SOURCE: Edgeware Analytics

May 15, 2008 14:54 ET

GovGex.com™, Online Marketplace for Buying and Selling Government Guaranteed Loans, Launched

SBA Lenders Now Have Efficient, Secure and Compliant Platform to Connect With Buyers

SAN DIEGO, CA and PONTE VEDRA BEACH, FL--(Marketwire - May 15, 2008) - Edgeware Analytics, Inc., an innovative provider of profitability tools for business lenders, announced that GovGex.com -- the Government Guaranteed Loan Exchange was launched today at the National Association of Government Guaranteed Lenders' (NAGGL) Mid-year Technical Conference.

GovGex.com is a free online marketplace connecting sellers and buyers of government guaranteed loans through a secure and efficient platform. Sellers upload or input loans for sale. Buyers browse available loans and submit bids. Seller selects the winning premium or par bid. "It was easy to use and intuitive," said Chris LaPorte, Head Trader of Coastal Securities, the winning buyer of the first loan offered on GovGex.com.

As of the launch date, GovGex.com boasts over 75% of the current buyers in the market, including the top three SBA pool assemblers. "We were flattered when top buyers and sellers asked us to apply our analytic capabilities, technology, and independence to develop a more efficient marketplace for government guaranteed loans," said Dan Shoham, CEO of Edgeware Analytics. "We are particularly thankful to the many users who've helped us develop and shape the ultimate system and its features." Premium features include settlement services, pricing transparency, unlimited archiving, and Edgeware Analytics' powerful scoring models predicting probability of default and prepayment time. Users enjoy increased processing efficiency and seamless compliance.

"We've used Edgeware Analytics ScoreEdge small business scoring product in our origination business, and we're excited about GovGex.com," said Paul Falvey, SVP and Chief Credit Officer of Business Lenders, LLC, one of the largest originators and servicers of SBA loans with more than 1400 active loans under management. "The platform eliminates the cumbersome process of emailing buyers a spreadsheet, compiling various bids, contacting the winner, manual settlement reports and then archiving everything to ensure compliance. GovGex puts the sale and settlement of government guaranteed loans on par with traditional Wall Street automated exchanges. I think it's long overdue."

"GovGex.com technology is another advance in bringing transparency to the marketplace for SBA loans," said Scott Evans of Government Loan Solutions. "This transparency will likely result in greater efficiencies and better execution for all market participants."

About Edgeware Analytics, Inc.

Edgeware Analytics, Inc., an innovative provider of customized and generic profitability tools to lenders, combines expertise in statistical modeling and credit evaluation to create profit-enhancing predictive models and systems. Used by national lenders, certified development companies, credit unions and community banks, Edgeware's ScoreEdge™, ScoreEdge504™, RiskRate™ and Oscore™ products work in conjunction with a lender's established underwriting procedures to measurably improve the accuracy of small business credit approvals. Edgeware's Small Business Loan Exchange™ is an on-line forum connecting franchisees, business brokers and lenders with deals not fitting their lending criteria to more than one hundred lenders seeking available deals. Edgeware's Government Guaranteed Loan Exchange™, GovGex.com, is an on-line forum connecting lenders selling government guaranteed loans with buyers. Additional information can be found at: www.GovGex.com and www.EdgewareAnalytics.com.

Contact Information

  • Contacts:
    Mike Rozman
    President
    Edgeware Analytics, Inc.
    888-672-6730
    Email Contact