PRESS RELEASE
LoanAce and Credex form Partnership
(Bellevue, WA December 5th, 2006) – Nation’s only fully-integratable credit pulling and lead management tool now built into nation’s only free Loan Origination System.
Today Credex™ www.credex.net has announced its latest strategic partnership with the nation’s only no-charge LOS system from LoanAce® www.loanace.com. Now LoanAce members will be able offer their customers an online application that not only allows them to gain instant secure access to their tri-merged credit report, but also allows the mortgage professional to manage and qualify those leads. All at no cost.
"The partnership between Credex and LoanAce is a natural fit," explained Peter Phelps, CFO/COO of Credex. "We both believe strongly that mortgage service technology shouldn’t be a nice-to-have feature with a big price-tag attached. As a result we share a passion for finding innovative ways to offer diverse solutions for an industry that needs to stay competitive while keeping business costs under control."
Both Credex and LoanAce offer their software free-of-charge to their customers. Credex is able to do so by generating revenue through providing borrower-paid credit reports, while LoanAce generates fees from partnerships with lenders and third-party service providers.
Credex is the most recent product of Next Online Technologies, the mortgage technology company that emerged from the development of MILA’s (www.mila.com) automated underwriting and decisioning system, AccessPoint. Offering more than just credit, Credex helps brokers capture and qualify their leads by providing an online application called AppWizard™ that communicates instantly with the borrower, the broker and any other third-party lender and/or Realtor® deemed by the broker to be relevant to the process.
"Borrowers who are serious about home buying commit to purchasing their tri-merged mortgage credit report through Credex because it is the only system that provides it to them instantly and in an easy-to-read format," added Phelps. "By helping brokers identify their serious customers early in the process, we help them focus their energies where they are most likely to close the deal."
Once the borrower completes the short online-application, their vital information is sent via text message, e-mail or is displayed online to the broker. He or she can also choose to have that information simultaneously sent to another party, such as the Realtor® involved with the transaction. Meanwhile, the information is also stored in a manageable database that can then be instantly uploaded into the LoanAce LOS system.
LoanAce is the flagship product of TeraVendo a two-year old mortgage technology solutions company based in Bellevue, Washington. Launched on August 1, 2006, LoanAce is the first Loan Origination Software available at no charge. The free LOS system also offers one-click title ordering and lead integration in a manageable and user-friendly format.
"LoanAce was built to be more than just a ‘free LOS’," explained Jeff Cunio, president of LoanAce’s parent company, TeraVendo, Inc. "Instead we built it as an evolving tool designed to benefit the originator. We built it to be the best. Credex shares that philosophy with its no-cost sales tools. And that shared philosophy makes for a natural partnership."
Because both Credex and LoanAce are built for integration, the partnership is transparent and seamless to both company’s customers. In the short months since both services launched there has been a great deal of excitement generated in an industry hungry for innovative low-cost solutions.
"We’re looking forward to seeing where this partnership can take both our companies," added Cunio, "we both share the entrepreneurial excitement of being on the front lines of a new revolution in financial services technology."
Credex™was developed by Next Online Technologies, a company dedicated to the creation of business solutions that reduce costs and improve workflow for the financial services industry. Credex is a comprehensive management tool used by mortgage professionals to pull credit, capture and manage leads and communicate with all parties in the origination process. To learn more about Credex, visit www.credex.net. For more information on Next, visit their web site at www.nextomt.com
TeraVendo, Inc. is dedicated to providing secure, efficient and customer-friendly software solutions to loan originators, mortgage brokers, and loan officers. Since 2005 the company has been invested in the development of the best possible information technology solutions for the Mortgage Industry. TeraVendo’s flagship product, LoanAce® debuted on August 1, 2006 as the Mortgage Industry’s first Loan Origination Software available at no charge, and quickly catapulted the industry to a new level of productivity. LoanAce®, went beyond providing a fully functioning LOS and introduced industry-leading features, including: QuickTitle™, one click title ordering, integrated leads, and a manageable and user-friendly format. For more information, please visit www.teravendo.com
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