Tag Archives: Overture

Overture Technologies Closes $6 Million Series C Funding Led by Capital Trust Ventures

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Bethesda, MD (PRWEB) December 19, 2008

Overture Technologies, the leading provider of decisioning software solutions that enable transparent, accurate and responsive lending processes, announced it has closed $ 6 million in Series C funding led by Capital Trust Ventures with continuing participation from CNF Investments, New Markets Growth Fund and other existing investors. Financing will be used to support market expansion to meet urgent and increasing demand for the company’s financial decisioning solutions serving the mortgage and education lending industries. In conjunction with the funding, Tim Meyers, Managing Partner at Capital Trust Ventures, has joined Overture’s board of directors.

“Today’s mortgage and student loan industries require consistent application of complex lending and pricing guidelines and thorough evaluation of ever-changing risk and asset valuation data to meet current and future regulatory requirements,” said Bill Kelvie, CEO, Overture Technologies. “This growth funding from experienced investors during a challenging time further validates our approach and will help us accelerate our reach for the markets we serve.”

Overture enables market efficiency and improves risk management in underwriting, pricing, servicing and valuing mortgage loans and assets with its Mozart suite of solutions, industry-leading automated decisioning software for originations and acquisitions, servicing, secondary marketing and the capital markets. In addition to Overture’s advanced FHA lending decisioning capabilities, its groundbreaking solution uses rules-driven decisioning for loan modifications to keep borrowers in their homes.
Overture’s education finance solutions empower colleges and universities, lenders, guarantors and other service providers to help students intelligently navigate the process of funding their education with Conductor, the leading online financial aid portal, the Student Loan Marketplace loan comparison tool and Amadeus, the premier student loan pricing and underwriting solution.
“Overture is providing business rules management systems for lending processes that can restore confidence in the credit markets and prevent the current crises in mortgage and education lending from happening again,” said Tim Meyers, Managing Partner, Capital Trust Ventures. “We’re pleased to invest in a company led by industry veterans and technology thought leaders who are enabling greater accuracy, transparency and efficiency for this significant and essential segment of the financial services sector.”

About Capital Trust Ventures:

Capital Trust Ventures provides growth-stage venture capital financing for information technology companies. We work closely to form a strong partnership with proven entrepreneurial leaders with the vision and spirit to build market-leading companies, help them to achieve scale and exit successfully. Our team of partners has extensive investing and entrepreneurial experience in multiple sectors including application software, emerging technologies, vertical software, new media, internet content, e-commerce and infrastructure software. Capital Trust Ventures is a member of the Capital Trust Group, a leading private equity and advisory firm. For additional information, visit http://www.capitaltrustventures.com.

About Overture Technologies:

Founded in 2000, Overture Technologies is the leading provider of decisioning software solutions that enable transparent, accurate and responsive lending processes for the mortgage and higher education lending industries. Overture’s customers are dedicated to providing superior mortgage underwriting, servicing and securitization services and to increasing students’ access to higher education financing alternatives. Overture’s leadership team applies decades of experience from leading financial services and technology firms including Fannie Mae, Freddie Mac, Goldman Sachs, IBM and KPMG to help our customers achieve their goals. For further information, call (301) 492-2155 or visit http://www.overturecorp.com.

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Overture Technologies Adds J. Barry Morrow to Board of Directors

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Chevy Chase, MD (PRWEB) April 7, 2009

Bethesda, Maryland — Overture Technologies, the leading provider of decisioning software solutions that enable transparent, accurate and responsive lending processes for the mortgage and education finance industries, has announced the election of J. Barry Morrow to its Board of Directors.

“Barry brings tremendous experience in guiding companies through active stages of growth and a deep understanding of the perspectives of both lenders and schools in serving the higher education market,” said Bill Kelvie, CEO of Overture Technologies. “We’re pleased to attract such a well-respected industry leader to our Board.”

Morrow, an education finance industry veteran with 30 years of experience in business development, operations and technology, was president and CEO of Collegiate Funding Services, a leading student loan servicing company, until its acquisition by JP Morgan Chase Bank in 2006. Previously, Morrow was general manager of financial services for the U.S. Department of Education’s Office of Student Financial Assistance. Earlier, Morrow was vice president of regional operations with Sallie Mae, where he spent 17 years in various senior operating executive positions. He holds an M.A. in public administration from George Washington University and a B.A. from Virginia Tech.

“Overture’s solutions help schools to expand the way they engage students on the process of financing their education and enable lenders to serve students in a more transparent and efficient way,” said Barry Morrow, board director at Overture Technologies. “Overture’s enabling, web-based technologies could not come at a more critical time for students facing increasing tuition costs and challenging credit markets. I am excited to serve on the Board of this dynamic and innovative company.”

About Overture Technologies

Founded in 2000, Overture Technologies is the leading provider of decisioning software solutions that enable transparent, accurate and responsive lending processes for the mortgage and education finance industries. Overture’s customers are dedicated to providing superior mortgage underwriting, servicing and securitization services and to increasing students’ access to higher education financing alternatives. Our leadership team applies decades of experience from leading financial services and technology firms including Fannie Mae, Freddie Mac, Goldman Sachs, IBM, KPMG and Sallie Mae to help our customers achieve their goals. For further information, call (301) 492-2140 or visit http://www.overturecorp.com.

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Overture Technologies and the Association of Independent California Colleges and Universities (AICCU) Announce Marketing Partnership for Student Loan Marketplace

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Bethesda, Maryland, and Sacramento, California (PRWEB) April 16, 2009

The Association of Independent California Colleges and Universities (AICCU), representing California’s 75 non-profit accredited colleges and universities with more than 289,000 students, and Overture Technologies, the leading provider of decisioning software solutions that enable transparent, accurate and responsive lending processes, announced today a marketing partnership to create the California Student Loan Marketplace. The California Student Loan Marketplace will be an online education financing resource that connects students and their families with lenders to encourage smart borrowing practices and compare reliable private student loan terms. Prager, Sealy, & Co., LLC, a leading higher education investment banking firm, will serve as the program manager for AICCU.

“It is more important than ever for families to have clear, accurate, and easy-to-understand information about alternatives for financing college costs,” said Jonathan Brown, AICCU president. “The California Student Loan Marketplace will help provide students with affordable higher education at top institutions.”

The California Student Loan Marketplace will allow schools to provide students and their families with access to unbiased information on financing higher education. The Marketplace will offer students, families, counselors, and institutions the following:

*Reliable loan terms from multiple lenders: The Marketplace will provide what students need – the ability to compare and select reliable financing options – not “as low as” advertisements – with a complete listing of reliable loan terms.

*Preservation of borrower credit scores and privacy: The Marketplace will provide a more efficient, safer loan shopping experience for students by pulling a single credit report to match borrower information with multiple lenders’ student loan products and allowing borrowers to choose which lender receives their information.

*Smart borrowing practices: The Marketplace will provide information on how to borrow wisely, including exhausting federal loan options before turning to private loans, and using a co-signer to achieve the best rates and fees.

*Guiding students to make informed decisions: The Marketplace can be configured with school-specific information about policies, deadlines, academic programs, and grade-levels to assure that students receive custom-tailored loan options.

*Enhanced transparency: The Marketplace will be an open network of lenders that allows schools to provide students with meaningful guidance in a safe and trustworthy environment.

“Overture is pleased to work with AICCU, a trusted group that is dedicated to connecting students with lenders for smarter financing of their education at private, non-profit colleges in California,” said Peter Carroll, Overture Technologies’ vice president, product marketing.

About AICCU

Since 1955, the Association of Independent California Colleges and Universities is the voice of California’s private, non-profit, WASC accredited colleges and universities for state and federal issues. AICCU schools enroll over 280,000 students annually. Founded in 1955, AICCU offers research, consolidated purchasing, and professional development opportunities to member schools; it also provides information to counselors, students, and parents about higher education in California.

About Overture Technologies

Founded in 2000, Overture Technologies is the leading provider of decisioning software solutions that enable the transparent, accurate and responsive lending processes required in today’s mortgage and higher education industries. Overture’s customers are dedicated to providing superior mortgage underwriting, servicing and securitization services and to increasing students’ access to higher education financing alternatives. Our leadership team applies decades of industry experience from leading financial services and technology firms to help our customers achieve their goals.

About Prager, Sealy & Co., LLC

Since Prager, Sealy & Co. was founded in 1987 with the assistance of two universities, higher education finance has remained a primary focus and strength. The firm’s mission is to provide clients with unparalleled personal and professional service, approaching each engagement with integrity, innovation, and insight. Prager, Sealy is committed to redefining investment banking by offering broad strategic advice with expert market execution.

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Overture Technologies Develops Online Service to Provide Students with More Secure, Reliable Way to Shop for Private Student Loans

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Bethesda, Maryland (PRWEB) April 16, 2009

Overture Technologies, the leading provider of decisioning software solutions that enable transparent, accurate and responsive lending processes for the mortgage and education finance industries, has announced the development of an online service that will be able to provide a more secure, reliable way for students to shop for private student loans. The Student Loan Marketplace is an innovative education financing tool that can help students and their families learn about and compare loan terms in an open and transparent network of lenders.

Overture plans to launch the service through marketing partners, such as associations of colleges and universities, and with participating lenders. The Student Loan Marketplace is the first multi-lender platform that allows students to review reliable private student loan terms based on their own personal and financial information instead of “as low as” advertisements for rates.

Amid the current rising costs of college and challenging economic environment, U.S. Department of Education data indicates applications for federal student aid in 2009 have increased by more than 20 percent over the same period last year. After exhausting all available scholarships, grants, work-study and low-cost federal loans, many students often must consider private student loans to finance part of the cost of education. This search has proven to be a challenge for many students, particularly those with little or no credit record, as the strain on credit markets has also resulted in a contraction of lending sources.

According to a College Board report on student borrowing trends, private student loan volume accounts for almost 25 percent of total education loan volume. The Student Loan Marketplace has been created to give students a secure, transparent resource where they can be matched with lenders to choose a loan based on the criteria that is most important to their individual situations.

*More Secure, Reliable Comparison Shopping for Students Who Are New to Borrowing

Currently, students new to borrowing are faced with a very confusing and time-consuming process to make apples-to-apples comparisons of private student loan terms from multiple lenders. If a student wishes to compare accurate rates and terms, he or she must enter personal information at each lender’s web site and consent to a credit pull before obtaining information suitable for comparison shopping, and then determine how to interpret calculations of APR and other costs across various loan products. With just one credit pull, The Student Loan Marketplace presents a side-by-side comparison of reliable loan products and terms on one page, and provides helpful explanations of terms.

“We built the Marketplace to put students in control of their private loans, giving them unprecedented insight into the details of the loan options available to them,” said David Kirby, general manager of Overture Technologies’ Education Finance Solutions group. “The Marketplace platform enables reliable comparisons of multiple private student loans in minutes – until now, no resource like this has been available.”

CompuGain Acquires the Mortgage Division of Overture Technologies, Inc.

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Herndon, VA (PRWEB) August 22, 2011

CompuGain is pleased to announce the acquisition of the Mortgage Division of Overture Technologies, Inc., a leading provider of decisioning software solutions. Overture Technologies applies decades of experience in the mortgage finance industry to provide specialized tools that help customers make informed and sound decisions about what to buy or sell and what to approve or refer. Overtures solution suite is a high-performance loan decision system that can be used for loan-level and pool risk assessment, eligibility, and pricing of new and seasoned assets.

We are extremely excited to announce the acquisition of Overture Technologies Mortgage division. Together, with the addition of the Overture staff and product offerings, CompuGain will now have the ability to deliver fully integrated and best in class services to the Mortgage Finance domain, said Debasish Hota, President & CEO of CompuGain Corporation.

Overtures Mortgage division enables transparent, accurate, and responsive lending processes required for the mortgage and finance industries. With the addition of Overtures Mortgage division, CompuGain will be able to leverage its existing service offerings to enhance and implement a world-class decisioning software solution to existing and new clients.

Overture is proud to be a part of the CompuGain team. Their past performance as a professional services firm, their financial strength and the exceptional intellectual capital that resides within the walls of CompuGain is a huge asset and something that we look forward to being able to leverage to help our clients realize their business objectives. We are extremely fortunate and excited to be a part of the next chapter in CompuGains history, said LeRoy Pingho, CEO of Overture Technologies, Inc.

The newly acquired company will operate as a wholly-owned subsidiary of CompuGain Corporation and will conduct business under the Overture Financial Solutions business name. Together, CompuGain and Overture Financial Solutions will consult and work as an integrated delivery team to help its business partners make better and more informed decisions utilizing an integrated set of CompuGain/Overture solutions.

About Overture Technologies, Inc:

Founded in 2000, Overture Technologies is the leading provider of decisioning software solutions that enable the transparent, accurate and responsive lending processes required for todays mortgage and education finance industries.

Overtures customers are dedicated to providing superior mortgage underwriting, servicing and securitization services and to increasing students access to higher education financing alternatives. The leadership team shares in these goals and applies decades of experience from leading financial services and technology firms including Fannie Mae, Freddie Mac, Goldman Sachs, IBM and KPMG to helping its customers achieve those goals.

Specific to the Mortgage Finance Solutions division, Overture serves the breadth of the mortgage finance value chain with automated decisioning technology for underwriting, pricing, servicing and valuing mortgage loans and mortgage assets.

For more information about Overture Technologies, please visit http://www.overturecorp.com.

About Compugain Corporation:

CompuGain is a global provider of Professional Services and innovative IT Solutions.

Established as a certified Minority-Owned Business Enterprise (MBE), CompuGain has partnered with its clients in a variety of industries to help improve productivity, reduce costs and increase revenue. CompuGain understands the importance of running an agile business – CompuGain offers a total professional service offering that includes contract placement, temp-to-perm, permanent placement, consulting and project based engagements to help its clients operate more efficiently. With an expanded and fully integrated portfolio of professional services and with an ever-increasing global footprint, CompuGain is well-positioned to support the business growth of its clients.

For more information about CompuGain, please visit http://www.compugain.com.

Advisory Services and Representation:

CompuGain was advised by o3 Capital Global Advisory a full service international Investment Bank with offices in New York, Mumbai and Bangalore and represented by Pillsbury, a full service law firm in Fairfax, Virginia.

Overture was represented by Odin, Feldman & Pittleman, PC a full service law firm headquartered in Fairfax, Virginia.

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Overture Systems Launches Automated Decisioning for Decline Mitigation

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Bethesda, Maryland (PRWEB) January 22, 2009

Overture Technologies, the leading service provider of decisioning solutions for transparent, correct and responsive lending procedures, announced these days the start of Mozart for Particular Servicing, an automatic decisioning program for servicing distressed mortgage belongings. Mozart for Specific Servicing is created to tackle the unparalleled quantity of delinquent mortgages in the U.S. nowadays as effectively as the increasing complexities in modifying financial loans and mitigating monetary losses thanks to foreclosure. Mozart for Unique Servicing allows servicers to manage and successfully utilize a far more robust set of options to borrowers in distressed home loans, and far more speedily yield a “greatest-in shape” modification that can decrease repeat default prices and protect the price of mortgage assets.

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According to the latest Mortgage Bankers Association Nationwide Delinquency Survey, the residential residence delinquency fee at the finish of the 3rd quarter of 2008 was six.ninety nine per cent, up a hundred and forty foundation factors from the identical interval in 2007 and the greatest recorded in the MBA study. According to a latest report by RealtyTrac, foreclosures filings were up 81% from 2007 and default or auction notices ended up recorded on a lot more than two.3 million properties in 2008. Credit Suisse estimates another 8.one million foreclosures are expected amongst 2009 and 2012. The existing charge of defaulting home loans in the U.S. nowadays much exceeds the manpower potential for financial institutions or servicers to work with borrowers employing traditional techniques and is probably to result in far more foreclosures than successful bank loan workouts.

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“Significant bank loan-level knowledge and examination, up-entrance, and surgically used is needed to control the unparalleled volume of distressed mortgages and growing complexities of merchandise, plans, and regulatory recommendations in the 21st century house loan business,” mentioned Linda Simmons, general supervisor of Overture Technologies’ Mortgage Finance Solutions. “Mozart for Specific Servicing can speedily offer a a lot more precise, recent see of borrower and asset details, supply a broader selection of ideal alternate options to debtors, decrease recidivism by receiving borrowers into the right answers the initial time and produce an audit trail for transparency.”

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Mozart for Special Servicing leverages Overture Technologies’ award-profitable automated decisioning engineering utilised in mortgage underwriting in a process referred to as, “automated re-decisioning,” implementing a sophisticated guidelines program to re-appraise risk and value of a financial loan at any level along the mortgage value chain. Mozart for Specific Servicing allows servicers to:

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*Get the borrower into the correct option the initial time, minimizing recidivism and maximizing owner-occupied residence retention employing much more current, related knowledge and data about the borrower and the asset.

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*Align the interests of debtors, bankers, secondary markets, traders and other 3rd functions at the commencing of the mortgage modification approach, as nicely as keep up with changing policies and demands.

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*Maintain steady, defensible, and transparent, procedures, stages of discretion and acceptance procedures, calculations and agreed upon results for every single loan, no matter of spikes in quantity and industry booms.

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*Give personalized workout possibilities at the bank loan amount, even though nonetheless producing it straightforward for Unique Servicing operations to scale up to satisfy the volume of present day crisis

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*Leverage existing infrastructure, integrate with legacy techniques and other information services.

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Mozart for Special Servicing gives the greater transparency essential by investors, auditors and regulators with English-language policies, total background of information modifications, selections, and selected choices. The application solution integrates with and enhances current work stream techniques and is deployed as a application-as-a-services. Mozart for Particular Servicing is available now and can be configured, built-in and managing in a issue of weeks.

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To see a demonstration of Overture Technologies’ Mozart for Special Servicing, check out booth #518 at the House loan Bankers Affiliation National House loan Servicing Conference in Tampa, February seventeen-20.

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About Overture Technologies&#13

Started in 2000, Overture Systems is the foremost provider of decisioning answers that empower clear, precise and responsive lending procedures for the home loan and greater education lending industries. Overture Technologies’ consumers are committed to offering exceptional home loan underwriting, servicing and securitization services and to growing students’ access to larger education financing alternatives. The firm’s leadership team applies many years of knowledge from leading economic companies and technologies corporations like Fannie Mae, Freddie Mac, Goldman Sachs, IBM and KPMG to help our clients obtain their targets. For more information, call (301) 492-2155 or go to http://www.overturecorp.com.

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