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Suzy Tuck |
Hackensack, NJ, October 19, 2004 – PaperClip Incorporated, a leading developer of integrated document management and loan processing solutions, has announced that approved correspondent lenders can now deliver loans electronically to Countrywide Home Loans’ Correspondent Lending Division by using PaperClip Incorporated's Internet eXpress loan delivery service. Effective immediately, users can quickly and cost-effectively deliver loan files electronically for purchase review.
“Over 2 million documents per month are transmitted using PaperClip’s Internet eXpress. That’s because the cost savings are dramatic. The use of Internet eXpress can lower paper loan processing costs from $1.30 per page to 11 cents per page. Furthermore, Internet eXpress slashes the standard 24-48 hour time-frame for paper-based processing and delivery to 12-24 minutes”, explained Mike Bridges, President of PaperClip Incorporated.
Internet eXpress provides an efficient method for correspondent loan originators to submit loans electronically. The technology can eliminate the exchange of paper documents, and enables users to easily send the same set of documents to multiple parties. Users can use PaperClip’s low cost pay-by-loan model, enabling them to securely deliver loans electronically on an as-needed basis. Internet eXpress provides essential document tracking capabilities, is secure, and does not require users to scan or index documents.
"Electronic loan delivery allows Countrywide to provide better customer service, reduce costs and improve the loan purchasing process. We are pleased that PaperClip Incorporated is enabling users to submit loans electronically to us," said Donald Thomas, First Vice President of Information Systems at Countrywide.
PaperClip Internet eXpress is an Internet-based electronic document package delivery service. Internet eXpress utilizes the open standard Electronic Document eXchange V 2.0 for packaging electronic objects (i.e., images, word processing, EDI) with their respective metadata. These EDX packages are then managed by the Internet eXpress Virtual Private Network and Internet eXpress Server Software for safe and reliable transport to their ultimate destination. Internet eXpress provides a versatile “business-to-business” solution with a dramatic reduction in processing time and cost. PaperClip Internet Express is a unique service making efficient use of the Internet while creating interoperability for integrated document management solutions.
About Countrywide Home Loans, Inc.
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) is a member of the S&P 500, Fortune 500 and Forbes 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans. The company is headquartered in Calabasas, California and has more than 35,000 employees with over 600 offices. For more information about the company, visit Countrywide's Web site at www.countrywide.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.