[June 14, 2004] Countrywide, America's Wholesale Lender, Selects Sysdome Technology to Streamline Broker Approval Process; Nationwide Lending Powerhouse Implements Sysdome's Third Party Review Program CALABASAS, Calif. --(Business Wire)-- June 14, 2004 -- Countrywide, America's Wholesale Lender, a national leader in residential finance, has chosen Sysdome, Inc., an Internet-based, high-speed technology provider for the mortgage industry, to help streamline their broker approval and maintenance process. Sysdome's Third Party Review (TPR) tool allows lenders to more effectively and efficiently conduct due diligence on third parties. Specifically, it verifies broker application information against Sysdome's databases and other public and nonpublic data sources and presents its findings in a simplified exception-based report. "As America's #1 wholesale lender, Countrywide has relationships with more than 30,000 mortgage brokers across the country," said Preston James, managing director and chief operating officer of Countrywide, America's Wholesale Lender. "In order to get our new originators up and running quickly, we have contracted with Sysdome to implement a faster, more consistent process to approve brokers. We have confidence that the Sysdome tool will help us manage our third party resources and make it easier to do business with us, as well as help ensure that Countrywide works with only the most honest and highly regarded originators." Sysdome's Third Party Review Program streamlines the mortgage broker approval process. Through Sysdome's TPR services, Countrywide receives continuous broker updates as well as semi-annual renewals, which save time, lower overhead and ensure that Countrywide enters into relationships with reputable applicants. Sysdome reviews the entire broker application and performs dozens of searches, including real-time state licensing verification, derogatory filings, lender sanctions, industry watchlists, and Sysdome's National Fraud Protection Database (NFPD) for negative or fraudulent activities. Additionally, Sysdome performs any extended services that Countrywide might require in order to certify each application file. "Sysdome provides Countrywide with powerful technology that is cost-effective and efficient, resulting in a streamlined approval process," said Kevin Coop, president of Sysdome. "Since brokers and other third-party originators represent an increasingly vital channel, lenders require tools enabling them to authenticate information and scrutinize backgrounds without further complicating the process. We are pleased to enable Countrywide to enhance their processes and service their Third Party Originator channel." Mortgage lenders and investors are increasingly realizing the importance of quality control management in both the buying and selling sectors of the industry. In response to this growing security need, Sysdome's fraud prevention solutions continue to identify and reduce the overall risk of fraud in the mortgage industry as well as to provide comprehensive solutions for both individual and large pool assessments. About Countrywide Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) is a member of the S&P 500, Fortune 500 and Forbes 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans. The company is headquartered in Calabasas, California and has more than 30,000 employees with over 600 offices. For more information about the company, visit Countrywide's Web site at www.countrywide.com. About Sysdome Calabasas, Calif.-based Sysdome Inc. is an Internet-based, high-speed technology service that prevents fraudulent loss, reduces risk, streamlines loan processes, and consolidates vendor relationships for mortgage lenders. Founded in 1998, Sysdome supports more than 500 mortgage lenders throughout the United States with its Decision-Support solutions including Electronic Loan Review (ELR), Third Party Review (TPR) Management Program, Fraudguard.com, PredatorX/E , Fraud Seminars and Educational Services, Asset Searches, Directed Audit Services and Pre-funding Comprehensive Screening Audits. For more information about Sysdome, visit www.sysdome.com. [ Back To TMCnet.com's Homepage ]