[August 11, 2004] Secured Funding Corporation Announces Partnership with Portellus, Installs Data Integrity Safeguards for Optimum Loan Quality COSTA MESA, Calif. --(Business Wire)-- Aug. 11, 2004 -- Customized Technology Enables Third-Party Origination and Document Preparation in a Paperless Automated Environment Secured Funding Corporation, a Calif.-based full-service retail and wholesale lender specializing in second mortgages, announced the strategic partnership with Portellus, Inc. to integrate its new automated underwriting process, Rilos (Rapid Information Loan Operating System). Portellus developed Rilos and SelectQual specifically for Secured Funding, as a loan origination and decisioning platform, set to alleviate redundant and inconsistent data at the loan document preparation stage. This implementation connects stand-alone systems, which typically generate up to 100 required loan files from scattered assessment sources with incompatible data formats, into one automated, unified system at Secured Funding. The result of the new technology will dramatically enhance Secured Funding's speed and efficiency, benefiting both operations and the service delivered to customers. Loan files containing up to 300 pages will become paperless, saving administrative costs, and shortening the underwriting process from three days to thirty seconds. "SelectQual dramatically enhances the service to our broker network and together with RiLOS our process will be further streamlined from origination to funding," said Lorne Lahodny, president of Secured Funding. "SelectQual matches customers to appropriate loan programs very quickly, creating multiple loan scenarios to help borrowers and brokers analyze home equity options." The new system technologies have been launched and successfully phased-in within the wholesale & banking, production, and call center divisions; the retail division will implement the platform within the next 30 days. Secured Funding's internal work groups at the pre-qualification, production, underwriting and funding stages will derive vital data through this new software matrix. Overall, the partnership of Portellus customized software is expected to improve workflow, document retrieval time and broker productivity by significantly increasing in-house and third party loan volume. Resulting efficiencies will also allow easy access to canned reporting data and ad-hoc queries tracking business results on a daily basis. About Portellus, Inc. Portellus, Inc. is a privately held company based in Irvine, Calif., providing Web-based loan origination solutions to the mortgage industry. Portellus has successfully deployed the industry's only true Web-based mortgage origination and management system. The system offers the industry's leading J2EE Business Rules Management System (BRMS) to enable automated product eligibility, risk-based pricing, underwriting, compliance and processing for all mortgage origination channels (retail, wholesale, and correspondent). For more information about Portellus, visit www.portellus.com. About Secured Funding Corporation Costa Mesa, Calif.-based Secured Funding Corp. (www.securedfunding.com) is a future-focused mortgage banker committed to leading the home equity revolution in America. Secured Funding remains positioned as the home equity specialist over recent years of market fluctuation. Through an emphasis on innovation and emerging technology, the company has grown to become a leader of home equity loans, serving a market often overlooked by traditional firms, thus providing lending value, strengthening connections between customers, brokers and investors, and constantly improving speed, efficiency and the overall customer experience. Specializing in home equity finance, Secured Funding Corporation has helped homeowners take advantage of their home equity by connecting investors, brokers and borrowers. While the company specializes in second lien business, Secured Funding is a full service mortgage banker offering a variety of mortgage products ranging from A-paper to sub-prime home equity loans. The company's operations are centralized by technology through its state-of-the-art headquarters in Costa Mesa, Calif. The company was founded in 1993, and today has over 500 employees and operates in 33 states. [ Back To TMCnet.com's Homepage ]