Dorado Corp., a provider of Web-based consumer lending technology, has been granted worldwide, exclusive rights from The First American Corporation for First American's Web services and e-lending technology.
Dorado will combine First American's technology with its own transaction processing technology and enterprise operations to create a cloud computing-based system designed to facilitate the mortgage and consumer lending process.
The new lending transaction platform will enable financial institutions to access key data and analytics from third parties and perform analyses that can be bundled with loan information to ensure compliance, data quality and process transparency, Dorado says. The platform provides an environment for lenders to develop their own analytics and collaborative workflow for tasks such as data validation, fraud detection and case-file workflow management.
The agreement provides Dorado with the perpetual right to use, sell, advance and further develop First American's technology. The agreement covers – among other First American software assets – eClosing, an automated loan closing process, and eMortgage, a Web-based document exchange.
SOURCE: Dorado Corp.