Prado Mortage Implements Dorado/First American Technology to Increase Mortgage Approvals Among Hispanic Homebuyers
October 14, 2005
SAN MATEO, Calif. & SANTA ANA, Calif. --
Dorado Corporation and The First American Corporation (NYSE:FAF) announced that Prado Mortgage, a leading lender to the Hispanic community, has deployed a Dorado/First American integrated point-of-sale (POS) mortgage origination solution. In this offering, Dorado will combine its industry leading origination technology with First American's capabilities as the nation's leading real estate information provider to meet the unique needs of Hispanic homebuyers.
The Prado solution integrates Dorado ChannelMaster(R) and Dorado PriceMaster(R) with First American's alternative credit products and guaranteed settlement bundles to provide Prado's affiliated mortgage brokers with automated lending capabilities at the POS. The solution leverages Dorado's state-of-the-art pricing engine to load hundreds of combinations of loan programs from multiple investors into one dynamic engine. The network-based POS application allows a trusted mortgage broker/advisor to quickly input introductory financial information on behalf of the consumer from any location using a standard Internet connection. By searching through hundreds of different loan programs to produce the very best options for the borrower, the dynamic pricing engine returns the lowest interest rate and up-front cost combination, avoiding unintentional high-cost loan offers and reducing application denials.
The solution enables Prado broker-advisors to pull credit, select a loan program and pre-approve a consumer in minutes at the POS. The Dorado/First American combination enables Prado to maintain a highly-leveraged business model in which the services it provides to its entire value chain -- from lender investors to affiliates to consumers -- are completely outsourced, enabling Prado to concentrate its efforts on leveling the playing field for the burgeoning Hispanic market.
Source: Prado Mortgage