First American Introduces SourceMaster™ Powered By Dorado
—A Next Generation Technology for Vendor and Transaction Management With Advanced Bundling Capabilities—
March 10, 2003, SANTA ANA, Calif.
The First American Corporation (NYSE:FAF), the nation’s leading diversified provider of business information and related products and services, today announced that it has joined forces with Dorado Corporation to create SourceMaster™. SourceMaster is a next generation sourcing platform for the mortgage industry that provides a full suite of vendor and transaction management, and advanced bundling capabilities. SourceMaster will include interfaces to vendor service systems from Fannie Mae DU Connections and Freddie Mac LoanProspector.com. SourceMaster will be available in second quarter 2003.
SourceMaster gives customers a new Vendor Access Network (VAN)-independent technology that offers advanced bundling capabilities to meet current and developing market opportunities. Settlement service products can now be dynamically linked to loan programs and consumer information to meet the emerging need for bundles.
Bundling is the dynamic assembly of a set of settlement services products around loan program, property, borrower and lender characteristics. Dynamic means the system automatically creates a bundle on-the-fly, orders those services and manages through the completion of the loan transaction.
“This is comparable to Dell Computers in PC manufacturing,” said Roger S. Hull, senior vice president and chief information officer with The First American Corporation. “Customers will be able to assemble a bundle for each individual order based on that individual’s information, the property and the lender’s risk parameters. Because it is VAN-independent, SourceMaster uniquely offers better vendor coverage, independent vendor performance measurement, advanced vendor management capabilities and better bundling support.”
“Dorado is very proud to receive such a significant endorsement and support from this important partner,” said Dain Ehring, chief executive officer of Dorado. “We are extending our demand chain management expertise from the midoffice of a premier lender to all of the vendors that support the loan completion process. The combination of Dorado’s demand chain management technology and First American’s track record of customer relationships and market access will make SourceMaster a success.”
About The First American Corporation
The First American Corporation, a Fortune 500 company and the nation’s leading diversified provider of business information, supplies businesses and consumers with the information resources that affect the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within seven primary business segments including: Title Information and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $4.70 billion in 2002, First American has more than 25,000 employees in approximately 1,300 offices across the nation and around the world. More information about the company and an archive of its press releases can be found at www.firstam.com.
About Dorado Corporation
Dorado Corporation is the leader in Demand Chain Management software applications for U.S. home lending banks. Dorado's mortgage, home equity, and real estate products integrate business customers and consumers into lending processes. Dorado’s Web services-based solutions increase flexibility and efficiency and enable the up- and cross-sale of financial products and services. www.dorado.com.
Certain statements made in this press release, including those relating to SourceMaster interfaces and other functionality, availability and success, are forward-looking. Risks and uncertainties exist which may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include: interest rate fluctuations; changes in the performance of the real estate markets; access to public records and other data; general volatility in the capital markets; changes in applicable government regulations; consolidation among the company’s significant customers and competitors; the company’s continued ability to identify businesses to be acquired; changes in the company’s ability to integrate businesses which it acquires; and other factors described in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2001, filed with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.