Toronto, Ontario, January 5, 2006 -- Filogix Inc., Canada's leading provider of mortgage and real estate-related technology, today announced the launch of the latest version of its revolutionary mortgage origination and processing product, Filogix expert v2.1.
The new version of expert, now available across Canada, has been successfully implemented to more than 20% of Canada's mortgage brokers. It is expected that all remaining mortgage brokers will use expert as their exclusive processing technology, and further the majority of Canada's large national brokerage firms will begin using expert v2.1 in the first half of 2006.
"We make great efforts to listen to our customers and so far have received very positive feedback from those currently using expert v2.1," said Ed Karthaus, Filogix executive vice president, sales, marketing and client service. "We are thrilled at the momentum we are experiencing as we continue to implement mortgage brokers on expert. We are working with independent and national brokerage firms on their respective implementations and expect our broker origination market share to continue growing throughout 2006."
Filogix expert® is a web-based mortgage-origination system which facilitates seamless mortgage transactions between brokers, lenders, creditor insurance companies, credit bureaus, and other trading partners connected to the Filogix network. The system supports 77 lenders today and is continually adding new industry providers. Expert also works seamlessly with Filogix lender-based mortgage processing product, Filogix express®. The integration between these two products creates a fast and fluid processing network between the lender and broker-origination channels.
"When researching the origination processing options available in the market, Filogix expert stood-alone as the best product available in the market," said Nick Hozjan, Canada Call Centre, an award winning, Diamond-level, FirstLine broker. "It truly is a revolutionary system that has improved the way our brokers conduct their business with clients, partners and suppliers."
"All of our firm data is on a centralized database and expert comes with tremendous reporting capabilities. This allows us to manage our business better than ever," said Debbie Thomas, The Mortgage Group, Vancouver B.C. "Filogix makes sure my data and applications are safe and available to me whenever and wherever I need to access them."
Expert v2.1 has new features designed to reflect the changing business needs of brokers and has been heralded as a technological breakthrough for the Canadian mortgage broker industry. New features include increased security of data, the freedom to work using either a PC or a MAC operating system, auto population of credit bureau liabilities, unlimited applicants, ability to put multiple mortgages on the same deal as well as unlimited assets and liabilities, just to name a few. Expert v2.1 also continues to offer brokers the added value of the filogix network, direct online connections to Canada's largest network of real-estate and mortgage related suppliers, creating a much faster, more efficient and productive on-line marketplace.
"As an early adopter of Filogix expert, I was very excited about it coming to market and have been very pleased with its performance," said Dylon Lowry, a leading volume broker with Unisource in Calgary, Alberta. "I really enjoy the freedom expert offers over other solutions. It allows me to access my deals anytime, from anywhere, giving me the flexibility I need to conduct my business and enjoy life."
"The extensive number of contacts and services available through the Filogix network has drastically increased the productivity of our firm," said Claire Providenti of Ontario Mortgage Action Centre. "I am no longer tied to the telephone to conduct value-added services for my client's applications. The entire mortgage process can be completed with just a few touches on my computer, at any time and from anywhere I please."
Filogix is committed to advancing the mortgage broker industry and to helping brokers meet the needs of their customers, partners and suppliers today and in the future. Filogix will continue to work with and listen to the industry in order to enhance expert and secure its position as the market-leading origination and processing product of the broker origination industry.
About Filogix Inc.
Filogix Inc. is Canada's leading technology provider to the mortgage and real estate industries. Filogix products and services are used in all channels of distribution including financial institutions, private lenders, mortgage brokers and real estate professionals in Canada to facilitate, organize, process and streamline mortgage transactions. The Filogix network connects more than 12,500 Realtors®, 9,000 mortgage originators, 77 lenders including all major banks, credit bureaus and mortgage insurers, as well as creditor insurance companies, document management servicing and countless business portals attracting consumer mortgage applicants so they may interact and conduct business transactions. Filogix products make mortgage and real estate transactions a more cost-effective, organized and productive process for lenders, mortgage and real estate professionals and consumers.
For more information please contact:
(416) 360-1777 ext. 3213