SANDSTONE LAUNCHES FULL FUNCTION, HIGHLY SCALABLE

Sydney, 12 March 2007

Sandstone Technology, the leading supplier of lending systems in Australia, has launched its new LendFast Enterprise Lending system targeted at major financial institutions processing over 1,000 loan applications per day.

Announcing the new system at the Mortgage Processing Conference in Sydney last month, Bob Hall, CEO of Sandstone Technology, said that LendFast Enterprise fills a longstanding need for a full function, highly scalable loan origination processing solution for major banks and other lending institutions.

“Until now, major lenders have had to develop their own in-house systems to process high volumes of mortgages, personal loans and credit card applications” Mr Hall says.

“These projects have historically proven to be extremely expensive, time consuming, resource intensive and risky,” he continues. “Building a system capable of managing the complexities of the lending process, together with the interfaces needed to integrate with existing back-end banking systems, credit agencies and distribution agencies, require a great deal of effort.” He says.

LendFast Enterprise, a J2EE enterprise application, enables lenders to process up to three times their current volume of loan applications without increasing staff levels. The system was developed in Australia and allows organisations to process thousands of loan applications each day. It expands on the capabilities provided by Sandstone’s previous lending systems which are currently used by many regional banks, large credit unions and building societies to process mortgage, personal loan and credit card applications.

LendFast Enterprise interfaces with the company’s other lending system solutions, including the LendLink LIXI Broker Gateway, Mobile Lender Toolkit and Valuation Management Service which manages the ordering and fulfillment of property valuation requests from a panel of over 2,350 valuers working in 126 valuation firms. This service has a proven ability to decrease valuation costs by over 50% while improving valuation turnaround times to less than one day.

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