COLUMBIA, S.C.--(BUSINESS WIRE)--Jan. 26, 1999--Affinity Technology Group, Inc. (Nasdaq: AFFI) announced that it has deployed its first Automated Mortgage Loan Machine (Mortgage ALM) in a pilot program at the Commins-Moses Coldwell Banker real estate agency in Sumter, South Carolina. The pilot program is being administered by Affinity's wholly owned subsidiary, Surety Mortgage, Inc., which Affinity formed in 1998 for the purpose of deploying its Mortgage ALM product.
"We believe we have a unique opportunity to prove the concept of our Mortgage ALM, which has been designed to deliver point-of-sale service to our customers," said Sissie Childress, President of Surety Mortgage. "Consumers who use our Mortgage ALMs will pay reduced fees as a result of cost savings associated with our self-service technology. The Mortgage ALM also provides an excellent means to penetrate specific markets in a highly focused manner."
Affinity's Mortgage ALM is a kiosk designed to allow consumers to pre-qualify for a mortgage loan or determine the payments for specified loan amounts, as well as enabling them to apply for a mortgage loan in a matter of minutes, any day of the week, without taking the time of a mortgage originator.
"Over the past several years we have learned a great deal about the sale and deployment of kiosk-based technology," said Joseph Boyle, Affinity's Chief Financial Officer. "We formed Surety with the specific goal of proving the concept of the Mortgage ALM, not only as relevant technology, but also as a key element in a larger business process. During the pilot phase of our deployment we will accumulate valuable information about how the entire technology-based process works. We will incorporate this knowledge in our strategies for expanded marketing and for achieving high levels of customer satisfaction," Mr. Boyle said.
Joseph B. Davis, Jr., President of the Coldwell Banker Commins-Moses Agency, noted specific advantages that the Surety program could provide to the agency's customers. "The Affinity Mortgage ALM allows our agency to offer customers a unique service, providing them with better information on which to make decisions, as well as a reduced fee," Mr. Davis said. Mr. Davis also noted the program's potential to improve the efficiency of his agents.
Affinity's technology enables financial institutions to link their dealers, branches, call centers, and Internet customers electronically to their credit departments, providing fully automated lending - and, if necessary, connectivity to a loan officer - through every channel. For financial institutions, Affinity's solutions expedite loan decisioning and processing and increase productivity and capacity of branch personnel, call center agents, loan officers, and indirect agents, while improving the overall customer experience. Affinity is located on the World Wide Web at www.affi.net.
Forward-looking statements in this news release, including statements regarding the Affinity Mortgage Loan Kiosk are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including those related to general economic conditions, delays, risks and uncertainties associated with the development of new technologies, consumer and industry acceptance of automated delivery channels, and regulatory risks, that may cause actual results to differ materially from those projected. NOTE TO INVESTORS AND EDITORS: Affinity's press releases are available on the Internet through Business Wire's web site at http://www.businesswire.com. The releases are also available at no extra charge through Business Wire's Company News-On-Demand fax service at 1-800-340-7544.
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