First American And Dorado Create Common Platform for Unified Point of Sale
—Companies to Resell Jointly Developed Platform for Dorado Software and First American Settlement and Fulfillment Services—
October 19, 2005, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), the nation’s largest data provider; and Dorado Corporation, providing the on-demand network at the lender point-of-sale, today announced the companies are jointly developing a common, unified Point-of-Sale (POS) platform.
The new platform will combine Dorado ChannelMaster® enterprise lending software and Dorado SourceMaster intelligent ordering software with First American’s Web Services-based vendor management platform. The new platform will provide lenders with on-demand loan processing and fulfillment at the POS and will be available from both companies by the end of the first quarter of 2006.
In May 2005, the companies announced a strategic partnership to champion a more unified approach to mortgage lending. This approach aims to transform mortgage origination from a compartmentalized process with frequent starts and stops into a highly integrated, open and dynamic process that enables the best execution from both a customer service and lender operations perspective. The co-development and sales effort announced today represents one of First American and Dorado’s major efforts to fulfill this strategy. The companies currently provide integrated POS solutions to EverBank, Oak Street Mortgage and Union Bank of
“Our vision to create dynamic, real-time integration between processes and services was the impetus behind our strategic partnership with Dorado,” said Craig I. DeRoy, president of The First American Corporation. “We will fully achieve that goal with our jointly developed, unified POS platform. For lenders who implement this platform, there will no longer be a detectable delineation between service provider and lending system. All transactions and processes will flow seamlessly from the user’s system to the service network and back again. By creating a common platform for Dorado software and our services, the system itself will automatically decide which route the loan will take and which processes and services will be invoked to deliver best execution for enterprise-wide loan production. This is truly revolutionary.”
Dorado ChannelMaster provides on-demand, POS access to third party services, while its process orchestration capability enables dynamic, event-driven process flows to ensure the best execution of lending operations. ChannelMaster also facilitates communication and improves productivity by tightly integrating all participants in the mortgage process—consumers, partners, third-party originators, loan officers and operations personnel—at the POS. Dorado SourceMaster is a rules-based settlement services procurement and decisioning platform that provides intelligent service ordering capabilities. First American’s Web Services-based vendor management platform is a state-of-the-art bundling and third-party services procurement platform featuring advancing vendor management functionality.
“The partnership between our companies is bearing fruit, and changing the industry in very tangible ways,” said Dain Ehring, chief executive officer of Dorado Corporation. “Not only do we currently provide integrated, point-of-sale solutions to a number of leading lenders, but this platform will be sold by First American sales professionals with the goal of proliferating Dorado technology and our on-demand network of services throughout the industry. We couldn’t be happier with the level of commitment and resources First American is devoting to our shared vision.About Dorado Corporation
Dorado Corporation delivers an on-demand network of applications and services to the home lending POS. Dorado’s innovative network-based solutions are utilized by numerous top- and emerging-tier lenders and today enable more than 185,000 lending professionals to increase efficiency and productivity at the POS. The solutions also drive cross-sell/up-sell opportunities by increasing workflow flexibility and simplifying technology integrations for leading lenders such as Chase Manhattan Mortgage Corporation, Citi, Countrywide Home Loans and Washington Mutual. www.dorado.com
About The First American Corporation
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is the nation’s largest data provider. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.72 billion in 2004, First American has approximately 2,000 offices throughout the