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Suzy Tuck |
Pyramid Solutions |
Hasbrouck Heights, NJ - May 28, 2003 - PaperClip Incorporated. (Nasdaq: PCLP), and Troy, Michigan-based Pyramid Solutions, Inc. today announced a strategic alliance to deliver end-to-end paperless mortgage processing solutions to mortgage brokers and lenders. The joint initiative aims to solve a critical business challenge for brokers and lenders: reducing the significant inefficiencies associated with handling, moving, analyzing and storing the enormous amount of data associated with the traditionally paper-intensive loan origination process. The venture will leverage each company's respective expertise. PaperClip is a leading innovator in the field of integrated document management solutions including sophisticated document capture and exchange technologies. Pyramid Solutions is a leading provider of business process management software solutions and systems integration to the banking and financial services industries.
Despite record-breaking mortgage lending volumes over the past decade, the vast majority of mortgage brokers still manually fax or ship a large package of consumer documents to one or more chosen lenders for each loan. Lenders then must receive, sort, analyze and route this paper and all associated loan data through a complex decision-making process. On both ends, paper is the leading source of time and cost inefficiency. The Paperclip and Pyramid Solutions strategic alliance was forged to combine best-of-breed technologies into a seamless, end-to-end electronic process that virtually eliminates paper-related delays and administrative inefficiencies.
"Paperclip's brokerage imaging and document delivery services will allow brokers to deliver required loan documentation to a bank's origination process entirely electronically," says Mike Bridges, President of PaperClip Incorporated. "Document images will flow directly into Pyramid's electronic workflows, eliminating all paper handling at the lender and speeding the process. This model has been very successful within the insurance industry and we are excited to partner with an innovator like Pyramid to replicate this success within the mortgage industry."
Pyramid's PLX mortgage and retail loan management solution combines advanced, high speed document scanning and electronic document capture with sophisticated rules-based automation. PLX "image-enables" a lender's LOS, eliminating paper from the process, orchestrating multiple data types and exponentially increasing throughput efficiency. The solution accelerates the loan process by delivering the right documents to the right people, automatically routing received pended condition documents and enabling sophisticated management of the loan process.
"The partnership with PaperClip will bring the broker fully into the document management and paperless mortgage processing fold, providing straight-through processing from broker to lender," says Mark Mehill Director of Sales for Pyramid Solutions. Mehill continues, "The PaperClip document exchange functionality will allow our clients to concentrate on document processing over document acquisition. Now lenders will be able to securely receive electronic documents from their brokerage firms directly into their current workflows and systems. This extends not only the functionality of the PLX system but adds additional value to our clients return in investment."
About Pyramid Solutions
Pyramid Solutions, Inc. (www.pyramid-solutions.com) is one of the technology industry's premier software development and systems integration companies specializing in banking and financial services solutions. Founded in 1990, the company has consistently been one of FileNet's top ValueNet partners since1997, delivering document management and workflow solutions customers throughout North America. For more information contact Mark Mehill at Pyramid Solutions at 248-524-3890 x 267 or mmehill@pyramid-solutions.com . Visit the Pyramid Web Site at www.pyramid-solutions.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.