Basis100 Launches New Product - TitleBASE(TM) - Through Partnership With Optima is.com
08:45 GMT-04:00 Tuesday, August 14, 2001
TitleBASE will now be accessible via the Basis100 Web site, tying
seamlessly into the automated valuation model (AVM) reports
IRVINE, CA, Aug. 14 /CNW/ - Basis100 Inc. (BAS:TSE), an e-commerce technology solutions provider for the financial services industry, announced today the launch of the company's new product, TitleBASE, which is designed to simplify the lending process by offering title information reports electronically through the Basis100 U.S. Web site. The reports will be generated through Basis100's relationship with Optima is.com, providing full property-specific information. This offering is another important step to position Basis100 as the recognized leader in automated collateral assessment in the United States.
The ordering process for Basis100's TitleBASE product is integrated with Basis100's AVM, providing access to both property valuations and title information with one mouse click. Users who log on to the Basis100 Web site to purchase property valuations will also have the option of proceeding through to the TitleBASE report. No additional login is necessary, and the information captured in the valuation report is pre-populated into the appropriate fields, requiring minimal data entry by the end-user. Both the TitleBASE product and the AVM reports will be available individually, providing flexibility in meeting the unique needs of any institution.
"TitleBASE is a solution that offers lenders the ability to expedite the retrieval of required title information, without sacrificing accuracy and quality," said Owais Durrani, president, Basis100 U.S. division. "Through our partnership with Optima is.com, Basis100 is able to provide the lending community with title information that is at once cost-effective and complete."
Many institutions are looking to replace traditional title products with more cost effective alternatives, and increasingly rely on title information reports for a variety of applications, particularly in equity lending and portfolio review. As this trend continues, the TitleBASE suite of products will provide institutions with property information tailored to specific business requirements, saving both time and money.
The TitleBASE suite of products offers two industry standard reports including a Legal and Vesting report, which includes complete vesting information and a full legal description; and a Property Information report, which contains all the above information plus taxes, liens and judgments. In addition, clients will be able to customize reports according to intended use and specific information requirements. Additionally, information from the reports can be "scraped" directly into the loan system, as well as the loan documents by the end user, while maintaining the integrity of the information. This supports Basis100's objective in bringing functional and seamless offerings to the industry.
"We are taking the industry in a whole new direction by developing these industry-class and user-friendly product offerings," said Gary Bartholomew, CEO and chairman, Basis100. "Success for Basis100 means bringing measurable value to our customers through technology. The TitleBASE product will move us closer to achieving the company's projected profitability plan by generating additional revenue-streams in the U.S. And since fees for our products are generated per transaction, tying TitleBASE to the AVM will potentially increase our revenues by 400 percent per transaction, while still saving money for our customers over traditional title insurance."
Basis100 chose to partner with Optima is.com because of Optima is.com's outstanding customer service and quality of information provided. Optima is.com has taken consideration to include integral components of data, which makes utilizing this solution in lieu of title insurance possible. Moreover, the company's ability to transform a labor-intensive task and adapt to the fast-paced environment of the Internet, has set Optima apart from its competitors.
"Basis100 is dedicated to providing quality products backed by superior customer service, which mirrors our operations - so it makes sense for us to partner," said Burt Campbell, CEO of Optima is.com. "We are committed to providing the most accurate property information, and by marrying our data with Basis100's intelligent technology we will be able to provide a more accessible and cost effective option to lenders."
About Optima is.com
Optima is.com, a subsidiary of Centex Corporation established in 1999, Optima is.com (http://www.optimais.com/) is based in Southern California and provides non-insurance reports of title on a nationwide basis. The principal focus at Optima is.com is to continuously improve the process of title data acquisition from the most cost-effective sources at performance levels that will match or surpass any national competitor.
About Centex Corporation
Dallas, Texas-based Centex Corporation (NYSE:CTX), through other subsidiaries, is one of the nation's largest homebuilders, non-bank-affiliated mortgage originators and commercial contractors. Centex also has operations in home services and investment real estate and owns a majority interest in a publicly held construction products company.
About Basis100
Basis100 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 new ways. Basis100 is focused on the mortgage origination, consumer credit, fixed-income trading, automated property valuation and service vendor markets across North America and internationally. 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. |
