/24-7PressRelease/ - COLUMBIA, SC, October 03, 2007 - Powered by new customers coming online this year, and a continued dramatic shift to FHA, Freddie Mac and Fannie Mae loan products Avista Solutions saw solid volume gains across its customer base in August. Mortgage applications processed across all customers jumped 18% between July and August as volumes surged to over 107,000 unique mortgage applications across all customers making Avista the leading provider of all-in-one, 100% web-based, end-to-end enterprise mortgage loan origination software.
"This is an important milestone for Avista and our customers after just six years of operation." said Mark Phlieger, CEO of Avista Solutions. "We have seen our customers agilely reposition their pipelines to capitalize on FHA, Freddie Mac and Fannie Mae business. In such a volatile market it is crucial for lenders to provide on-demand, all-in-one origination capabilities at the point of sale."
Volume gains for use of Freddie Mac's Loan Prospector (LP) and Fannie Mae's Desktop Underwriter (DU) for access to the FHA automated underwriting engine as well as agency products were equally impressive. For example, Avista's customers submitted over 41,000 unique mortgage applications to Loan Prospector during August, making Avista the nation's number one submitting LOS to LP for the 4th month in a row. Avista's XML based interfaces to Desktop Underwriter provide seamless access to findings as well as the ability to provide consumer friendly instant approvals at the point of sale.
"The mid-sized mortgage banker originating $300 million to $2 billion in annual volume has traditionally been required to be more agile than the mega-lender," said Phlieger, "Avista's products allow these lenders to adjust to market changes much more quickly and capitalize on changing markets."
The web-based Avista Agile LOS origination platform allows retail users to create loan applications online; wholesale users can import the application from external loan origination software. The platform also allows users to order services such as credit and automated underwriting for FHA, VA, Freddie Mac and Fannie Mae loan programs via LP and DU. This B2B web LOS provides online status, pipeline management, originator/lender loan collaboration and disclosures and closing documents through a 3rd party document service. Funding and post closing functionality is also included. The lender view allows users access to all of the originator specific services as well as features such as template driven underwriting management. Simple updating of website content for each channel is managed through the user-friendly back end administration.
About Avista Solutions
Avista Solutions, a Mortgage Technology Magazine Top 50 Mortgage Technology Provider, has handled over $417 billion in loan volume 100% via the web. The demand for new mortgage products in a rapidly changing market requires a platform with superior agility. Avista Solutions' suite of mortgage lending software provides complete end-to-end solutions that can be rapidly implemented across all origination channels. Change the rules. Compete faster. If your company is looking for an Agile Enterprise Solution we would like to talk with you. For more information please call (803) 788-4936, or visit us on the web at
www.avistasolutions.com.
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