FOR IMMEDIATE RELEASE:
Expanded Service Offering Enables Paperless Processing of Mortgage Documents
Fairfield, NJ (March 26, 2007) - Archive Systems, the premier provider of on-demand document management services, today announced the introduction of LoanDepot, a comprehensive service offering that manages documentation throughout the entire loan lifecycle. The service-based approach to loan processing and collaboration is an extension of the services currently offered under the company’s flagship service, ASPEN 360.
LoanDepot enables content from diverse platforms to be stored, accessed and shared in a single online repository. Through a combination of services including document capture, imaging and workflow-enabled process automation, LoanDepot supports loan origination, underwriting, post closing, and loan servicing functions. LoanDepot also supports the secure electronic transfer of loan files between brokers, lenders, investors and servicers. The comprehensive service has six main components:
• Virtual loan repository
• Mailroom & scanning services
• Distributed document capture
• Extensive data extraction services
• Workflow-based process automation
• Electronic transfer of loan documents
Archive Systems' mortgage subservicing client Cenlar comments, "We are excited about the extension of services offered in LoanDepot. As an Archive Systems client for several years, we have been utilizing a number of services now bundled in LoanDepot to capitalize on process improvements that ensure speed and accuracy in our operations," stated Steve Gozdan, SVP and CFO of Cenlar. "LoanDepot will enable organizations like ours to provide enhanced service and quicker turnaround time by enabling end-to-end paperless loan processing and collaboration."
"LoanDepot enables secure, real-time loan collaboration online with internal departments and external service providers, from anywhere at anytime, through a standard browser," stated Rick Kushel, CEO of Archive Systems. "This breakthrough subscription-based service minimizes capital expenditures and eliminates infrastructure costs, resulting in a low-risk business model. As a result, organizations can combine the strength of a centralized, collaborative content repository with the flexibility of an on-demand Web application."
About Archive Systems, Inc.
Archive Systems, Inc. flagship solution, ASPEN 360 Accounts Payable Edition, combines best practices AP Automation with ZeroTouch AP imaging and workflow. The product increases efficiencies and reduces costs with features such as straight through processing, which uses automated three-way matching to auto match invoices to PO and receipt line items without AP processor intervention. It includes the ASPEN 360 Invoice Virtualization Center, which removes from the client all tasks associated with document imaging, data capture, document classification, indexing, and OCR. The company also provides physical records management services such as business records storage, document shredding, and offsite data storage, through a number of Record Center locations. For more information, please visit www.archivesystems.com.
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