Thursday March 23, 9:31 am Eastern Time
Company Press ReleaseSOURCE:
ARC Systems and Solimar.net Form Technical Alliance; Property Valuations at Point-of-Sale Improve Underwriting Efficiency
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
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.
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
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
Basis100 provides its technology to financial
institutions, intermediaries, and service providers.
Solimar.Net was founded in California in 1979 by industry pioneer Dr.
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
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.
ARC Systems with its guidelines for credit approval and product pricing.
an application is submitted to the system for approval, the application is
decisioned within seconds based on the lender's own parameters.
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 email@example.com , 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 .