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Dexma Brings Mortgage "Rate Locking" To The Internet

Lenders can price, lock and confirm mortgage loans within minutes via Web-based technology

Minneapolis, Minn. (May 07, 2001) - In an effort to streamline every component of the mortgage loan origination process, Dexma, a mortgage technology application service provider (ASP), today announced enhanced technology that will automatically price, lock and confirm mortgage rates.

Integrated into Internet-based product and pricing platforms, including the Dexma Decisioner and other mortgage product and pricing engines, the expanded capability allows lenders to automate the lock on all products, no matter how complex, and satisfy borrowers who wish to lock in their mortgage rate.

At the same time, lenders profit from niche products that are difficult to price and therefore often undersold by brokers.

"Mortgage lenders have always been at the mercy of human error when negotiating pricing with their brokers," said Richard Beidl, research director of Global Mortgage Lending at TowerGroup. "The automation of the mortgage 'rate lock' not only saves secondary markets from substantial losses because of incorrectly priced loans, but also guarantees the broker the pricing they are locked at is correct - saving cost for the lender and ensuring the borrowers receive the best price for their loan."

The complex process of evaluating and pricing a specific mortgage loan against the pricing rules for a mortgage loan product can involve many adjustments to the base pricing. Once the lock request has been checked against the product and price, the system will determine the fully adjusted rate and point quote. The rate lock request will then be compared to this adjusted price to verify the request is acceptable. The brokers will either receive a confirmed rate lock, or notification that the rate lock requested does not meet the lender's requirements.

"With loan volumes hitting record numbers, errors in pricing are very common and very costly for all parties involved in the mortgage process," said Steve Mase, president of Dexma. "Dexma's online 'rate lock' process saves lenders money, time and energy around pricing loans, contacting the broker and sending back confirmations."

The Dexma Decisioner is customized to include each lender's core loan product eligibility and pricing rules. With a single click, the Dexma Decisioner provides lenders quick analysis of borrower, credit and property information to adjust and select loan products and prices for potential borrowers. Dexma's new rate lock technology ensures the selected product meets the lenders price and loan rule parameters, and forces interest rates that correspond with the selected product.

A process that used to take days is now done in minutes. A process that was susceptible to human error is automated for consistent, secure rate locks. The time and energy of pricing loans, sending back confirmations and calling up the broker are automated into an easy on-line process.

About Dexma
Founded in 1995, Dexma delivers the e-commerce infrastructure that enables financial services providers and lenders to achieve the scale, quick time-to-benefit, cost efficiencies and best practices necessary to compete successfully in the rapidly changing mortgage environment.

The Minneapolis-based company claims the online mortgage industry's largest customer base. Six of the top 30 lenders in the U.S. selected Dexma as their technology partner, including Celeris, RBMG, National City Mortgage, First Horizon Home Loan Corp., Old Kent Mortgage, and First Nationwide. Dexma also has built strategic alliances with Fannie Mae, Freddie Mac, Equifax, GMAC/Residential Funding Corporation, GE Mortgage Insurance, RealEC, CBC, and Informative Research. For more information on Dexma call (952) 831-4455 or visit www.dexma.com

Maria Verven/Teresa Sandy
Sheila Plunkett
[email protected]
[email protected]
[email protected]

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