Dynatek acquires mortgage software customer base from Odyssey

Business Wire, Oct 23, 1995

announced today it has acquired the products and customer base of Delray Beach, Florida-based Odyssey Software, Inc.

Under the agreement, Dynatek will provide marketing, technical and research support for Odyssey's mortgage processing software products including DOS-based SmartFiL(sm) and its HUD-1(sm) software that automates HUD-1 settlement statements.

With the addition of Odysseys' 900 customer installations and 3,000 users, Dynatek's customer base reaches over 7,000 users. Prior to the agreement, Dynatek debuted MorVision(sm), a new Windows-based, Windows '95 compatible software system designed to automate mortgage origination and front-end marketing. The software provides loan officers with complete contact management capabilities and enables them to complete the pre-qualifying, good faith estimate, credit checking and loan application processes while in the field via on-line communication and electronic data interchange (EDI).

Jay Slazinski, president of Odyssey, said, "This merger is very beneficial for all Odyssey users and gives them the opportunity to work closer with an industry-wide vendor. Dynatek offers a full range of products from pre-qualification to secondary marketing, and it is better suited to handle the future technological needs of the industry."

Jack Luhtanen, president of Dynatek, said, "This agreement will help us serve a new segment of the mortgage software industry. With the additional products, Dynatek now has the capability to meet the technology needs of anyone associated with mortgage origination."

The SmartFil mortgage software product helps mortgage brokers automate the residential origination process. HUD-1 enables closing attorneys and title companies to automate the HUD-1 settlement statement process. Under the agreement, Odyssey customers who have purchased its Windows product can convert to Dynatek's MorVision origination software at no charge.

Dynatek provides mortgage origination solutions for all sizes of financial institutions nationwide. Founded in 1986, the company offers software products for every aspect of mortgage lending from mobile loan originations to large multi-site wide area network centers. Dynatek serves mortgage bankers, mortgage brokers, credit unions, commercial banks and savings institutions. Customers include, BancBoston Mortgage, Crossland Mortgage, Signet Bank, Ryland Mortgage, Riggs National Bank and First Federal of Michigan.

For more information on Dynatek, Inc. or MorVision, contact Jack Luhtanen at (800) 462-5545, via fax at (313) 462-4859, or write to Dynatek, 17197 N. Laurel Park Drive, Livonia, Michigan 48152.

CONTACT: Odyssey Software, Inc.

Jay Slazinski, 800/333-0743

or

Dynateck, Inc.

Jack Luhtanen, 800/462-5545

or

William Mills Agency

Kristin Tepe, 404/264-7210