To: SAM-DAN who wrote (15 ) 10/15/2001 2:09:54 PM From: Al Collard Read Replies (1) | Respond to of 4470 SAM-DAN, news out on your pick BAS-t:Basis100's Solimar technology chosen by GMAC-RFC Mon 15 Oct 2001 News Release Mr. Gary Bartholomew reports Residential Funding Corporation (GMAC-RFC) has implemented Basis100's Solimar automated valuation technology as an enhancement to its automated underwriting programs, Assetwise and Assetwise Direct. The new technology will make the collateral valuation and mortgage origination process faster, more efficient and less expensive for lenders and borrowers. The new automated valuation model (AVM) service conducts a statistical estimate of a property's value faster and more affordably than a full appraisal. The service conducts a complete evaluation in seconds, versus the typical three to 14 days for a standard on-site appraisal. The technology will perform the collateral valuation at no charge for select Jumbo A, Expanded Criteria, and home equity loans through GMAC-RFC's Assetwise and Assetwise Direct underwriting programs. "Lower cost valuation alternatives are critical to transform the mortgage industry and bring significant, lasting benefits to customers and homebuyers," said Michael J. Kozlak, president of GMAC-RFC's Residential Capital Group. "This service is another step toward our end goal of streamlining the mortgage finance process." "The expansion of our technologies into GMAC-RFC's Assetwise and Assetwise Direct underwriting programs confirms that our AVM technology brings measurable value to both an organization and its customers," said Gary Bartholomew, chief executive officer and chairman, Basis100. There are currently 475 lenders and 2,500 brokers using Assetwise, which underwrites over $5-billion in loan applications per month. Assetwise facilitated the purchase of more than $1.3-billion in closed loans in the month of August. "We have simplified the underwriting process for lenders and brokers, which translates to quicker property valuations and lower costs for consumers," said Mr. Kozlak. "And ultimately, that end result of creating better value for homebuyers is what we strive for at GMAC-RFC." About GMAC-RFC GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is America's largest non-agency issuer of mortgage-backed securities (MBS) and home equity loan (HEL) asset-backed securities (ABS), and No. 1 warehouse lender. The company leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital solutions. The company is headquartered in Minneapolis and operates in the United States, Europe and Latin America. Homecomings Financial provides a portfolio of wholesale lending products to mortgage brokers, and originates and services mortgage loans.