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Avista Solutions’ Implements Web-Based Loan Origination and Product & Pricing Systems to Power Thornburg Mortgage’s New Wholesale Chan
Columbia, SC (PRWEB) July 12, 2006 -- Avista Solutions, a leading provider of web-based mortgage origination software, announced today that it has implemented a new Web-Based Wholesale Mortgage Loan Origination and Product & Pricing System for Thornburg Mortgage’s Wholesale Channel. The new B2B system, based on the Avista Accelerator™ Loan Origination System and Avista Advantage™ Product & Pricing Engine, went into production use on June 1, 2006.
“Avista’s proven track record of successful implementations and ability to accommodate our exception based lending process were key factors in our vendor selection criteria,” said Anne Beckett, SVP and Director of Operations, Thornburg Mortgage. “Thornburg Mortgage is known for its Concierge Level service and the Avista LOS and Product Pricing Systems provide us with the technology we need to deliver a new level of service to the wholesale mortgage origination space.”
“We are excited to provide this new loan origination system which will enable Thornburg Mortgage to better serve its wholesale channel by streamlining the origination process with key components such as product eligibility, online lock, underwriting and closing docs,” said Mark Phlieger, CEO of Avista Solutions. “We are equally proud of the partnership built between the Thornburg Mortgage and Avista implementation teams allowing this loan origination system to be implemented on schedule in less than ninety days from agreement execution to production operation.”
The Avista Accelerator™ loan origination system allows Thornburg Mortgage’s Brokers to create loan applications online or import them from external loan origination software, as well as order services such as credit and automated underwriting. Online status, pipeline management, originator/lender loan collaboration, disclosures and closing documents via 3rd party document providers are also provided in this B2B system. The lender view allows users access to all of the originator specific services as well as features such as template driven underwriting management. Simple updating of website content for each channel is managed through the user friendly back end administration.
The Avista Advantage™ Product & Pricing Engine includes a pricing scenario tool which allows Thornburg Mortgage’s brokers to evaluate borrower loan eligibility and receive a list of qualified products with fully adjusted pricing as well as disqualified products and reasons for disqualification with as few as 12 fields of data. Online locking with fully adjusted pricing and immediate confirmation is also provided. A lender managed eligibility and price adjustment interface allows lenders to rapidly manage product changes and implement new products.
About Thornburg Mortgage
Thornburg Mortgage is a leading single-family residential mortgage lender focused principally on the jumbo segment of the adjustable rate mortgage market. Backed by a balance sheet of $42.5 billion in high-quality mortgage assets, the company seeks to deliver attractive dividend income and steady growth for its shareholders by acquiring high-quality mortgage-backed securities and growing its share of the mortgage loan origination business. Capitalizing on its innovative portfolio lending model, REIT tax structure and leading-edge technology, Thornburg Mortgage is a highly efficient provider of specialized mortgage loan products for borrowers nationwide with excellent credit, and is positioned to become one of the top 50 mortgage lenders in the country. We invite you to visit the company's Web site at www.thornburgmortgage.com.
About Avista Solutions
Avista Solutions is a mortgage software company founded on old-fashioned business values. Our web-based mortgage loan origination software has handled over $184 billion in unique loans and our customers are among the highest rated in the industry for their origination technology. The demand for new mortgage products in a rapidly changing market requires a platform with superior flexibility. Avista Solutions’ suite of mortgage lending software provides complete end-to-end solutions that can be rapidly implemented for conforming, Alt-A, and sub-prime products, across all origination channels. For more information about the innovative products Avista has to offer, please call (803) 788-4936, or visit us on the web at www.avistasolutions.com.
Contact:
Thornburg Mortgage, Inc.
Leanne L. Gallagher, 505-989-1900
Contact:
Avista Solutions, Inc.
Alisea Holt, 803-788-4936
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