Thursday May 2, 7:03 am Eastern Time
ARC Systems Hits Two Major Milestones
B2B Technology Company Has Record-Breaking Year in Shadows of Tech Wreck
AUSTIN, Texas, May 2 /PRNewswire/ -- ARC Systems, the mortgage technology
application service provider has not only survived the dot-com decline, but
has thrived in the aftermath hitting record numbers in 2001 and breaking a one
day half-billion dollar loan decisioning total last month.
Not a newcomer to the business, the 18-year old private company decisioned
$24 billion in loans in 2001 and is on a pace to break that number for 2002,
up 138 percent against the same time period last year. Fueling the trajectory
are days like March 19th when the company hit a one-day record total,
decisioning in excess of three-quarters of a billion dollars of loans that
The acknowledged leader in the non-conforming realm, but rapidly expanding
into other markets, the company's rules based underwriting system is used by
lending operations nationwide, including Lehman Brothers, First Franklin
Financial, Provident Consumer Financial Services and Household Mortgage
Services. "We've been so successful because we were first to market with
advanced decisioning technology, we have a product that works and works well,
and we sit in a good position to counsel our clients and customize our product
to maximize their savings, measured in both money and time," said Ed Jones,
founder and President of ARC Systems.
ARC Systems growing product line successfully
The Census Bureau reported this month that business-to-business
transactions make up for 94 percent of e-business transactions. ARC Systems
positioned themselves strongly in this sector, servicing lenders and other
financial institutions with their browser-based automated underwriting system
technology. The company has expanded its product line and is applying its
technology beyond sub-prime and into the investment banking, home equity and
warehouse lending arenas.
In the area of investment banking, ARC Systems engine has enabled Lehman
Brothers contract finance division to do pre-bid and post-bid decisioning
which allows them to purchase mortgage loans based on a consistent set of
quality and risk controlled guidelines. Lehman has been able to increase
acquisitions by as much as 20 percent using the technology.
In the home equity market, ARC Systems has several clients, including
Household Mortgage Services and Guaranty Bank Home Equity. Since full
implementation of LendTech, various users have reduced cost to originate by
two-thirds of what it was previously and increased their productivity
63 percent among underwriters.
In a recent announcement, PCFS stated that for the first time they would
apply the ARC technology to automate the warehouse line approval process.
This significantly reduces the time to complete a transaction and reducing the
amount of paper work for PCFS, a division of Provident Bank.
About ARC Systems
Founded in 1984, ARC Systems is a privately held company that provides
lending institutions, investment and commercial banks 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 decision, the company's
proprietary, patent pending rules-based system is used by lenders to provide
their customers, correspondents and brokers direct access to automated
underwriting and online loan origination system functionality.
Mary Tipps, Sales & Marketing Director