FOR IMMEDIATE RELEASE:
Hosted Document Imaging Service Enables Online Loan Collaboration
Fairfield, NJ (August 8, 2005) - Archive Systems, the premier
provider of Document Process Outsourcing (DPO) services, today announced an agreement with Franklin
Credit Management Corporation, a specialty consumer finance company primarily engaged in the
acquisition, origination, servicing and resolution of performing, subperforming and nonperforming
residential mortgage loans. Through this agreement, Archive Systems will provide Franklin Credit
Management Corporation (Franklin Credit) with high-volume conversion services, fully redundant
Web-based image hosting and off-site hard copy records storage.
In addition to managing a volume of several hundred new loans per month, Franklin Credit actively
pursues the purchase of pools of loans which are delivered in either paper or electronic images.
Archive Systems provides Franklin Credit with document conversion services to scan paper-based loan
files as well as import loan images from third party document imaging systems.
"We realized that extending our previous internal scanning and document imaging
system to support rapidly growing document volumes meant adding staff, new hardware, additional software
licenses and support resources,” stated Matt Francisco, Franklin Credit’s Vice President of Information
Technology. “The costs associated with this type of infrastructure build-out were significant and
outweighed any potential benefits. Archive Systems was the perfect fit because their hosted solution
can scale to meet our rapidly growing business needs."
"Archive Systems has enabled Franklin Credit to take advantage of an on-demand
service that provides immediate benefits," stated Rick Kushel, President & CEO of Archive Systems.
"Franklin Credit is able to manage their operations more efficiently, with all parties being able
to collaborate with electronic loan folders and documents in real-time over the Web. Processes such
as loan preparation, review, and auditing can be done securely, from anywhere, anytime."
About Franklin Credit Management Corporation
Franklin Credit Management Corporation (together with its wholly-owned subsidiaries, the "Company") is a specialty consumer finance company primarily engaged in the acquisition, origination, servicing and resolution of performing, subperforming and nonperforming residential mortgage loans. The Company acquires mortgage loans, generally in pools at discounts from their aggregate contractual balances, from a variety of mortgage bankers, banks, and other specialty finance companies, and, through its wholly-owned subsidiary, Tribeca Lending Corp., also originates subprime mortgage loans. Real estate is acquired in foreclosure, or otherwise, and is also generally acquired at a discount relative to the appraised value of the asset. The Company conducts its business from its executive and main office in New York City and through its website at www.franklincredit.com. Its common stock trades on the OTC Bulletin Board under the symbol "FCSC".
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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