Flagstar Bank Selects PCi to Manage Anti-Predatory Lending Compliance

BOSTON--(BUSINESS WIRE)--June 21, 2005--PCi Corporation, a Bankers Systems and Wolters Kluwer business, today announced that Flagstar(R) Bank has selected Wiz(R) Sentinel to combat predatory lending issues. As banks work to keep up with rapidly changing legislation, Wiz Sentinel automates the processes involved in managing anti-predatory lending compliance for all federal, state, and municipal laws.

"It's very important to Flagstar that we have the right process to help ensure we comply with the myriad of anti-predatory lending laws," said Steve Brooks, executive vice president of Lending Operations, Flagstar Bank. "After evaluating many solutions, it became clear that PCi's Wiz Sentinel was the best option to help us achieve our goals. We especially like the fact that PCi's solution can support Flagstar's custom rules as well as state, federal, and municipal legislation."

Wiz Sentinel

Flagstar Bank will interface data from their loan origination system directly with PCi's Wiz Sentinel to screen loans in real-time at the point of sale and for post-closing audits. The benefits to Flagstar include:

-- Automating the management of anti-predatory lending compliance.

-- Verifying loan data against predatory lending compliance as well as Flagstar's custom defined tolerance levels.

-- Highlighting the differences in actual and expected results and instructing users how to correct predatory lending errors prior to funding a loan.

"PCi is seeing more and more of our customers decide to use technology to manage key compliance functions at the front end of the lending work flow," stated Raffi Festekjian, CEO of PCi. "By using Wiz Sentinel to monitor loans before they are funded, Flagstar not only helps ensure compliance, but they also achieve a higher quality loan pool, making it easier to sell loans on secondary markets."

About Flagstar

Flagstar Bancorp is the second largest independent banking institution headquartered in Michigan. Flagstar operates 123 banking centers in Michigan and Indiana and 112 home loan centers in 26 states and correspondent offices across the country. Flagstar is one of the largest originators of residential mortgage loans in the United States. Inside Mortgage Finance recently ranked Flagstar Bank one of the country's top wholesale lenders based on a survey of mortgage brokers.

About PCi Corporation

PCi Corporation, a Bankers Systems and Wolters Kluwer business, is the industry's choice for institutions seeking to keep lending in compliance with both regulatory and internal business standards. Over 2,000 institutions, including 95 of the top 100 lenders and many industry regulators, rely on PCi's software and professional services to help monitor, detect, analyze, and resolve compliance demands throughout the entire lending process. Compliance expertise, acquired during more than ten years of operating success, positions PCi to help lenders produce loans that minimize risk, identify lending opportunities, add value to portfolios, and serve the needs of their communities. PCi is based in Boston, Mass. To learn more about PCi, visit www.pciwiz.com.

Wolters Kluwer is a leading multinational publisher and information services company. The company's core markets are spread across the health, corporate services, finance, tax, accounting, law, regulatory, and education sectors. Wolters Kluwer has annual revenues (2004) of EUR 3.3 billion, employs approximately 18,400 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

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What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.