SOURCE: Portellus Inc.

February 23, 2007 09:03 ET

Sydion Financial Selects Portellus Platform to Help Launch New Company

Straight Through Processing (STP) Will Serve as Strategic Backbone to Grow Wholesale Business

IRVINE, CA -- (MARKET WIRE) -- February 23, 2007 -- Portellus Inc., a leader in business-user driven change-management solutions, announced today that Sydion Financial, a newly formed mortgage banker, has signed with Portellus to utilize its Loan Origination System (LOS), Enterprise Rules Management (ERM) system, Broker Portal and Integration Services Hub (PIXMO). A key component of Sydion's pre-launch strategy is to proactively implement a highly configurable and agile mortgage technology solution into the company's origination, underwriting and secondary marketing strategies.

Sydion Financial was founded by Spencer Richardson, the former CEO of Vancouver, Washington-based Millennium Funding Group, who has extensive experience in successfully incorporating leading technologies into mortgage processes.

The new mortgage banker is implementing Portellus' end-to-end lending platform prior to the launch of its new wholesale business in a strategic effort to drive industry-leading quality and shorten processing times. The resultant savings will be reflected in offering exceptionally competitive pricing across a wide range of products. Sydion intends to differentiate itself, in part, by tightly wrapping its processes around Portellus' platform. Using this strategy, 100% of Portellus' solution will be utilized from the company's inception, thus maximizing ROI.

Sydion is focused on establishing a network comprised of technology-savvy brokers interested in working with a fully automated wholesale lending partner that embraces straight through processing (STP). Company spokespeople at Sydion say STP will help deliver exceptional value and customer service to assist in growing brokers' businesses.

"In order to achieve long-term success in today's highly competitive mortgage market, wholesale lenders must have a technology platform in place that leverages contemporary architecture and organizational design to accelerate and enable efficient operations, allowing them to respond quickly to changes in the market," said Spencer Richardson, CEO and founder of Sydion Financial. "We see a huge opportunity to utilize Portellus' comprehensive solution to flourish in a tough market and capitalize on the technology and service shortcomings of our competitors. All too often, lenders implement promising solutions but then fail to utilize technology to full capacity. Deploying and fully utilizing the right technology mix will serve as a key enabler for our success, and Portellus demonstrated itself to be the long term partner that will help grow our business."

Portellus' configurable LOS will allow Sydion to tailor system features, functions and workflows to support its differentiated approach, and will flex and scale to its specific lending processes to accommodate growth and business modifications. Driving Sydion's decisioning is Portellus' ERM, which enables STP in underwriting and centrally manages Sydion's business rules, pricing, products and investor guidelines via a single engine. Various functionality in the ERM will extend to the point-of-sale to deliver real-time eligibility, pricing and AU approvals to Sydion's broker network.

Integration efforts will quickly be achieved using Portellus' new PIXMO product, which is a next-generation integration services hub designed to seamlessly connect to new third party service providers and integrate disparate applications. Traditionally, individual application programming interfaces (APIs) are developed for each service and/or system to connect to, making integrations a laborious and time-consuming undertaking. PIXMO standardizes and reuses various components to achieve rapid, cost-effective connectivity between legacy systems and third-party providers, dramatically reducing development costs and timeframes.

"There were several major business issues that Sydion needed sound resolutions to before they could justify moving forward with a company launch that has such far-reaching implications," said John N. Le, chairman and CEO of Portellus.

"First, Sydion is certain to experience growing pains and challenges, which will require them to routinely modify and adapt the system as they expand and mature. Portellus demonstrated its platform to be the only solution that empowers business users with the ability to dynamically change system requirements on an as-needed basis. Second, in a thin-margin environment, Sydion needed to do more with less, and do it much more efficiently than the competition. Starting with our platform and a clear vision of the process, Sydion will immediately achieve STP. Third, Sydion needed to be absolutely sure that the technology partner they selected had a highly scalable and configurable solution, but also a proven delivery model to transcend marketplace challenges."

Le added: "System shortcomings or any implementation curve balls would be highly detrimental to the success of this de novo company. Portellus surpassed Sydion's strict requirements and we are extremely pleased to be helping Sydion launch its new business."

"The market's current profit pressures are weeding out operationally inefficient players," said Holt Crowder, business development manager at Portellus. "Sydion is a forward-thinking mortgage banker that sees opportunity in the midst of a challenging market, and they'll advance their business using our suite of loosely coupled products that comprise an end-to-end solution. We're very excited about the possibilities that lie ahead of Sydion."

About Portellus

Headquartered in Irvine, Calif., Portellus Inc. is a leading provider of next-generation technology solutions for the financial services and insurance industries. The company's Decision Management, Enterprise Rules Management (ERM), Loan Origination and Portal solutions utilize a service-oriented approach to deliver loosely coupled applications and flexible solutions, enabling clients to gain competitive advantages, reduce costs, mitigate risk, increase profitability, comply with regulatory requirements and swiftly enter new markets. For more information, visit or call 949-250-9600.

About Sydion Financial

Headquartered in Seattle, Washington, Sydion Financial LLC is a wholesale mortgage banker originating, underwriting and selling loans in the conforming, Alt-A, and sub-prime markets. Founded in 2006, Sydion's unique approach to wrapping its organizational design around leading technology solutions including straight through processing (STP) enables it to ensure highly efficient, consistently high quality loans while also aggressively managing costs and thereby providing unique product offerings to both the origination and secondary markets.

Portellus will be offering demonstrations of its solutions at the National Technology in Mortgage Banking Conference & Exposition at the Convention Center in Tampa, FL, March 25 - March 28, booth 435 and meeting room 36.

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