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Dexma Driving $23 Billion Monthly Mortgage Loan Volume Through Its E-Commerce Platform

MINNEAPOLIS--(BUSINESS WIRE)--Aug. 21, 2001--Dexma, a Minneapolis-based mortgage technology firm, today announced that its e-commerce mortgage platform is driving approximately $23 billion in total loan transactions a month - making it a leading e-commerce platform in the mortgage industry. Dexma's current volume represents an average of 157,000-decisioned loan applications monthly valued at approximately $150,000 per loan, which is a 500-percent increase since December 2000.

Over the past eight months, Dexma's customers, including eMAGIC, Fannie Mae, Fleet, GE Capital, and RBMG have used Dexma's Transaction Director Platform to help manage their business and streamline their operations. The increase in customer reliance on Dexma's technology, coupled with the recent refinance boom has contributed to the increase in volumes over Dexma's platform. This year, mortgage industry originations are expected to hit $1.4 trillion, the second highest level in history, and are anticipated to continue growing by approximately six to eight percent a year.

The Dexma Transaction Director technology reduces the loan approval lifecycle to a matter of minutes by streamlining the entire mortgage process, and instantly and ``intelligently'' routing the many pieces of information required to underwrite and originate a mortgage loan. For Fannie Mae, the Transaction Director is the platform that powers its Desktop Originator and Desktop Underwriter on the Web, and provides access to Fannie Mae's MORNETPlus Connection services.

``At Fannie Mae, we take our partnerships with technology firms very seriously. Our goal is to help our lenders streamline their business process through technology,'' said Harvey Trimble, Fannie Mae's managing director of product development for ebusiness. ``To that end, we are using Dexma's technology solutions to speed up transaction processing.''

Currently, it can take hours or even days to order, manage, track and communicate the status of a loan. Dexma's Transaction Director platform centralizes access to services such as accurate product eligibility and pricing, credit information, underwriting approvals, mortgage insurance, title, and property appraisal. ``This technology is a significant component in the eRBMG's e-mortgage origination offerings,'' said Chip Register, chief technology executive with Resource Bancshares Mortgage Group, Inc. ``It considerably reduces application approval times, eliminates loan data re-keying and creates an integration platform for GSE underwriting approval with RBMG conditions - resulting in lower loan processing costs and faster, more accurate loan origination services.''

``Lenders need a system that will grow with them as their loan volumes increase,'' said Stephen Mase, president of Dexma. ``Dexma is committed to providing its customers across the nation with the mortgage technology infrastructure they need to fully automate the mortgage process online. Dexma's connection platform - the Transaction Director - is proving to be a key advantage in transforming the online mortgage process.''

MortgageDaily.com
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. Driving approximately $23 billion in loan volume monthly over its e-commerce platform, this Minneapolis-based company claims the online mortgage industry's largest customer base.

Twenty percent of the nation's top 30 lenders selected Dexma as their technology partner, including Washington Mutual, RBMG, National City Mortgage, First Horizon Home Loan Corp., OldKent Mortgage, and First Nationwide. As a Fannie Mae technology partner, Dexma provides the e-commerce infrastructure for the company's Web-based versions of Desktop Originator® (DO) and Desktop Underwriter® (DU). In addition, Dexma has built strategic alliances with 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.

Contact:
Dexma, Minneapolis
Sheila Plunkett
952.831.4455
[email protected]
or
Fleishman-Hillard
Maria Verven/Teresa Sandy
612.337.0354
[email protected]
[email protected]

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