Secured Funding Accelerates Originations and Increases Volume Using the Portellus Platform
Custom Technology Enables Faster, Web-Based, Third Party Origination Through Automated Underwriting
COSTA MESA and IRVINE, Calif., October 25, 2004 - Secured Funding Corporation announces completion of the first phase of their strategic partnership with Portellus, Inc. integrating RiLOS (Rapid Information Loan Operating System) and SelectQual, its new automated underwriting process. The capacity technology enables Secured Funding to process broker''s retail loans from origination to funding in half the time, only 14 days, and increase loan volume an additional four loans per underwriter per day, or 60 percent in loan volume. The new platform has decreased the time for a full loan approval by over 75 percent, resulting in increased responsiveness to our valuable customers. Consequently, underwriting is now shortened from three days to thirty seconds. Portellus developed RiLOS and SelectQual specifically for Secured Funding, as a loan origination and decisioning platform, set to alleviate redundant and inconsistent data at the loan document preparation stage. This implementation connects disparate systems, which typically generate up to 100 required loan files pages from scattered assessment sources with incompatible data formats, into one automated and unified system at Secured Funding's headquarters. Implementation has enhanced Secured Funding's speed and efficiency, thus greatly benefiting overall customer service. Loan files containing up to 300 pages become paperless, saving administrative costs. Secured Funding is currently archiving loans digitally and will progress the paperless process back through operations until the whole loan chain is entirely digital. "SelectQual dramatically enhances the service to our broker network and together with RiLOS our process will be further streamlined from origination to funding," said Lorne Lahodny, president of Secured Funding. "SelectQual matches customers to appropriate loan programs very quickly, creating multiple loan scenarios to help borrowers and brokers analyze home equity options." The new technology is now successfully phased-in throughout the organization with further enhancements underway that include a broker portal built specifically for online pre-approval of second mortgage products. Secured Funding's internal work groups at the pre-qualification, production, underwriting and funding stages now derive vital data through the software matrix. The technology migration has exponentially enhanced workflow, document retrieval time and broker productivity by removing traditional barriers to greater in-house and third party loan volume. The new system enables enhanced business performance monitoring, allowing operations to run at its greatest efficiency. Management is able to track business activity at the task level; identifying and resolving workflow bottlenecks before they materialize.About Secured Funding Corporation
Secured Funding Corp. is a future-focused mortgage banker committed to leading the home equity revolution in America. Having nearly doubled its volume since 2003 to fund approximately $85 million in HELOC and home equity loans each month, Secured Funding remains positioned as the home equity specialist over recent years of market fluctuation by constantly improving speed, efficiency, and the overall customer experience. Placing an emphasis on innovation and emerging technology, the company has developed RiLOS and SelectQual, an advanced loan operating system and automated underwriting engine. Together these technologies reduce funding time by weeks. As a leader of home equity loans, Secured Funding has grown to serve a market often overlooked by traditional firms, thus providing lending value and strengthening connections between customers, brokers, and investors. The company's operations are centralized by technology through its state-of-the-art headquarters in Costa Mesa, Calif. The company was founded in 1993 and today has over 500 employees and operates in 35 states.About Portellus
Headquartered in Irvine, Calif., Portellus Inc. is a leader in the application of Service Oriented Architecture (SOA) for the mortgage banking and insurance industries. The company''s Decision Management Solution, Business Rules Management System, Mortgage Solutions Framework, and Insurance Rating and Underwriting Engine seamlessly integrate with existing systems to enable clients to gain competitive advantages, reduce costs, mitigate risk, increase profitability and enter new markets. For more information, please visit www.portellus.com or call 949-250-9600. View More Press Releases
