PRWeb The Leader Press Release Distribution
See How PRWeb Works

We're here to help 1-866-640-6397

Login Create Free Account


All Press Releases for June 23, 2000 Subscribe to this News Feed    
 

MindBox Shines in Financial Services Market

Greenbrae, CA, June 19, 2000 -- Hitting the market in full stride only a
month after its spin-off from Brightware, MindBox, Inc., the worldwide
leader in providing artificial intelligence applications to automate complex
business and operations processes for the financial services industry, today
announced an impressive client roster consisting of many of the top lenders
and financial institutions in the country. Customers include industry
leaders such as Countrywide Home Loans, Fannie Mae, Freddie Mac, HomeSide
Lending, Mortgage.com, GE Capital Corporation, and Upland Mortgage. MindBox
expects to add to this list in the coming months, resulting in revenues
forecasted to exceed $20 million in its first fiscal year.

Utilizing MindBox's artificial intelligence applications, lenders are able
to automate and streamline complex business and operations processes within
the areas of mortgage lending origination and underwriting, insurance
underwriting, sales assistance, credit grading, compliance verification,
terms of business, portfolio management, personalized pricing, deal
structuring, cross-selling and best execution. For example, Freddie Mac
used MindBox technology to streamline an automated form for its mortgage
servicers. All of these systems are built using the expertise of MindBox's
award-winning consultants and its innovative ART*Enterprise, a market
leading artificial intelligence development platform that has proven itself
in over 200 customer deployments.

"The fact that we have reached such a critical mass of customers is a
testament to the tremendous benefits that we deliver to financial services
companies using our technology," said Richard Barfus, CEO of MindBox. "No
other company can match the depth of expertise that we have in artificial
intelligence and its application in financial services. We know how to
improve customer satisfaction while at the same time decreasing the cost of
business operations."

"We've reduced the cost of processing a loan from $1,400 to $900," explains
Dan Scheuble, Chief Information Officer of HomeSide Lending. "In reducing
our costs by 35 percent on each loan, we've increased our mortgage
origination volume and kept our prices low."

MindBox in Financial Services
Countrywide Home Loans: Countrywide Credit Industries, Inc. (NYSE: CCR)
provides consumer and business-to-business financial services in domestic
and international markets.

Fannie Mae: Fannie Mae is the country's third largest corporation, in terms
of assets, and the nation's largest provider of funds for home mortgages.

Freddie Mac: Freddie Mac is a stockholder-owned corporation chartered by
Congress to increase the supply of funds that mortgage lenders can make
available to homebuyers and multifamily investors.

HomeSide Lending: HomeSide Lending is one of the largest full-service
residential mortgage banking companies in the United States. Headquartered
in Jacksonville, Florida, HomeSide services over $145 billion in home loans
representing over 1.6 million homeowners.

Mortgage.com: Mortgage.com (NSDQ: MDCM), is a pioneer in online mortgage
banking, dedicated to reducing to reducing the cost of mortgage origination
and funding by supplying financial institutions, realtors and homebuilders
with point-of-sale and Internet technology, business management, loan
processing, call center and mortgage funding capabilities.

GE Capital Corporation: GE Capital (NYSE: GE) offers a wide range of
value-added financial products and services through a network of 28
specialized businesses in five core niches: Equipment Management, Customer
Services, Specialized Financing, Mid-Market Financing and Specialty
Insurance.

Upland Mortgage: Upland Mortgage is a retail mortgage lender offering the
most flexible and convenient loan programs available in the market today.

About MindBox, Inc.
Based in Greenbrae, California, MindBox, Inc. is the worldwide leader in
providing artificial intelligence applications to automate complex business
and operations processes for the financial services industry. The company
develops and markets innovative software and consulting solutions that
leverage industry and internal best practices to deliver multi-channel,
intelligent solutions designed to optimize client interactions. For more
information, please visit MindBox's Web site at www.mindbox.com or call
(877) 650-MIND (6463).

For a current list and more details on customers and partners, please visit
the MindBox Web site at www.mindbox.com/clientlist/index.shtml.

# # #
MindBox is a trademark of MindBox, Inc. All other company and product names
may be trademarks of their respective owners.

OPTIONS
Printer Friendly Version
Email this story to a colleague
CONTACT INFORMATION
Albert Fong
MindBox, Inc.
Email us Here
ATTACHED FILES

There are no multimedia files attached to this release. If this is your release, you may add images or other multimedia files through your PRWeb News Management Console.

ABOUT PRESS RELEASES
If you have any questions regarding information in these press releases please contact the company listed in the press release. Please do not contact PRWeb. We will be unable to assist you with your inquiry. PRWeb disclaims any content contained in these release. Our complete disclaimer appears here.