September 12, 2005 09:00 ET

Saxon Capital, Inc. Implements New Automated Underwriting System From MindBox

GREENBRAE, CA -- (MARKET WIRE) -- September 12, 2005 -- MindBox® LLC announced today that Saxon Capital, Inc. ("Saxon") (NYSE: SAX), a residential mortgage lending and servicing real estate investment trust (REIT), has implemented a new automated loan underwriting and loan pricing system built with MindBox's ARTOptimize software.

Saxon's new rules-driven underwriting system, called i-Deals™, allows consumers to apply for mortgages online and receive loan approval decisions, qualifying conditions, 'best-fit' alternative loan suggestions and even reasons for loan denial -- all instantly and automatically.

"The MindBox decision engine that powers our new i-Deals system is able to analyze a loan applicant's credit, calculate a base rate and margin appropriate to that credit score, and then generate a complete qualifying loan scenario based upon the available loan programs that we offer at any given moment," said Jim Smith, Executive Vice President, Production of Saxon. "It's just as if the borrower is sitting down with an experienced loan agent, only better, because i-Deals thinks instantly and always knows the latest loan programs and pricing information."

Saxon used MindBox's industry-proven ARTOptimize suite of software components to build the i-Deals underwriting and pricing system, and is also using the MindBox Power Editor to manage the corporate-wide underwriting rules and pricing policies that define what loan programs and interest rates to offer on any given day.

"The business advantage of having a rules-driven system is being able to instantly respond to market conditions and competitive situations," said Rich Barfus, President and CEO of MindBox, LLC. "And with the MindBox Power Editor, Saxon's loan officers can change the actual loan terms in the system without disturbing the core underwriting policies, and without having to ask for help from their IT department."

About MindBox

MindBox is a technology company focused on financial services organizations. MindBox products and services have a proven track record of reducing cost and increasing revenue by automating knowledge-intensive business processes. MindBox automates these processes by delivering sophisticated decisioning systems using award-winning rule and case-based reasoning software. MindBox provides software and consulting services that leverage company and industry best practices to automate common lending practices such as underwriting, pricing, product best fit, deal structuring, debt reparation and cross-sell across multiple origination channels. MindBox technology integrates internet interfaces and other client contact channels with back-end business operations in one streamlined, efficient system that provides individually tailored, optimized customer interactions.

© 2005 MindBox, LLC. All rights reserved. MindBox® is a registered trademark of MindBox, LLC. All other company and product names mentioned may be trademarks of their respective owners.

Contact Information

  • Media Contact:
    Mark Addison
    Rocket Science, for MindBox
    (415) 464-8110 x2
    Email Contact