SOURCE: Xetus

Xetus

January 21, 2010 10:00 ET

Xetus Reports Record Growth, Defies Mortgage Industry Trends

The Only True SaaS Web-Based LOS on the Market Provides Huge Advantage to Banks, Credit Unions and Brokers -- Many Tripling Their Loan Origination Capabilities

PALO ALTO, CA--(Marketwire - January 21, 2010) - Even with the overall decline in the mortgage industry, Xetus (www.xetus.com) has enjoyed record growth in 2009, with overall revenue growing by 400 percent. "We have had a remarkable year. We are so pleased that XetusOne has significantly increased efficiency and volume for so many new users," said Scott Stein, Xetus Vice President of Sales and Marketing.

Many financial institutions now see a true SaaS as essential to stay compliant and transparent

XetusOne is the only true web-based LOS on the market today. "This is a huge advantage from an IT perspective and we are seeing more and more institutions implement XetusOne because of it," said Stein. Users have no software to download or install -- they access their loan files anytime, anywhere through a standard web browser.

Xetus also cites compliance as a key reason for its success. "Every time a user signs on to XetusOne, they are guaranteed to be using the most up-to-date version, allowing users to stay compliant with any new rule or regulation, including all RESPA forms," said Stein. Compliance has propelled a lot of FIs to automate to an LOS system or switch to a system that provides an assurance that they will always be compliant, even as the rules keep changing and evolving.

Xetus also cites mortgage originators' continuous push to a paperless, more transparent approach to loan origination as a reason for its growth. When originating with XetusOne, any member of the mortgage team has access to the loan folders requiring their attention. Managers have the ability to look into the details of any loan in process to ensure they are following the proper procedures. This transparent, paperless environment allows a much greater degree of collaboration without having to deal with paper files. "On average, our users have realized a 55% improvement in efficiency without having to hire additional staff," said Stein.

Pay-as-you-go resonates in today's economy

Xetus' pricing model has been extremely popular as FIs deal with a tough economic environment. "Our pay-per-loan pricing offers users more flexibility than the typical per-seat or per-user licensing fee with annual maintenance. With pricing starting at $15 per loan, we are beginning to 'shake up' the LOS industry," said Stein.

XetusOne is allowing FIs to grow their businesses, reduce their per-loan costs and handle complex regulations with a unique and flexible solution. "As we begin 2010, in addition to expanding our presence in the subordination area, we are considering new products based on the present challenges in the marketplace -- such as loan modification and REO," said Stein.

About Xetus

Xetus (www.xetus.com) pioneered the development of "software as a service" (Saas) in the mortgage industry. Users access its service through standard Internet web browsers, while Xetus updates the product transparently. Xetus provides powerful, easy-to-use mortgage loan processing to lenders, brokers, service providers and investors collaboratively in real-time over the Internet in a secure environment. Xetus is partnered with some of the country's major credit organizations, underwriting and selling entities, mortgage insurers, valuation and compliance providers.

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