .
About First Franklin Financial Corporation
First Franklin Financial Corporation was founded in 1981 to serve the
prime credit market.
In 1994, the company made a strategic move to serve the
nonprime lending market, and in 1995, First Franklin introduced a proprietary
credit-risk lending solution called Direct Access.
The wholesale lender
currently works with more than 11,000 mortgage brokers nationwide and operates
24 wholesale centers throughout the United States.
First Franklin originates,
purchases, sells and securitizes nonconforming/subprime, residential, first
and second lien mortgage loans.
The company employs nearly 1,000 mortgage
professionals and originated $4.5 billion in nonprime mortgages in 1999.
For more information about First Franklin, contact Marketing Manager Amy
Witmer at (408) 964-6000 or write to 2150 North First Street, San Jose, CA
About IMX Exchange
IMX® Exchange, based in San Ramon, California, is a neutral, Internet-
based, electronic marketplace serving the wholesale mortgage industry.
IMX Exchange solution brings together mortgage brokers and lenders in an
online trading community to reduce the time and cost required for search,
comparison, pricing, selection and locking of mortgage loan transactions.
Founded in 1995, IMX Exchange has more than 6,000 mortgage originator members
representing more than 1,400 mortgage brokerages in 44 states, as well as a
network of national, regional and local lender members.
Since launching its
marketplace in October 1997, more than $1.8 billion in loan volume has traded
on the Exchange.
Through alliances with three of the leading loan origination
software (LOS) providers, IMX Exchange loan trading technology will be
integrated into these LOS' upgrade releases starting in Q2'00, making seamless
loan posting and pricing capability available to the 70 percent of the U.S.
mortgage broker market served by these vendors.
IMX Exchange loan trading
technology is protected by U.S. Patent #5,995,947 and other applicable
Intellectual Property rights.
For more information about IMX Exchange, please visit www.imxexchange.com
or call (800) 401-4639.