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Bridgespan
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Posted by Anon on 1/28/04 3:34pm
Msg #803

Bridgespan

Press Release
FOR IMMEDIATE RELEASE
Contact: Kelly McDermott
BridgeSpan Communications
(469) 633-7100
[e-mail address]


BRIDGESPAN SHUTS DOWN SETTLEMENT SUBSIDIARY

Frisco, Texas, Jan. 9, 2004 - BridgeSpan Inc., a company built to expedit and improve the mortgage closing process, announced today that it plans to shut down its settlement services business. The company owns two title agencies, and has done the bulk of its business through Texas-based BridgeSpan Corp. (dba BridgeSpan Title). BridgeSpan Corp. provided services in more than 40 states. The company has terminated appriximately 150 of the subsidiary's employees. BridgeSpan said that lenders, underwriters and regulators have been notified, and it expects to unwind all of its title, escrow and settlement services operations over the next few weeks.

Larry Walker, BridgeSpan's CEO, explained "BridgeSpan originally entered the title business in an effort to prove out the value proposition of its technology platform. While mortgage lenders weren't quite ready to embrace electronic mortgage processing, our title business deployed and utilized the eMortgageAxisTM platform to close loans. In do doing, we developed applications along the electronic mortgage continuum that could be practically implemented by lenders without making a wholesale commitment to paperless mortgages."

Regarding the future of the BridgeSpan’s eMortgageAxisTM technology, Walker said "I believe the future of mortgage technology solutions is probably brighter than ever." BridgeSpan conducted several successful pilots of electronic mortgages in 2002. Dozens of fully electronic mortgages were delivered straight through to the secondary mortgage market. However, lenders just weren’t ready to embrace or invest in the organiztional and technical re-engineering required to implement a completely paperless loan.

Mr.Walker added that, given the recent drop in refinance activity, lenders are much more focused on process costs, risk mitigation and operational effectiveness. He said that, "While BridgeSpan’s innovative technology may have once been ahead of its time, it looks like its time may be just arriving."

About BridgeSpan
BridgeSpan is a leading provider of mortgage processing solutions for lenders. These solutions improve the mortgage process, reduce transaction costs and give the consumer more transparency throughout the transaction. BridgeSpan’s services, supported by technology and process engineering, benefit lenders with more control of the closing process, increased quality control, reduced risk and improved customer service. BridgeSpan Inc., formerly based in Silicon Valley, moved its operations to Frisco, Texas last year.












 
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