SAN DIEGO - secondary marketing services. Financial terms of the deal were not disclosed, but EDS will install and support its Lakewood System, which is a loan origination and secondary marketing software package the company got as part of the acquisition of New Jersey-based Lakewood Corp. earlier this year. The Lakewood System, which is used by 20 financial institutions, is an open, client/server-based product that aims to streamline mortgage origination processes, including prequalification, origination, underwriting, and closing. American Home Funding, a subsidiary of Rochester Community Savings Bank, New York, closed more than 15,000 mortgages valued at $1.6 billion last year. EDS, of Plano, Tex., is a third-party transaction processor that also operates a value-added network. It plans to install local- and wide-area networks that electronically connect the mortgage lender's 38 branches with two EDS data centers. Paul S. Reid, president and chief executive of American Home Funding, said his institution is focusing on the origination side of the business and investigating new access points to the customer, such as mobile, or laptop originations, and other possible alternative delivery systems. "What convinced us to go with EDS was the technological edge of the system," as well as the "financial strength of the company," said Mr. Reid, who is also the incoming president of the Mortgage Bankers Association.
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