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Tom Litke |
Suzy Tuck |
WellFound Decade and PaperClip Enable Simultaneous Loan Data and Doc Delivery
Jacksonville, FL and Hackensack, NJ, March 29, 2005 - WellFound Decade, a leading provider of business integration software, and PaperClip Incorporated, a leading developer of integrated document management and loan processing solutions, today announced that they have partnered to provide the industry's first solution for simultaneous loan data and document delivery.
This critical announcement will have profound implications to the industry, as lenders will now be empowered to electronically deliver both data and documents to the exact specifications of correspondent mortgage lenders. With data and documents merged into one, lenders will be able to deliver loans to investors via a simple two click process Combined electronic data and document delivery will dramatically reduce the time and cost to deliver loans to correspondent lenders/investors. Time is expected to reduce from five days to one, and costs are expected to be a fraction of those currently experienced through paper-based processes.
For WellFound Decade's customers that don't have the ability to do document imaging, PaperClip's VirtualLoanFolder™"! will be offered as a seamless, add-on service to WellFound Decade's InvestorExpress™"! data delivery software. InvestorExpress™ will leverage PaperClip's technology for document imaging and document exchange, and will collect and deliver the data and documents to investors.
"We are proud to have selected PaperClip Incorporated as the first partner for our InvestorExpress™ solution. Not only does PaperClip have the technology to enable lenders to efficiently image documents, but their technology also organizes documents in the order and format that is required by the investor. Our InvestorExpress™ solution already provides the data in the format that investors want it, so the combination means that the data and the documents are both in the investor's format. It's a very elegant solution because it gives investors everything they want, exactly the way they want it. Ultimately that means that funding happens faster and costs are reduced for all involved" , explains Brian K. Fitzpatrick, President of WellFound Decade. Both PaperClip Incorporated and WellFound Decade have established relationships to deliver data electronically to major investors, which makes seamless data and document delivery possible effective immediately.
"The strategic relationship with WellFound Decade introduces the first document and data clearing house for the mortgage industry. This 'many to many' exchange service will reduce the burden on IT departments trying to deploy communication solutions allowing them to focus on internal systems exploiting the new docs and data feed. This new service highlights ease of use, reduced cycle time while providing an overall cost savings. We are excited to be a partner in change which has dramatic benefits to the mortgage industry" , said Mike Bridges, President of PaperClip Incorporated.
About WellFound Decade Corporation
WellFound Decade Corporation is a leading provider of standards-based business integration software, with a primary focus on the financial services industry. The firm's time-tested software serves companies of all sizes by improving connectivity and collaboration throughout the enterprise. WellFound Decade's flagship product, the Mortgage Integration Foundation, empowers companies to rapidly integrate their current internal systems, users, and external partners to produce a highly efficient, more cost-effective end-to-end mortgage lending process - from origination through closing, to servicing, secondary markets and default management. For more information, please visit www.wellfounddecade.com
About PaperClip Incorporated.
PaperClip Incorporated develops and markets software products that organize, manage and communicate documents, images and workflow for a wide range of users. Established in 1991, PaperClip has a customer base that includes small and mid-size organizations as well as Fortune 1000 multi-nationals. PaperClip markets its products through an international network of authorized PaperClip resellers. For further information, please contact PaperClip at (800) 9293503 or (201) 329-6300, or visit www.PaperClip.com. Public Symbol: PCLP.
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PaperClip and PaperClip32 are registered trademarks of PaperClip Incorporated. All other named products mentioned in this release may have been identified by trademarks or registered trademarks of their respective holder.