XpressCredit Expands Functionality of Their Loan Origination System with Addition of FacTrack™ Component

May 28, 2009

SYRACUSE, NY – XpressCredit announced today the addition of a customer information verification tool, FacTrack, to their loan origination system. FacTrack is a highly flexible tool for lending institutions to verify and cross reference customer information. Integrated employment, paystub and budget tools analyze application data for discrepancies. A score is determined based on the verification results to confirm authentication of stipulations.

Questions, answers and the related scoring system are customized to lender’s criteria. A comprehensive system for building custom forms allows verifier notes to be added to any field. Upon completion of the process, the FacTrack verification report can be printed, emailed and archived. This versatile tool was designed to be used in conjunction with the XpressCredit platform, but it can be used as a standalone web based application.

“The FacTrack tool is a key component in the loan approval process. This additional functionality allows lenders utilizing XpressCredit technology to create their own verification criteria and score applicants based on the information provided. This will further streamline the loan origination process, enhancing lender efficiencies and profitability” said Mark Louer, XpressCredit Executive Vice President.

About XpressCredit
XpressCredit is a leading provider of a web-based, indirect lending platform. Its patent-pending solution links lenders with auto, motorcycle, RV and marine dealers nationwide. Filtering of the applicant data and collateral provides the ability for lenders to evaluate applications quickly and increase approvals and look-to-book. Founded in 1999, XpressCredit is a New York corporation headquartered in Syracuse, NY. For more information visit www.xpresscredit.net or contact Mark W. Louer, Executive Vice-President (315) 634-5101 x206, [email protected].