LendersLogic™ Upgrade Allows Lenders to Price and Approve Loans Improved Security for Consumer-Direct Instant Online Mortgage Approval

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LendersLogic consumer-direct mortgage origination solution adds enhanced multi-level authentication security and improved document delivery features to help lenders more fully attract Internet home buyers to web site

The introduction of LendersLogic 3.0 demonstrates our company's commitment to our customers to continue to provide the security, features and functions needed to continue to manage and grow their online volume, said LendersLogic President Wayne Howe.

LendersLogic, Inc. today announced the release of LendersLogic 3.0 with new multi-level authentication and expanded automatic document delivery.

"The introduction of LendersLogic 3.0 demonstrates our company's commitment to our customers to continue to provide the security, features and functions needed to continue to manage and grow their online volume, said LendersLogic President Wayne Howe. "Since its introduction, LendersLogic has helped banks and credit unions all across the country originate billions of dollars in loan volume."

As online shoppers demand better online services, LendersLogic is helping originators create a better experience for mortgage borrowers. LendersLogic was designed from the bottom up as a sales tool that can be easily implemented and used to pull in applicants through the Internet channel and turn them into borrowers.

LendersLogic provides web-based application decisioning for the mortgage origination industry by offering software as a service (SaaS). LendersLogic reduces lenders IT dependency and speeds up deployment of web based origination. LendersLogic advanced technology using MISMO standards provides originators improved pull through rates and lowers the cost of direct origination.

Coastway Community Bank

"Since we added LendersLogic with instant online mortgage approval in 2007, we have seen our online volume grow significantly," said Marc Leone, Vice President and Residential Lending Manager at Coastway Community Bank in Cranston, RI. "The new features in LendersLogic make it easier for us to publish rate programs and to deliver documents to the borrower. The enhanced security more fully meets Coastway's requirements for consumer data protection."

History shows that the secure, fast LendersLogic system creates a compelling online applicant experience that strengthens the borrower's loyalty to the lender. More than just a credit evaluation, LendersLogic returns an institutional underwriting assessment right at the point of sale with proven results. According to records, LendersLogic originators are averaging an 84.99 percent "eligible" assessment.

New Features

LendersLogic 3.0 meets all new underwriting mandates and requirements and also provides our customers with the following new features and upgrades:

  •     Multi-level authentication and anti-phishing advanced security during account log-in to guard against identity theft and spoofing.
  •     Option to add additional images or icons for greater customization.
  •     Expanded document delivery to the applicant
  •     Support for more rate programs
  •     Built in APR/CPM calculator in the rate editor
  •     Detailed rate program descriptions
  •     Improved archiving and purging of sensitive consumer financial data

About Coastway:
Coastway Community Bank reflects the dedication to customer service and the belief that local banks stimulate local economy. Headquartered in Cranston, R.I., Coastway has $303 million in assets, seven branches and approximately 120 employees.

About LendersLogic:
Among the first companies to provide consumer-direct automated underwriting at the point of sale, LendersLogic was built in partnership with leading mortgage lenders and the company is a licensed Freddie Mac Technology vendor. Offered as a managed web service, LendersLogic meets all government guidelines for consumer data protection and the product was awarded Mortgage Technology Magazine's "Rising TechStar 2005" award.

For more information:
http://www.lenderslogic.net

Wayne Howe        
President and General Manager
LendersLogic, Inc.
529 Main St. Ste 1M7
Boston, MA 02129

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Wayne Howe
LendersLogic, Inc.
617.241.0901 ext. 20
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