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For media inquiries please contact Kimberly Spear at 678-781-7215.
12-29-2008: Ofori Lender Services custs costs by Fifty Percent
PRESS RELEASE
FOR IMMEDIATE RELEASE
Media Contact: Kimberly Spear
Media contact for McDonald Computer Corp.
678-781-7215
Ofori Lender Services (OLS) Expects to Cut Costs Fifty Percent by Converting
from LPS' MSP Servicing Platform to McDonald Computer -- Average monthly
telecommunications cost expected to go from $2,500 to $0 in January --
SOUTHFIELD, Mich., Dec. 29, 2008 - McDonald Computer Corp., a provider of
automated servicing technology for the mortgage banking industry, has been
selected by Raleigh, N.C.-based Ofori Lender Services (OLS) to provide its
full-featured Web-based Mortgage Loan Servicing System, Web/T.I.M.E®. Full
conversion is scheduled for January 2009 and OLS will service all of their
loans through the new system. Company officials site dramatic cost-savings
on technology expenses as one of the primary reasons for the move. “By
greatly reducing our cost on technology and management portfolios, we will
become a more competitive sub-servicer,” said Karen Heller, Ofori Lender
Services servicing manager. “We carefully considered our alternatives and
decided McDonald Computer Corp. offered the best value for the service and
support they provide.” Web/T.I.M.E ®, is a Web-based mortgage loan servicing
system that is offered in a service bureau environment. The technology is a
fully integrated, on-line, real-time mortgage loan investor servicing
system. OLS users will have access to screens that are organized to perform
cash processing, escrow disbursements, default servicing, investor
reporting, customer service, escrow analysis, year-end reporting, inquiry
and file maintenance. “The majority of the industry is paying too much for
servicing technology and it is our mission to provide a quality service at a
tremendous cost-savings to our customer,” said James B. McDonald, president
of McDonald Computer Corp. “Ofori not only saw the benefits of our
technology, but realized the level of customer service and support they
would receive was much better than their other provider.” Industry experts
agree that servicing costs will be an expense many financial institutions
pay close attention to in the coming months. According to Jeff Lebowitz,
owner of MORTECH, LLC, and publisher of the annual MORTECH survey on lender
behavior and technology use, “In this increasingly difficult mortgage
environment, investors are micromanaging their servicers. To make sure there
is sufficient yield for them, servicers more than ever must bear down on
operating and communications costs. Servicer ratings have to be up to
compete for business and costs must be down to pay for the risks of being a
servicer in a volatile market.”
About McDonald Computer Corp. Founded in 1976, Southfield, Mich.-based
McDonald Computer Corp. is the oldest privately owned mortgage servicing
software company. The company’s solutions are designed by mortgage bankers
to simplify and automate the servicing process, maximize productivity and
decrease operational costs. McDonald Computer Corp.’s flagship product,
Web/T.I.M.E®, is an automated online, real-time servicing system. Other
services include, myloaninfo ®, a Web-based service allowing mortgagors to
access loan status information via the Internet. For more information,
please visit the company’s Web site at www.mcdonaldcomputer.com. For a
Web-ex demo contact James B. McDonald at 800-966-TIME (8463) or via e-mail
at jimb@mcdonaldcomputer.com.
About Ofori Lender Services
Ofori Lender Services (OLS) is a leading service provider for government and
private sector loan service business processes. OLS specializes in meeting
the needs of small to medium size financial intermediaries who own the
servicing rights of the financial asset and desires a third party Business
Outsource servicing specialist to perform all required work tasks for them.
OLS is a wholly owned subsidiary of Ofori & Associates. Ofori & Associates
is a member of the Small Business Administration's 8(a) program. For more
information, please visit the company’s Web site at
http://www.oforicpa.com/Real Estate.html or contact company headquarters at
202-296-0566.