VMS PROVIDES STREAMLINED TECHNOLOGY SOLUTION TO ABN AMRO MORTGAGE GROUP
September 20, 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 a major technology pilot with mortgage industry leader ABN AMRO Mortgage Group (AAMG). Under the pilot program, VMS will provide AAMG’s National Lending Center, based in Sunrise, Fla., with its proprietary technology solution, TheVendorManager(TM). Built on an open platform, TheVendorManager will enable AAMG to electronically order, track, receive and pay for real estate-related products and services through a single technology channel.
“We spent a great deal of time looking at the alternatives available in the industry for vendor management,” said Don M. “Dusty” Lashbrook, senior vice president, ABN AMRO Mortgage Group, National Lending Center. “Of importance to us was finding a company that has the technical expertise and the technology protocol that will allow us to develop detailed communications between ourselves and our vendors. We wanted more than the ability to order services and receive status. It also was important to us that complex, multitask processes, such as the receipt of title commitments and the clearing of the title exceptions, could be handled dynamically through the VMS interface.”
TheVendorManager allows for easy system-to-system integration from clients’ core operating systems directly to the industry’s most respected and well-known national service providers. Through a seamless interface between TheVendorManager and its clients’ loan origination and servicing systems, clients are able to submit orders electronically for such products and services as appraisals, credit reports, title insurance, flood determination, home inspection, document preparation and more.
“We are pleased that AAMG selected VMS to pilot our vendor management technology,” said Landon Taylor, president and chief executive officer of VMS. “It is our desire to leverage our expertise in other areas to help AAMG create greater efficiencies throughout its organization.”
Beyond the capability and scalability of its technology offering, VMS’ other core competencies include workflow management, vendor management and revenue generation, whereby clients can elect to establish a financial interest in the entire management process.
Initially, AAMG’s National Lending Center will use TheVendorManager for its title and escrow workflow by automating the exception handling process between its loan origination system and First American Title Insurance Company’s Lenders Advantage division. The process is designed to assist premier national vendors like First American’s Lenders Advantage to become more successful in meeting its clients’ needs.
ABN AMRO Mortgage Group, Inc. is the sixth largest loan originator and ninth largest loan servicer in the United States. ABN AMRO Mortgage Group produces mortgage loans and provides related services through its various divisions including InterFirst Wholesale Mortgage Lending, LaSalle Home Mortgage, ABN AMRO Mortgage, ABN AMRO National Lending Center, ABN AMRO Apartment Lending and ABN AMRO Mortgage Capital Markets. ABN AMRO Mortgage Group has more than 2,400 employees located throughout the United States.
ABN AMRO Mortgage Group, Inc. is an indirect subsidiary of Netherlands-based ABN AMRO Bank N.V., one of the world’s largest banks with total assets of EUR 543 billion and a presence in more than 3,500 locations in over 70 countries and territories. ABN AMRO is organized into three autonomous strategic business units responsible for managing wholesale clients, consumer and commercial clients, and private clients and asset management. In North America, ABN AMRO is headquartered in Chicago and has nearly $76 billion in assets. Subsidiaries include LaSalle Bank in Chicago, Michigan National Bank and Standard Federal Bank in Michigan.
Vendor Management Services, Inc. (VMS) provides national 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.