PHOENIX, March 16, 2004 (PRIMEZONE) -- Harland Financial Solutions, Inc., a subsidiary of John H. Harland Company (NYSE:JH), announced today the availability of the INTERLINQ(r) E3 loan production platform. The announcement was made at the Mortgage Bankers Association's National Technology in Mortgage Banking Conference.
The new INTERLINQ E3 web-based loan production platform enables critical business process management integration and connectivity across the mortgage supply chain. Lenders can order an array of real estate information services without leaving the loan application, and use web services to integrate all origination channels into their business processes. Between now and the end of April, nearly 30 mortgage lenders are scheduled to start implementation of the INTERLINQ E3 web-based platform. Another 335 lenders have purchased INTERLINQ E3. Many of the first lenders to implement E3 are migrating from Harland Financial Solutions' INTERLINQ MortgageWare loan production platform, which has been the number-one system used by lenders since 1992, according to MORTECH, the annual survey of technology usage among retail mortgage lenders.
"We have built 20 years of mortgage lending experience into a web-based technology platform," said John O'Malley, president of Harland Financial Solutions. "E3 gives lenders what they need today to reduce cycle time and production costs. The recent unprecedented volume of mortgage refinancing has caused lenders to sharpen their focus on automating their unique business processes and exchanging data electronically with trading partners."
"We chose INTERLINQ E3 because it is designed to be open and customizable and we can interface any other system into it," said Thayne D. Atkinson, MIS officer at Security National Mortgage in Salt Lake City. "I will be able to move electronic data into the system without fear of losing data integrity, since everything filters through the business logic before it's written in the database."
Atkinson says he will customize in stages. "One of our first goals with E3 is to automatically route incoming broker loans to the correct branch and notify the correct person," he said. "This capability alone should save an average 15 minutes per loan in setup and communication time -- that's about 4,200 hours a year we'll free up for other activities."
Later customization, Atkinson added, would include setting up the system to flag missing data and notify the broker. He also plans to build rules to automatically order one of several automated underwriting services.
Security National plans to go live on E3 this spring. It operates 18 offices in six states and issues more than $2.5 billion in mortgages annually as a wholesale lender.
Leading mortgage lenders scheduled to implement this year include: Arvest Mortgage Co., 1-800 East/West Mortgage Co., Inc., Golden Empire Mortgage, MortgageAmerica, Inc., Phoenix Savings Bank (Lynnwood, Wash.), Popular Mortgage, Republic Mortgage (Salt Lake City) and SEFCU.
About Harland Financial Solutions
Harland Financial Solutions (http://www.harlandfinancialsolutions.com) supplies software and services to thousands of financial institutions of all sizes. Harland Financial Solutions is a leader in deposit & loan origination, platform, teller, call-center, mortgage, business intelligence, core systems, customer relationship management systems, and compliance training software.
About Harland
Atlanta-based John H. Harland Company (NYSE:JH) (http://www.harland.net) is listed on the New York Stock Exchange under the symbol "JH." Harland is a leading provider of software and printed products to the financial institution market. Harland's software solutions include, deposit & loan origination, platform, teller, call-center, mortgage, business intelligence, core systems, and customer relationship management systems. Harland's printed products offerings include checks, direct marketing and financial forms. Scantron Corporation (http://www.scantron.com), a wholly owned subsidiary, is a leading provider of software services and systems for the collection, management and interpretation of data to the financial, commercial and educational markets.
This press release contains statements, which may constitute "forward-looking statements." These statements include statements regarding the intent, belief or current expectations of John H. Harland Company and members of its respective management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Reference is made to the Risk Factors and Cautionary Statements in Harland's Form 10-K and Form 10-Q filed under the Securities Exchange Act.