First American Default Technologies Teams with WRQ to Automate Legacy Arm of Loan Foreclosure Process

Business Wire, August 16, 2004

SEATTLE -- WRQ Verastream Speeds Mainframe Data Access from Days to Seconds, Allowing Attorneys to Meet Strict SEC Deadlines

WRQ, Inc. today announced that First American Default Technologies, the industry's leading provider of default servicing management solutions and software systems, has automated its loan foreclosure process by adopting WRQ Verastream(R) host integration software. Verastream enabled First American Default Technologies to tie its host functionality to its web- and .NET-based loan tracking application, Vendorscape/CMS. Using Verastream, First American Default Technologies developers worked within their preferred .NET environment to integrate mainframe data and logic into this web-based application. Leveraging WRQ(R) host integration software, Vendorscape/CMS is able to provide bankers and lawyers with the web access necessary to acquire critical loan information with ease and efficiency.

Using Verastream's integration capabilities, First American Default Technologies transmits foreclosure information between banks and attorneys by automating data collection, referrals and task management activities. Attorneys can access the information required to start the foreclosure process via the web in seconds, ensuring they meet SEC deadlines and provide the ultimate service to banks.

"Before partnering with WRQ, we were using a more involved process for information gathering and processing," said Glen Banta, director of technology for First American Default Technologies. "Leveraging WRQ's host integration expertise and WRQ Verastream, First American Default Technologies has built the essential information resources to make the access of loan information more timely and accurate than ever before. The back-end functionality of the mainframe is transparent to our clients, giving our users added speed and ease-of-use."

First American Default Technologies sought an optimal method for integrating their mainframe's workflow and business rules into Vendorscape/CMS, which automates the relationship between banks and law firms. With a keen understanding of their clients' demands to receive and process time-sensitive foreclosure information within compliance schedules, First American Default Technologies was intent on eliminating process delays caused by limited mainframe access to large amounts of critical data. The company also wanted to expedite processes that had previously been paper-based and lengthy by replacing them with an accurate, high-speed solution to keep clients on target with SEC-regulated time frames for loan foreclosures, thereby avoiding fees imposed by missed deadlines.

"As the pace of business grows faster with each passing day, more and more business processes depend on the rapid flow of information. Verastream provided First American Default Technologies with a single platform to bridge the gap between the mainframe and web world, streamlining business processes between many parties," said Shaun Wolfe, president and COO of WRQ. "Vendorscape/CMS is a great example of a web-based, self-service application that modernizes legacy assets and rids users of the paper-pushing they once endured."

Using Verastream, the First American Default Technologies development team was able to abstract and isolate critical legacy information to create a series of reusable services. These services were assembled with new business logic and utilized directly in Visual Studio .NET, creating a better business process and increasing efficiency for its customers.

These Verastream services provide bank employees and attorneys with web-based access to data, eliminating the manual data retrieval processes. When Vendorscape/CMS knows a loan is in default status, the application automatically works through Verastream to extract the appropriate data from the mainframe, and sends it as a referral to the attorney.

This automated process allows the attorney to begin the foreclosure process and meet SEC deadlines for default loan processing, and enables banks to save time and money previously spent on manual printing and mailing of the numerous documents required in the process.

"We are a company that delivers technology to streamline banking business processes," Banta said. "WRQ helped us meet and exceed our goal of automating the foreclosure process for banks and attorneys. Using Verastream, we were able to significantly expedite delivery of Vendorscape/CMS, and our customers saw a significant, instant improvement in the process."

About First American Corporation

First American Corporation is the nation's leading provider of business information. Tracing its history to 1889, First American continues its commitment to service by providing the information resources businesses need to make timely and accurate decisions. Backed by industry-leading technology systems, First American delivers efficiency to support your business information needs.

First American Default Technologies is the industry's leading provider of default servicing management solutions and software systems. First American Default Technologies' state-of-the-art technology and effective management services continue to set the standard for default product and service excellence.