Situs Technologies Inc. has introduced a loan origination system based on Internet technology.

The system, called Advanced Internet Lending System, or AdvanceNet, uses data encryption to enable lenders to operate on secure intranets.

Situs-an acronym for Secure Internet Transactions United States- developed the system with Syracuse Research Corp., which is Webmaster for AdvanceNet.

Situs founder and chairman Michael C. Crowley is putting the system forward as a possible standard for Internet security, noting that the AdvanceNet server can handle 100,000 transactions simultaneously. He claimed it could save customers $1,000 per loan and become "the Nasdaq of the Internet, where electronic mortgage transactions can be conducted."

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