ARC Systems Earns 'Lasting Impact' Award Commendation
Austin, Texas-based Firm Honored for First Automated Underwriting in Nonprime Sector
Chicago, Illinois, October 22, 2006 - ARC Systems™, a privately held company providing premier decisioning technology to lending institutions and investment and commercial banks across the United States, earned a commendation today from Mortgage Technology Magazine for its contributions to automated underwriting technology, especially in the nonprime lending sector.
The Austin, Texas-based company was one of three finalists for the "Lasting Impact Award," presented annually by the publication, to an "individual, group or company initiating a technology initiative or development that has proven to have had a lasting impact on mortgage lending."
In ceremonies at the Gleacher Center, the magazine announced that ARC Systems had been chosen for the commendation, largely because Ed Jones, ARC Systems founder and president, had been a proven technology innovator in the mortgage sector over the last two decades.
"It's an honor to be nominated for this award. This is a positive affirmation of the limitless energy required to undertake and produce an award-winning service for the mortgage industry," said Ed Jones, accepting on behalf of ARC Systems founders (Ed, Gayle, and Mike Jones) and team. "ARC Systems' goal has always been to provide the most reliable high quality decisioning system with a focus on establishing critical client-partnership relationships," he added.
The company was the first to automate underwriting in the nonprime sector more than 10 years ago. The company was named by Mortgage Technology Magazine as one of the "Top 25 Mortgage Technology Service Providers in 2005." It won the "Fix-It Award" in 2003.
Automated underwriting has enabled the speedy decisioning now taken for granted by lenders, while nonprime lending has expanded service to an entire community of citizens previously excluded. Together, automated underwriting and nonprime lending have had a clear and lasting impact on the shape and nature of mortgage technology—;and indeed all of mortgage lending.
The two could have remained mutually exclusive were it not for the efforts of ARC Systems.
Ed Jones praised the "high quality team we've built at ARC Systems." Gayle Jones handles the administrative side of the company, while Michael Jones has been "the brain trust behind the technology—it couldn't have happened without Michael, Gayle, and their skill sets. They built the high quality team here that has put their knowledge of the mortgage industry and technology integration-innovation skills behind all our products and services."
About ARC Systems
Founded in 1984 and headquartered in Austin, Texas, ARC Systems is a privately held company providing premier decisioning technology to lending institutions and investment and commercial banks across the United States. With the power to make fast, accurate, and consistent decisions at the point-of-sale for risk-based pricing and credit evaluation, ARC Systems' products empower clients to make smart business decisions. The company's proprietary, patent-pending, rules-based system is used by lenders to provide direct access to automated underwriting, product/pricing, and online loan origination system functionality for their customers, correspondents, and brokers.