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ARC Systems Reports Another Record Year, More Than Triples Application Volume During 2002
Product diversification allows ARC Systems to process loans for securities and warehousing, as well as sub-prime and prime, expanding the company's reach and potential.
Austin, Texas January 17, 2003 - ARC Systems, the leading mortgage technology application service provider, announced another record year rendering decisions for $80 billion in loan applications during 2002. This 328 percent increase comes as a result of LendTech, ARC Systems flagship product, rendering decisions for over a half a million loan applications with a record peak day in September totaling $2.7 billion in loan applications.
"Our growth can be attributed to two things," said Ed Jones, CEO and President of ARC Systems. "First, we have expanded our abilities to enable LendTech to serve other markets in addition to sub-prime, such as the securities and warehouse markets. Second, we have a product that works. LendTech is providing our clients with the ability to increase loan application volumes by as much as 300 percent utilizing their current staff. These clients reap the rewards of the advantageous market conditions without the costly and time consuming overhead of hiring and training additional underwriters and processors."
Voted one of the top three fastest growing companies in 2002 by the Austin Business Journal, ARC Systems is poised for further growth in 2003. The company is committed to expanding its client base and developing LendTech as the decision engine of choice for all markets in the mortgage industry. "Our success has allowed us to expand our capabilities. We are currently expanding our R&D, sales and marketing departments as well as looking into relocating our offices to accommodate our growth," said Jones. "2003 is going to be a great year for ARC Systems."
About ARC Systems
Founded in 1984, ARC Systems is a privately held company that provides lending institutions, investment and commercial banks across the nation with the power to make fast, accurate and consistent decisions at the point-of-sale for risk-based pricing and credit evaluation.
Empowering financial institutions with the ability to make better business decisions, the company's proprietary, patent-pending, rules-based system is used by lenders to provide their customers, correspondents and brokers direct access to automated underwriting and online loan origination system functionality.