Del Mar Database offers lenders the ability to find, price, and lock loans online independently or in tandem with the of DataTrac® loan origination system
San Diego, Dec. 21, 2006 – Del Mar Database (DMD), a business unit of Fiserv Inc. (Nasdaq: FISV), has launched PriceTrac™ standalone, a rules-based product finder that delivers fully adjusted prices to originators based on borrower information and eligible loan programs.
PriceTrac was developed to enable lenders to make better business decisions by having the ability to find, price and lock loans online. PriceTrac includes a managed service component that allows a lender to simply identify and enable investors and loan programs from an existing library that is maintained for the lender.
Pricing adjustments are automatically updated and applied to products in the lender’s library. PriceTrac supports all product types, including HELOCs, Alt-A, Negative Amortization, Nonprime and Conventional loans. PriceTrac also shows pricing that is unique to the originator, thereby enabling a lender to easily reward top producers with competitive rates and penalize poor performers.
Home Loan Specialists, Inc., based in Laguna Hills, Calif., is a nationwide mortgage lender with both retail and wholesale operations. The company is in the process of implementing PriceTrac.
“Partnering with Del Mar Database to implement PriceTrac will enable our broker clients to obtain pricing and loan approvals within seconds,” said Joel Harrison, president of Home Loan Specialists, Inc. “We provide our brokers an advantage over their competitors by empowering their loan officers to provide instant approvals at the time of initial contact. Del Mar Database understands the unique needs of small and medium-size lenders and has developed a pricing and decisioning solution that is cost effective while also increasing productivity.”
PriceTrac will also be available as an add-on to DataTrac®, Del Mar Database’s back-office processing solution, in 2007. Del Mar Database partnered with Overture Technologies, the mortgage industry’s leading developer of decisioning solutions, to offer PriceTrac.
“PriceTrac marks a milestone in decisioning technology for small to medium lenders,” said Rob Katz, executive vice president of Del Mar Database. “Previous decisioning products have provided lenders with only two unattractive alternatives. There are a number of managed content products available today, but most are based on relatively simplistic software which translates into a limited pre-qualification and inability to support various mortgage products. There are also a number of very sophisticated automated underwriting engines available, but most are too expensive and leave the lender with the time consuming and expensive task of managing product eligibility and pricing content. PriceTrac is the first time that the best of both of these alternatives has been brought together at a price that small to medium lenders can afford.”
About Overture Technologies
Overture Technologies provides decisioning technology that automates business policy, decisions, and workflow management in a transparent, “owned-by-the-business” manner. Established in 2000, Overture’s technologies are used in many applications, most often to “underwrite the family’s balance sheet” in both the mortgage industry and student lending. Overture offers Mozart AUS™, the premier automated underwriting system for the mortgage industry. For further information, please contact Overture at (301) 492-2140 or visit www.OvertureTechnologies.com.
About Del Mar Database
San Diego-based Del Mar Database, a wholly owned subsidiary of Fiserv Inc. (Nasdaq: FISV), introduces new technologies to lenders of all sizes that leverage their existing tools to improve efficiencies, increase profitability, and increase pipeline capacity. The company's proprietary software solution, DataTrac, enables lenders to reduce costs, generate greater profits per loan, minimize errors using business intelligence, and fund more loans with fewer people. Founded in 1991, the company's customers include mortgage lenders, brokers becoming lenders, credit unions, and community banks. For more information, visit www.delmardb.com.
About Fiserv Inc.
Fiserv Inc. (Nasdaq: FISV), a Fortune 500 company, provides information management systems and services to the financial and health benefits industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software, and systems solutions. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions, and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005, and 2006 FinTech 100 surveys. Fiserv Health provides health plan management, pharmacy benefits management, and BPO services to the managed care market and self-funded commercial and government employers and health plans. Headquartered in Brookfield, Wis., Fiserv reported more than $4 billion in total revenue for 2005. For more information, please visit www.fiserv.com.
