About EBS

The mortgage banking industry is driven by its ability to sell mortgages in the secondary market to Fannie Mae and Freddie Mac, as well as to other private investors on Wall Street. EBS’s quality control products enable mortgage banks and the investment community to analyze the quality of loans as defined by law, the investors, and the mortgage banks that originate the loans. The resulting analysis determines the premium (or penalty) that a mortgage bank receives for its loans in the secondary market.

EBS pioneered the quality control software market in mortgage banking in 1994 with the introduction of ACES™ — the Automated Compliance and Evaluation System. EBS has continued its lead in the market with the introduction of its Windows-based ACES 98 in 1998 and the release of its ACES 2000 Business Intelligence system in April 2000. The ACES 2000 Business Intelligence system integrates technology from Business Objects, the leading vendor of Business Intelligence systems, to provide clients the ability to quickly and easily analyze their loan data, generate ad hoc reports and graphs, and distribute information electronically. ACES, distinguished by its user-definable parameters and ad hoc analysis and reporting capabilities, has now been installed in 100+ locations since its introduction.

EBS introduced its Data Evaluation and Selection Criteria (DESC) software in 1998 to perform inferential statistical sampling, which significantly reduces the volume of loans to be audited while increasing the confidence level in the entire portfolio. In 1999, the Automated Loan Selection feature of ACES was packaged with the system to create DESC 2000 for mortgage banks that do not have ACES.

EBS introduced one of the first computerized systems for credit bureaus in 1989 with its Credit Reporting Information System (CRIS), which is currently installed nationwide at over 120 credit bureaus. Each day, thousands of mortgage bankers and brokers use our QuickCREDIT and recently introduced QuickINFO software to request credit scores and reports via CRIS. CRIS also provides credit bureaus the ability to convert credit reports into a completely verified Residential Mortgage Credit Report (RMCR).

Today, the critical path in approval of a mortgage loan application is the collection and verification of consumer and property data such as employment, income, bank balances, other assets, appraisal, title, flood certification, etc. The collection and verification of data consumes 75% or more of the time required to approve a mortgage. All mortgage banks must pull a three-bureau credit-report, verify employment, income, and assets via telephone or mail, order an appraisal and title search…meanwhile, the consumer waits and possibly goes elsewhere for his mortgage.

Recently introduced, QuickINFO software electronically sources, via the Internet, the consumer and property information needed to process a loan application. QuickINFO automates data collection for mortgage processing just as underwriting has been automated by systems such as Fannie Mae’s Desktop Underwriter. QuickINFO will reduce the time required to collect data from weeks to minutes as well as eliminate the need for verification. This will reduce the overall time to process a mortgage application from weeks to days, improving consumer satisfaction and mortgage bank productivity.

QuickINFO will be integrated with selected Loan Origination Systems (LOS) to reduce the overall time required to process the mortgage application from days to hours. This will enable an internet-based mortgage bank to immediately provide a consumer a menu of mortgages for which he is unconditionally approved. The consumer could select the mortgage which best suits his needs and the LOS would generate the closing documents for the consumer’s signature. This capability completely revolutionizes the mortgage lending process and creates a compelling difference for the internet-based mortgage bank.

QuickINFO will inherently reduce the risk associated with any given mortgage because of the reliability of the information used for underwriting. This will enable the mortgage bank to offer a lower rate to the borrower and command a premium in the secondary market. Thus, a QuickINFO user will be able to offer both faster service and lower rates, which have historically been inversely related.