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Top Home Equity Lender Broadens Use of Guardian Mortgage Documents' Web Technology to Significantly Expand Product Offerings to Correspondent Lenders

Business Wire, Oct 25, 2004

SAN FRANCISCO -- Leading Lender Introduces Five New Products Through Web-Based Document Technology That Creates Proprietary Closing Documents That Conform Specifically to Its Product Guidelines

One of the top home equity lenders in the United States has expanded its partnership with Guardian Mortgage Documents (GMD) increasing its home equity product offerings to correspondent lenders to a total of seven unique products. The lender's correspondent website offers 24 x 7 web-based production tools which include document production and electronic delivery via private labeling of GMD's Next Generation Input System(TM) (NGIS)(TM). Documents produced on the site conform inherently to the lender's purchase stipulations, significantly decreasing the likelihood of a loan being rejected due to format, documentation or compliance issues. The announcement was made at the Mortgage Bankers Association's (MBA) 91st Annual Convention.

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In addition to the existing program, a 10-year balloon for daily prime, the lender has introduced five new programs to include the following products: 5/10, 10/10, 10/15, 15/10, 10/20, and 10/30. In addition to the new home equity products, correspondents have access to conventional closed end fixed rate second mortgages through the private-labeled NGIS solution.

"Lenders need to be committed to providing correspondents with significant breadth in product offerings that enable them to meet the unique needs of each individual borrower," said Tim Anschutz, vice president of Marketing for GMD. "Changing market conditions have made home equity products extremely attractive to borrowers, and this expanded rollout of Guardian Mortgage Documents' web-based document production and delivery solution gives correspondent lenders many more home equity options to offer their customers. The partnership also provides correspondent lenders with a tool kit for limiting risks associated with non-compliance and helping ensure that they meet all regulatory requirements."

The private-labeled NGIS solution guides correspondents through program parameters and data validations, providing ease-of-use and quality control. When using the lender's website in conjunction with GMD's document production, correspondent lenders do not need to install software from a CD or manage software version upgrades. After submitting loan files, it takes about 4 to 7 seconds to compile loan files through NGIS' document engine, with completed closing packages delivered via the web (or email), on average, in less than 60 seconds.

The product expansion is based in large part on the relationship, leading edge technology and results experienced by the lender over the past year. When comparing same month document production activity from 2003 vs. 2004, the private labeled NGIS document production portion of the lender's website has posted an increase of 478 percent. Approximately 70 percent of the lender's correspondents are now using the document solution.

"Web-based document production and delivery via this leading home equity lender's website has been so popular among its correspondents that the number of programs available has been significantly expanded to meet demand," said Tim Anschutz, vice president of Marketing at GMD. "It is important for lenders to be passionately focused on making it easy for correspondents to conduct business by providing the most advanced tools available, and the results of the first year of this relationship prove that NGIS does just that."

For more information, correspondents should call Guardian Mortgage Documents at (800) 275-4885 or visit www.gmd.com.

About Guardian Mortgage Documents

Lakewood, Colorado-based Guardian Mortgage Documents (GMD) is a provider of document preparation, automated management workflow and fully customized outsourced solutions to the national financial services industry.

Since 1987, GMD's products and services have been built on best-of-class technology designed to provide an inventory of scalable and flexible multi-product capabilities, which can be customized to deliver elegant client solutions. From simple document preparation to fully integrated and customized workflow solutions, GMD technology streamlines all processes to increase efficiencies.

Business Services Industry

Top Home Equity Lender Broadens Use of Guardian Mortgage Documents' Web Technology to Significantly Expand Product Offerings to Correspondent Lenders

Business Wire, Oct 25, 2004

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