AmeriDream Launches Gift Xpress - the First Electronic Down Payment Gift Program; Finalizing Down Payment Gifts at the Settlement Table Cuts Time, Paperwork for Lenders

Business Wire, Oct 20, 2003

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Oct. 20, 2003

AmeriDream, Inc., the nation's largest provider of down payment gifts, today announced the release of Gift Xpress(TM) at the Mortgage Bankers of America (MBA) Annual Convention and Expo in San Diego. Gift Xpress is an Internet-enabled tool that allows lenders to submit applications, and settlement companies to electronically finalize gift applications at the settlement table, resulting in less paperwork and considerably speeding-up the down payment gift process.

Requiring only a computer and an Internet connection, Gift Xpress enables lenders to quickly and more easily facilitate applications for down payment assistance, without additional setup costs or access fees. Late changes occur in up to 50 percent of all settlements, creating the need to re-file paperwork. Therefore, lenders and settlement officers especially value Gift Xpress for its ability to quickly create, or make changes to applications at the settlement table.

"Being able to finalize the down payment assistance application at the settlement table makes closing on a home even easier for all parties involved," said AmeriDream CEO and president Ann Ashburn. "Gift Xpress streamlines and automates the process and reduces the time spent on paperwork."

Because Gift Xpress expedites the entire down payment assistance application process, it benefits the homebuyer and seller, as well as the lender and settlement agent by creating less paperwork and a more efficient settlement process.

Gift Xpress was developed specifically for AmeriDream in partnership with Silanis Technology, a leading provider of solutions that automate the business approval process. Gift Xpress leverages electronic signature technology to enable both the seller and buyer to provide an electronic endorsement at the closing table. The secure application utilizes process signature technology, which enables parties to click-to-sign while the technology creates a legally enforceable electronic signature and gathers electronic evidence about the transaction.

Said Ashburn: "Gift Xpress will save lenders valuable time and effort and will allow them to help more people achieve their homeownership dreams."

For more information on AmeriDream, visit booth 826 at the MBA Convention or log on to www.ameridream.org.

About AmeriDream: The mission of AmeriDream, Inc., headquartered in Gaithersburg, MD, is to expand homeownership opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity. AmeriDream, Inc. is a non-profit, publicly supported organization that is tax-exempt under Internal Revenue Code Section 501(c)(3). AmeriDream, Inc. meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 REV-4, CHG-1 Section 2-10 for FHA insured loans. In addition to The AmeriDream Downpayment Gift Program, AmeriDream also operates The AmeriDream Redevelopment Program in the Washington, DC metropolitan area and Florida, and the Community Link Program nationwide. Through the Redevelopment Program, AmeriDream has spent more than $8 million to rehabilitate properties and return them to the market at affordable prices. Through Community Link, AmeriDream has donated more than $1.5 million to a range of community organizations, including Habitat for Humanity, the American Red Cross Disaster Relief Fund, and the Victims Rights Foundation. AmeriDream, Inc. is a member in good standing of the Homeownership Alliance of Nonprofit Downpayment Providers (HAND).

About Silanis: Silanis Technology, based in St. Laurent, Quebec, is the leading provider of solutions that automate the Business Approval Process. With over 1,000 customers across government, financial services, manufacturing, telecommunications and FDA regulated industries, Silanis has over a decade of experience in developing and delivering solutions that work the way organizations do. Silanis' satisfied customers include the US Joint Chiefs of Staff, US Army Medical Command, GMAC CM, Stewart Title, and Bayer. For more information about Silanis, visit www.silanis.com.