First American to Champion New Vision for Mortgage Origination Technology
—Company Increases Investment in Dorado to Drive Open, Integrated, On-Demand Mortgage Origination for Lenders—
May 19, 2005, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), the nation’s largest data provider, and Dorado Corporation, the leader in mission-critical, on-demand solutions for home lending, today announced that First American will champion the consolidation of mortgage origination technology to present a unified approach to mortgage lending. This new approach will emphasize the value of dynamic integration of data (borrower/property and loan level), loan origination processes and technology to drive significant market advantage, and cost savings for lenders. In furtherance with this strategy, First American has agreed to increase its investment in Dorado Corporation.
First American’s new investment in Dorado will help mortgage industry leaders transform mortgage origination from a compartmentalized process with frequent starts and stops into a highly integrated, open and dynamic process that gives lenders more control over their businesses, enables faster time-to-close and creates more efficiency in the market overall. In addition, the Dorado technology platforms will now be integrated with First American Web Services and First American Fulfillment Services, two critical process enhancement modules in the loan origination cycle. With this additional capital contribution, First American’s investment in Dorado now exceeds $50 million. First American plans to fund future Dorado acquisitions as a means of further expanding this new origination vision.
“The strategic opportunity for First American in this marketplace is to focus on initiatives that unlock the full power of the data that drives our many real estate products and services,” said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. “For the lender, we believe the strength of our data solutions will be amplified through a dynamic, real-time integration with the loan origination process itself. With more open and robust loan origination and processing technologies, the power of First American’s data can further fuel and propel the speed, accuracy and impact of all lending decisions. We have partnered with Dorado to fulfill this vision. As an independent technology vendor leading the charge for open systems, Dorado is perfectly positioned to help us realize our goals for both our business and for the industry. We’re very proud to announce this new strategy and further extension of our long-standing partnership.”
The new Dorado Enterprise Lending System (Dorado ELS)—the industry’s first lending solution and service platform that enables the unification of all loan channels, products, services, personnel, customers and fulfillment partners through a single point of sale—is a best-of-breed system for the production of all loans across the enterprise. The Dorado ELS applications and services are delivered through a unified point of sale using a service-oriented architecture that enables rapid, cost-effective integration of people, information, systems and services across multiple technology platforms, business channels and partners.
As a result, the Dorado ELS allows lenders to choose and rapidly integrate products, services and vendors for their lending processes to create the best production strategy possible. For example, a lender can easily integrate a strategic fulfillment provider or add new channels or initiatives without having to rebuild hard-coded interfaces. In addition, the Dorado ELS’ layered architecture and orchestration process enables dynamic, event-driven process flows. The combination of these capabilities gives users transparent, ubiquitous, on-demand access to First American Fulfillment Services.
“As an emerging lender, we are focused on deploying solutions that will allow us to streamline processes while maintaining a high level of flexibility,” said Jan Wurster, senior vice president of Production Technology Initiatives at EverBank. “Ideally, we would like to be able to pick and choose best-of-breed components and partners. The Dorado/First American initiative will provide us with that capability and it will enable us to gain seamless access to the products and services we need, when we need them. I’m pleased to see the teamwork between these two industry leaders as they continue to broaden and expand their existing relationship.”
“This new Dorado solution enables lenders to integrate First American Fulfillment Services with their process flow. No other fulfillment provider can offer that type of access,” said Dain Ehring, chief executive officer of Dorado Corporation. “Craig DeRoy, president of First American, and I firmly believe this is the wave of the future for home lending. Through the Dorado orchestration process, we are excited that First American will provide on-demand service solutions to lenders, drastically lowering overall production costs while increasing their control and options.”
“There is dramatic change coming to the lending industry, and First American and Dorado are committed to helping our lender partners stay ahead of these changes with innovative, evolving solutions that drive enterprise value,” said Roger S. Hull, executive vice president and chief information officer at First American. “Together, we will provide an immediate and dramatic lift to lenders who wish to utilize our data and products to fulfill their loan processes, improve efficiency across all affected channels and increase agility in a very complex and rapidly moving market. By offering open market, lender-based technology—as well as fully outsourced solutions—we will continue to take a market approach unique from that of our competitors. The mortgage business as we know it today will be transformed by our investment and this innovative approach to loan origination.”
About Dorado Corporation
Dorado Corporation is the leader in mission-critical, on-demand solutions for home lending. Dorado’s innovative solutions are installed by numerous top-tier and emerging tier lenders and today enable more than 170,000 lending professionals to increase efficiency and productivity at the point of sale. 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. More information on Dorado can be found at 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 31,000 employees in approximately 2,000 offices throughout the