SOURCE: Xetus

Xetus

January 05, 2011 10:00 ET

New Xetus CEO to Lead R&D Expansion Following Record-Setting Year

Triple Revenue Growth and 25 Percent Increase in Banking/Credit Union Customers Propel Enhanced Product Development of XetusOne Loan Management Platform Under Leadership of Scott Stein

PALO ALTO, CA--(Marketwire - January 5, 2011) - Palo Alto, CA-based Xetus (www.xetus.com) announced the appointment of new President and Chief Executive Officer Scott Stein to spearhead its 2011 expansion of complementary tools to its XetusOne Loan Management Platform. Stein, who previously served as the company's Vice President of Sales and Marketing, is a perfect fit for Xetus, says Mike Phillips, Chairman of Xetus. "Scott has a superb mastery of both sales and engineering that guarantees our continued success. He understands our customers' needs and is able to expertly communicate with them regarding the technical aspects of our products."

Under Stein's leadership, Xetus will focus on capitalizing on 2010's unprecedented growth -- including the tripling of revenue and 25 percent increase in customers -- by offering clients additional ways to grow origination volume and better manage risk associated with both senior and subordinate debt instruments. Stein says Xetus will introduce tools that enhance the company's origination, subordination, HELOC maturity management and loan modification offerings.

Long-term Investment in R&D Promotes Flexibility of XetusOne Platform
"We are making a significant, long-term investment in the way we deliver service to our client base to better serve our customers and anticipate their needs," said Stein. "The breadth of our technology has already allowed clients to strategically position themselves in this market, and we are excited to offer these new, enhanced capabilities."

XetusOne's "software-as-a-service" model gives users the ability to immediately begin originating loans through a standard Web browser over the Internet. Its convenience, affordability and superior technology catapulted the company's profitability and cash reserves to an all-time high in 2010. The powerful XetusOne platform enables users to effectively serve their clients' needs and, with the company's significant investment in R&D -- which includes the immediate recruitment of additional software engineers -- will continue to draw more users.

XetusOne Well-Suited to Lending Industry's New Paradigm
"XetusOne is a robust engine that enables our clients to operate under the mortgage lending industry's new paradigm," said Stein. "A unique vision that began several years ago with the initial release of XetusOne as the first web-deployed LOS has evolved into a comprehensive Loan Management Platform that gives lenders an unprecedented set of tools to manage a variety of services -- from compliance with ever-evolving regulations to the underwriting of loan modifications for the restructuring of non-performing assets." As banks and credit unions become leaner, they increasingly require employees to wear many hats as they work to accurately assess risk across a variety of loan types. Stein adds, "The industry is moving away from vertical specialists and toward skilled generalists capable of competently handling multiple tasks. XetusOne, through its embedded intelligence and error-checking, essentially mentors users, allowing them to become both more efficient and proficient in that new role."

About Xetus
Xetus (www.xetus.com) pioneered the development of "software as a service" (SaaS) in the mortgage industry with its XetusOne Loan Management System. XetusOne provides powerful, easy-to-use mortgage loan management to lenders, service providers and investors, all working 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, automatic valuation and compliance providers. 

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