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New AWD® Functionality
Augments BPM Solution
for Mortgage Lenders
Conditions
Manager for Mortgage provides intelligent business
rules engine
KANSAS CITY, MO. (Oct 10, 2003) – Building
on more than 30 years of leadership in the financial services industry,
DST announced new functionality to enhance AWD's business process
management (BPM) solutions for mortgage lenders. The new solution
employs a flexible, business rules-driven approach to streamlining
the process of fulfilling outstanding requirements prior to loan
closing. AWD is a product of DST Technologies, Inc., a wholly owned
subsidiary of DST Systems, Inc.
The AWD Conditions Manager for Mortgage solution
is immediately available and will be demonstrated at the MBA's
(Mortgage Bankers Association) 90 th Annual Convention and Expo
2003, October 19 - 22 in San Diego. (AWD will be in booth #1105.)
Manual processes associated with processing “conditions,” or
the supporting documents and other material required to approve
a loan (e.g., credit reports, bank statements, employment verification
etc.), can seriously slow loan completion. In this highly competitive
market, the ability to accelerate a closing date can provide a
significant advantage. The AWD Conditions Manager for Mortgage
streamlines a lender's processes by (1) determining the required
conditions by integrating with automated underwriting engines;
(2) separating follow-up activities into automated and manual tasks;
(3) executing the automated tasks without human intervention while
managing the assignment and execution of manual tasks; and (4)
ensuring that all tasks (automated and manual) are completed by
the assigned due date.
“The AWD Conditions Manager for Mortgage
solution applies our proven BPM capabilities to the unique business
needs of a loan origination operation,” said Tim O'Brien,
director of AWD Sales. “Speed and accuracy are critical to
maintaining profitability and competitive edge in the lending business.
We believe that the AWD solution addresses both of these challenges
by providing lenders with a tool that reduces bottlenecks in the
origination process and imposes a level of quality control not
currently seen in this industry. In the coming months, I believe
that BPM will truly revolutionize the origination process.”
In addition, AWD's document management repository
enables a true Electronic Loan File, improving customer service
by providing immediate access to all materials associated with
the loan. AWD captures documents as they arrive by mail, fax, e-mail,
Internet or other communication channels. AWD then automatically
ties together the various conditions documents and stores them
in the appropriate loan file, eliminating lost/misplaced paper,
reducing overall processing time and providing immediate access
to all loan file information.
AWD BPM technology supports other lending
processes in addition to conditions underwriting, including loan
application and origination, closing, training and compliance. For
all lending processes, AWD provides a watertight audit trail for
improved quality control, information security compliance review,
and real-time business intelligence to monitor the loan status for
faster completion. With electronic loan files in a central repository,
AWD eliminates the need to transfer or access paper files and removes
geographic barriers to productivity.
About DST Technologies, Inc.
DST Technologies, Inc. is a wholly owned subsidiary of
DST Systems, Inc. Through sophisticated information processing
and computer software services and products, DST Technologies helps
clients improve productivity, increase efficiencies, and provide
higher levels of customer service. For clients in a variety of
industries, including mutual funds, brokerage healthcare, insurance,
and video/broadband, Automated Work Distributor (AWD) has helped
reduce the cost of operations while increasing the speed and accuracy
of business processing and customer service through business process
management technology.
About DST Systems, Inc.
DST Systems, Inc. provides sophisticated information processing
and computer software services and products that help clients improve
productivity, increase efficiencies, and provide higher levels
of customer service. DST Systems is organized domestically and
internationally into three operating segments: Financial Services,
Customer Management, and Output Solutions. DST Systems operates
one of the most advanced data centers in the world, which provides
information-processing services to support the products within
each operating segment. These products are further enhanced through
the integration of DST Systems' advanced technology and e-commerce
solutions.
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