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Financial services

Advanced Financial Inc. Partners with Advanced Realty Assistance for Desktop Mortgage Origination

Strategic Insights

— 1 min read

Advanced Financial Inc., a Kansas-based financial services company, has entered into a marketing agreement with Advanced Realty Assistance Inc. of Clearwater, Florida. The partnership aims to introduce a proprietary desktop origination computer terminal and software to qualifying real estate brokerage firms in the Florida market, with a potential expansion to 11 additional Southeastern states and the District of Columbia. The agreement is expected to result in the qualification of 15 to 20 desktop origination brokerage locations within the initial six-week introduction phase.

Key Takeaways:

  • The partnership involves the introduction of a proprietary desktop origination computer terminal and software to real estate brokerage firms in the Florida market, with a potential expansion to 11 additional Southeastern states and the District of Columbia.
  • The agreement is expected to result in the qualification of 15 to 20 desktop origination brokerage locations within the initial six-week introduction phase.
  • The partnership aims to increase the speed and convenience of the mortgage transaction for borrowers, eliminate duplicate keying of information, and reduce administrative paperwork.
  • The "STEP 1 Pre-Approved Home Mortgage Program" provides a formal written approval for a monthly mortgage payment based on the application, usually within 48 hours.
  • The agreement represents an important step in Advanced Financial Inc.'s plans to roll out the desktop origination program on a national basis, with a goal of generating approximately $500 million of annual loan volume from 70 to 100 qualifying desktop installations.

Statistics:

  • The partnership aims to introduce the desktop origination program to 15 to 20 brokerage locations within the initial six-week introduction phase.
  • The agreement has the potential to expand to 11 additional Southeastern states and the District of Columbia.
  • The "STEP 1 Pre-Approved Home Mortgage Program" provides a formal written approval for a monthly mortgage payment based on the application, usually within 48 hours.
  • Advanced Financial Inc. aims to generate approximately $500 million of annual loan volume from 70 to 100 qualifying desktop installations.

Sources:

  • Advanced Financial Inc. press release, November 2, 1994
  • "Advanced Financial Inc. Enters into Marketing Agreement with Advanced Realty Assistance Inc."
  • Business Wire, November 2, 1994

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