VMS EXPANDS TECHNOLOGY TO OFFER INCREASED MORTGAGE ORIGINATION EFFECIENCY
October 15, 2001, MINNEAPOLIS
Vendor Management Services, Inc. (VMS), a wholly owned subsidiary of The First American Corporation (NYSE:FAF) and provider of vendor and workflow management for the mortgage loan origination industry, today announced the successful deployment of two significant components of its proprietary technology infrastructure, TheVendorManager(TM). TheVendorManager platform allows lenders to electronically order, track, record and pay for mortgage origination products and services from a variety of vendors through a single technology channel.
One of the technology’s new features, the Intelligent Ordering System (IOS), provides “smart” transactional routing that gives clients additional control over various transaction specifications. It allows clients to directly access and adjust their ordering and vendor assignment criteria such as loan type, geographic location, capacity and percentage of business, without the need for outside programming.
TheVendorManager’s other new technology feature, the eMessage Center (eMC), allows for improved client-to-vendor communication through efficient eXtensible Markup Language (XML) connectivity and standardized connection methods consistent with the widely accepted Microsoft®.NET approach. The eMC lets clients place orders and receive comprehensive status from their vendors through this secure electronic environment.
Both of these new features are helping lenders simplify the ordering and receipt of settlement products from the nation’s leading national and regional mortgage origination services providers.
“The IOS allows our clients to build in decision-making logic and have at their fingertips the power to adjust order placement,” said Landon Taylor, president and chief executive officer of VMS. “This flexibility and automation provides the loan process streamlining and expediting that our clients demand. By combining this with our use of connectivity features driven by Microsoft, the leader in this technology arena, VMS is positioned to easily and efficiently meet our clients needs.”
The eMC is the evolution of TheVendorManager’s vendor link, which enables XML data to be passed in a secure environment with guaranteed delivery. Built upon queuing and proprietary message broker technology, the eMC can be rapidly connected to various backend systems to provide data elements and products in native or portable document format (PDF).
“It is critical that we are able to quickly implement robust connectivity with our vendor partners,” said Tom Huffman, chief information officer for VMS. “The eMC allows us to rapidly connect to any vendor, while providing the flexibility to extend to wireless and other delivery vehicles in the future.”
Mike Graves, vice president of the National Home Equity Group for Wells Fargo, said, “VMS has provided us with efficiency by enabling us to control route orders and maximize the connections with our vendors. Through IOS, we will be able to make adjustments to the process whenever we want without having to bring in a programmer.”
VMS provides national and regional mortgage lenders with a complete menu of solutions designed to reduce the cost of their operations, enhance the performance of their vendors and create new sources of revenue that add to the lenders’ net earnings. Information on VMS’ Bottom Line Solutions, which include technology, workflow management, vendor management and new revenue generation, can be found on the company’s Web site at www.tvmsi.com.
The First American Corporation, based in Santa Ana, Calif., is the nation’s leading, diversified provider of business information and related products and services. The corporation’s three primary business segments include: title information and services; real estate information and services, which includes mortgage information services and database information and services; and consumer information and services, which provides automotive, subprime and direct-to-consumer credit reporting; direct-to-consumer public records reporting; resident screening; pre-employment screening; automobile title administration; property and automotive insurance tracking services; property and casualty insurance; home warranties; investment advisory; and trust and banking services. Information about the company and an archive of its press releases can be found on the Internet at www.firstam.com.