Electronic Funds Request and My eRBMG
Electronic Funds Request and My eRBMG: Two New Programs From RBMG Mean Greater
Functionality for Lenders
Dec 15, 2000 09:47 AM ET PR Newswire
COLUMBIA, S.C., Dec 15, 2000 /PRNewswire via COMTEX/ -- Building on the success
of its online lending service, eRBMG, Resource Bancshares Mortgage Group Inc.
(Nasdaq: RBMG) introduces two new enhancements aimed at giving users greater
functionality and increasing efficiency of loan processing. The first
enhancement, Electronic Funds Request (EFR), enables table funded
correspondents to request their funds online through eRBMG at
http://www.erbmg.com. The entire process is conducted via the Internet, making
it faster and more efficient than traditional lending methods.
Although the pilot program has only been in operation for two months, customers
are already enjoying the benefits of EFR. "RBMG's Electronic Funds Request is
amazingly quick and easy to complete. It provides immediate feedback to
customers and gives assurance of a successful transaction," said Gus Palatto of
HomFi Mortgage Services Inc. Palatto went on to say, "I believe this new
service will become extremely popular with any mortgage broker that utilizes
Currently, this function is only available to table-funded correspondents'
usage, but plans are to develop a Wholesale EFR, which will allow brokers to
order funds as well. The second enhancement, My eRBMG, enables users to receive
more timely and pertinent information as it relates to their eRBMG accounts.
For example, users may set up a message alert system by using the My Events
Notification Method. This service alerts customers of key events, such as,
underwriting status changes and electronic funds requests, for every loan in
their pipeline. In commenting on the new service, Chad Farmer, Vice President
and Director of Production Marketing for RBMG, stated, "We see ourselves as
partners in the success of our customers, so we constantly look for ways to
improve their processes. This added functionality, for example, greatly
enhances mortgage professionals' access to pertinent information affecting
their loans," said Chad Farmer, "The more details brokers and lenders have
access to, the better they are able to service their customers." My Events
Notification Method offers three options for receiving messages: (1) by e-mail,
(2) by fax, or (3) by e-mail pager.
For correspondents who are closing loans with their own warehouse lines, My
eRBMG gives them online access to a variety of reports. These reports can
include information on suspended loans and purchase advice reports. previously,
these reports were available only via fax.
"(This is) yet another enhancement to facilitate the workflow process, all of
which adds up to greater productivity and, in the end, increased customer
satisfaction," said Russell Burdsall, Executive Vice President of Conforming
Loan Production. "We want to make the lending process as smooth as possible. By
devising programs that limit paperwork and allow transactions to be completed
electronically, we are helping lenders and brokers do their jobs more
effectively and efficiently."
Resource Bancshares Mortgage Group Inc. is a financial services company
primarily engaged in the business of mortgage banking. Through its wholly owned
subsidiaries, RBMG works with correspondent lenders and brokers to purchase,
sell and service agency-eligible and subprime residential, single- family first
mortgage loans and to purchase and sell servicing rights associated with
agency-eligible loans. More information about RBMG can be found at
Statements made herein that are forward-looking in nature within the meaning of
the Private Securities Litigation Reform Act of 1995 are subject to risks and
uncertainties that could cause actual results to differ materially. Such risks
and uncertainties include, but are not limited to, those related to overall
business condition in the mortgage markets in which the Company operates,
fiscal and monetary policy, competitive products and pricing, credit risk
management, changes in regulations affecting financial institutions and other
risks and uncertainties discussed from time to time in the Company's SEC
filings including its 1999 Form 10-K. The Company disclaims obligation to
publicly announce future events or development which affect the forward-
looking statements herein.
SOURCE Resource Bancshares Mortgage Group, Inc.
CONTACT: Steven F. Herbert, Corporate Senior Executive Vice President and
Corporate Chief Financial Officer of Resource Bancshares Mortgage Group, Inc.,
URL: http://www.erbmg.com http://www.rbmg.com http://www.prnewswire.com
(C) 2000 PR Newswire. All rights reserved.
KEYWORD: South Carolina INDUSTRY KEYWORD: FIN SUBJECT CODE: PDT