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Mount Arlington, N.J., October 15, 2007 - NYLX, Inc., the nation's largest real-time database of mortgage programs and associated risk-based adjusters, rates and prices from local, regional and national lending institutions, has joined forces with Lydian Data Services to provide a turnkey solution covering origination to fulfillment to delivery.
“As the industry's leading provider of end-to-end fulfillment outsourcing services, Lydian Data Services became an obvious choice and partner for NYLX as we prepared to roll out a turnkey solution,“ states John Alexander, President of NYLX. “For some time we have been seeking the right partner in which we could entrust the fulfillment needs of NYLX customers. After reviewing the long-standing history of quality service and technological capabilities, we believe Lydian is an excellent option for our customers seeking to outsource their fulfillment and back-office operations from processing through delivery.“
The NYLX and Lydian joint offering enables banks and credit unions to optimize their sales channels and fulfilment processes without encountering the large upfront capital cost, risk or disruptions traditionally associated with deploying the necessary changes needed in these two critical functional areas. A complete solution, as offered by NYLX and Lydian becomes even more evident for those institutions that are entering either the wholesale or retail mortgage origination market. The turnkey solution provides the institution with near-instant market presence and access to targeted wholesale and retail markets without the risk and expense of developing the operational infrastructure required to take advantage of today's market opportunities.
“This is an exciting time for many NYLX customers as they take advantage of the current market and grow their businesses,“ adds Alexander. “Many NYLX customers have been looking for the right alternative to support their growth plans without significantly increasing their overhead and infrastructure costs. This joint offering provides them with the ability to expand their sales as well as address the challenges which result from fluctuating volume and demand.“
“The NYLX and Lydian relationship provide a huge growth opportunity for mid-market mortgage companies and depository institutions to capitalize on potential additional revenue from their existing and prospective customers,“ states Bill Decker, CEO of Lydian Data Services. “We've made it so simple and cost effective that virtually any mid-size lender can easily do wholesale and retail origination. Lydian provides everything a lender needs to get started - the people, the processes and the platform.“
Mortgage bankers, depository banks and credit unions can outsource any or all back-office functions, and always maintain complete control over each file at every stage of the loan. Up-to-date loan status is visible through authorized access via any Internet connection, providing originators a quick and easy view of each loan file. With Lydian's integrated virtual loan workflow, users can view the loan folder and its contents collaboratively with a Lydian processing agent, underwriter or manager.
The joint offering includes creating and releasing disclosures, processing, underwriting, clearing of stipulations, document imaging and coordination with closing and title agencies. Electronic data and document delivery to investors, Fannie Mae and Freddie Mac is performed through Investor Express, Lydian Data Services' electronic delivery platform.
“Lenders have the freedom to use their own technologies with no connectivity problems whatsoever,“ adds Decker. “The Mortgage Connectivity Hub can connect seamlessly to Lydian Data's outsourced fulfillment center to streamline the flow of data and documents with each transaction. Lenders can even use the Hub's existing connections to several core banking systems that have automated boarding of loans to core banking and servicing systems, such as those offered by Fiserv, Jack Henry, Fidelity, Metavante and others.“
“There's so much activity that goes into moving an originated loan into an actual closed transaction,“ adds Decker. “While larger lenders have the budgets and manpower to fulfill all of their front and back-end activities in house, mid-size lenders often do not. With our new outsourced fulfillment offering, we're giving these lenders the ability to capitalize on the financial opportunities that are right in their own backyards.“
About NYLX:
NYLX Inc., a wholly-owned subsidiary of LendingArt Inc., maintains the nation's largest real-time database of mortgage programs and associated risk-based adjusters, rates and prices from local, regional and national lending institutions.
As a leader in data management, eligibility and best execution pricing solutions, NYLX directly provides and delivers value to more than 12,000 members within 900 mortgage banking and brokerage firms nationwide. Through its XML and other integrations NYLX enhances the functionality and capability of numerous other mortgage software and service providers nationwide. Many of the mortgage industry's best-known companies subscribe to NYLX's services directly or indirectly support their data, eligibility and time-sensitive pricing needs.
Through high performance user and XML interfaces and NYLX's proprietary product eligibility and best-execution loan pricing technology, NYLX customers and integration partners have the ability to adapt to market conditions in real time, make smarter decisions and achieve better execution on all transactions.
NYLX's mission is to provide solutions specifically engineered to maximize profits and accelerate business success. With NYLX, complex and labor-intense product decisioning and best-execution pricing become simple, fast and affordable. NYLX customers reach new levels of efficiency and accuracy while ensuring ultimate profitability on each transaction.
For more information about NYLX call 1.866.557.6959 or visit www.nylx.com.
About Lydian Data Services:
Lydian Data Services, a wholly owned subsidiary of Lydian Trust Company and the parent company to Lydian Technology Group, provides end-to-end outsourcing and a la carte services to manage or enhance all aspects of the mortgage operation for premier institutional lenders and investment banks. Through its award-winning, open-architecture platform, and through leveraging the Mortgage Connectivity Hub, Lydian Data Services improves its clients' operational efficiencies and service delivery. The company has focused expertise in post-closing, quality control, conduit services, fulfillment services (including wholesale and retail processing) and travel team due diligence. Lydian Data Services is a central clearinghouse and standard for due diligence and data integrity for leading lenders and investors within the mortgage industry. Lydian has been awarded the Ernst & Young Florida “Entrepreneur of the YearŽ“ award for Financial Services. It has been repeatedly ranked one of the fastest-growing private companies on the Inc. 500, and was the top ranking financial services company to be recognized on the InfoWorld 100 list of the “Most Technologically Innovative Companies in the World.“ For more information, visit www.LydianData.com.
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