LOGS Financial Services Accelerates Critical Mortgage Banking Operations Using BizFlow®

HandySoft Corporation announced that its BizFlow® platform for business process management and workflow has been selected by LOGS Financial Services, Inc. to automate its critical processes in default mortgage banking. LOGS Financial Services, a Northbrook, Illinois-based national provider of proactive default management solutions, is working with Prizm Technologies, a consulting firm specializing in the integration of information technologies, to implement BizFlow to facilitate improvements in productivity, accuracy and speed.

11/12/2002 - VIENNA, VA and NORTHBROOK, IL - HandySoft Corporation announced that its BizFlow® platform for business process management and workflow has been selected by LOGS Financial Services, Inc. to automate its critical processes in default mortgage banking. LOGS Financial Services, a Northbrook, Illinois-based national provider of proactive default management solutions, is working with Prizm Technologies, a consulting firm specializing in the integration of information technologies, to implement BizFlow to facilitate improvements in productivity, accuracy and speed.

"We selected BizFlow to be the heart of our mortgage default operations," said Jerry Alt, chief operating officer of LOGS Financial Services. "BizFlow delivers complete process management functionality and a process development environment that allows us to accelerate and extend our mortgage banking environment, processing more work without adding additional staff. With BizFlow, we are increasing productivity anywhere from 15 percent to as high as 70 percent for some workflow processes."

Because default management cases are handled for a flat fee, the only way to increase profitability is to make business processes more efficient. In addition, the default management industry faces the challenges of increased competition and risk, rising costs, and growing numbers of default loans.

For example, an attorney may take an average of 100 days to process a foreclosure. BizFlow will allow LOGS Financial Services to shorten that process by 10 percent, saving 10 days. Every non-performing loan costs its investor $20 to $25 a day. "If you multiply that by the hundreds of thousands of non-performing loans an investor may have at any given time, you can see how much of a financial impact BizFlow can make," Alt comments. "Yet the real advantage will come from better risk management of the 10 percent of the loans that have real problems, such as contested defenses and bad documentation. The workflow process allows you to better flag those cases that need more attention. When you triage the work effectively, servicers can save a significant amount."

BizFlow's award-winning, proven enterprise business process platform addresses these issues with a solution that has been tailored specifically toward default management processes. It brings strong interactive process integration between the back-office systems, where the critical loan information is housed, and it delivers a customizable user interface to audit and monitor the information while directing foreclosure, bankruptcy, eviction, REO management, and loss mitigation processes. The initial deployment will be in LOGS' Northbrook, Illinois headquarters, with expansion throughout its entire national network.

BizFlow will govern each separate task in the entire default management process, from opening the file to the final disposition. BizFlow automatically assigns cases-or even completes the tasks-based on a predefined set of prioritization rules, and integrates information, such as case numbers and addresses, from multiple systems. If an exception occurs, BizFlow will dynamically manage the exception, correct it, or interface with the right user to make a human decision before completing the transaction. This entire process is seamless to the end user, who views it all in a single, easy-to-use, Web-based interface.

"When our client, LOGS Financial Services, fully phases in its BizFlow-based solution early in 2003, we are confident it will all but eliminate the possibility for human error in default management processing," adds Don Pettingill III, president of Prizm Technologies.

"We are pleased to be working with Prizm Technologies to automate the manual processes across the 40 LOGS Legal Network Offices in the U.S.," said Daryn Walters, vice president of worldwide marketing at HandySoft. "BizFlow's primary value is to increase the efficiency and profitability of financial institutions such as LOGS Financial Services."

About LOGS Financial Services

LOGS Financial Services Inc. has provided real estate-related support services to the residential finance industry for more than 31 years. LOGS offers a complete package of outsourced default management services for lenders nationwide, concentrating on the risk-sensitive areas of foreclosure, bankruptcy, eviction, REO management and loss mitigation. LOGS' Catapult® Default Management System, a proprietary software suite, is licensed to attorneys and mortgage lenders throughout the United States and provides integrated, intelligent management tools for servicing defaulted mortgages.

Headquartered in Northbrook, Illinois, LOGS has offices in eight states. In addition, LOGS maintains a network of attorneys and title insurance operations in all 50 states, Puerto Rico, and the District of Columbia that provides national representation to mortgage lenders.

For more information on LOGS Financial Services, Inc., visit http://www.logs.com or contact Michelle Cameron at (847) 291-9100, ext. 137 or michellec.hq@logs.com

About Prizm Technologies

Founder and CEO Don Pettingill established Prizm Technologies in 1995 as a value-added reseller for technology companies such as Norton and Network Associates. He built the company into a widely known and respected provider of outsourced technology services to enterprise level organizations. In 2000, the company introduced the iWorkWize services model, which makes Prizm's comprehensive enterprise-quality service offerings attainable for the small- and medium-sized businesses. For more information about Prizm Technologies, Inc., visit www.prizmtech.com or contact Donald Pettingill at (800) 844-7881, or pettingill@prizmtech.com

About HandySoft

HandySoft is the premier provider of configurable software solutions that simplify and automate business processes; capture and enforce best practices; improve productivity and quality while reducing costs; integrate information technology; and foster collaboration among employees, customers, and partners.

The foundation for HandySoft's industry and departmental solutions is BizFlow®, the award-winning platform for business process management, automated workflow, and collaboration. BizFlow offers complete capabilities for building and managing automated business processes, including tools for designing and monitoring the processes, presenting and accessing work, integrating existing IT systems, and administering the platform itself. As a global solutions provider, HandySoft has headquarter locations in Vienna, VA and Seoul, Korea, with strategic partner representation throughout the world. HandySoft has implemented process management solutions at more than 380 sites worldwide.

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HandySoft, the HandySoft logo, and BizFlow are trademarks of HandySoft Corporation. All other trademarks are the property of their respective owners.

For more information, contact:

Lisa Kelso
Director of Corporate Marketing
HandySoft Corporation
(703) 442-5656
lkelso@handysoft.com

Dennis O'Connor (for HandySoft)
Executive Vice President
Peter Arnold Associates
(781) 239-1030; ext. 114; cell: (781) 883-5109
doconnor@parnold.com

Jerry Alt
Chief Operating Officer
LOGS Financial Services, Inc.
(847) 291-9100
jerrya@logs.com

Michelle Cameron
Director of Communications
LOGS Financial Services, Inc.
(847) 291-9100, ext. 137
michellec.hq@logs.com

Don Pettingill
President
Prizm Technologies, Inc.
(800) 844-7881
pettingill@prizmtech.com