AND MORE
Basis 100 Inc. Wednesday June 13, 9:28 am Eastern Time
Press Release
SOURCE: Basis100 Inc.
Basis100 Signs 78 New Solimar Technology
Customers Raising Total Customers to 950
- Strong sales in May see new lenders in 41 states adopting Solimar Technology for automated property valuations -
IRVINE, CA, June 13 /CNW/ - Basis100 Inc. (BAS:TSE), a leading e-commerce technology solutions provider for the financial services industry, announced today that the U.S. division has signed 78 new lending customers in May, boosting total customers to 950. These customers have adopted the Solimar Technology property valuations in residential mortgage origination. Basis100's AVM
technology is currently in use with eight of the top ten equity lenders in the U.S.
Basis100's new customers, who include lenders in 41 states from Florida to Washington, will use Solimar Technology for appraisal reviews during the mortgage origination process. The company continues to offer its automated valuations to value individual properties as well as entire property
portfolios. Each property valuation generated by the system is conducted via the Internet in less than 5 seconds.
Basis100 attributes this rapid growth to several factors including increased knowledge of capabilities of AVMs in general; dropping interest rates that have increased refinancing and equity loan volumes; and a newly restructured sales process, which supports a more targeted approach to selling the Solimar Technology.
"There are many applications for our technology. Educating our customers and potential customers about AVMs in lieu of appraisals is one strategy that we are aggressively pursuing. Internal applications, such as appraisal audits, can save valuable resources in both time and money, improving the bottom-line for our customers" said Basis100, Chairman and CEO, Gary Bartholomew. "70% of Basis100 revenues are generated from our U.S. operations, so the continued adoption of the technology and success of the sales efforts means sustained revenue growth for the company."
Many of the new lending customers will fully integrate the Solimar Technology interface into their loan origination system so that extraneous data entry is eliminated, facilitating the quick delivery of loan approvals processed through the system.
"Consistent with our corporate vision, Basis100 delivers solutions to our customers specific needs - the overwhelming success of our U.S. property valuation sales efforts indicate that lenders in the United States are turning to Basis100 technology for automation in mortgage processing," said Bartholomew. "This means a quicker turn-around time and potentially higher profits on mortgage
origination for our lending customers on both sides of the border."
Basis100 acquired Solimar Technology with the purchase of California- based Solimar.Net in February 2000, providing the foundation for its U.S. division. Basis100 now directs its Solimar Technology sales and operations from its U.S. headquarters in Irvine, California.
About Basis100
Basis100 (BAS:TSE) is a leading e-commerce technology solution provider for financial institutions and service providers enabling them to build, distribute, buy and sell their products and services in innovative new ways. Basis100 is focused on the mortgage origination, consumer credit, fixed income trading, and automated property valuation markets across North America. For more information
about Basis100, visit www.Basis100.com.
Forward-looking (safe harbor) statement Statements made in this news release that relate to future plans, events or performances are forward- looking statements. Any statement containing words such as "believes", "plans", "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties
and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. |
